Product Information Management Market by Component (Solutions and Services), Deployment Type, Organization Size, Industry Vertical (Consumer Goods and Retail, Manufacturing, and Transportation and Logistics), and Region - Global Forecast to 2024
Need for a centralized database to eliminate data inconsistencies, achieve better syndication, and reduce Time-To-Market (TTM) to drive the adoption of Product Information Management( PIM) solutions and services
MarketsandMarkets expects the global PIM market size to grow from USD 7.0 billion in 2019 to USD 11.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. The PIM market is growing rapidly, owing to factors such as the growing need to gain real-time visibility into data to reduce TTM and and increasing need for eliminating data inconsistencies across multiple data silos. However, varied data and government regulations across industries and regions, and complex data governance and system integration are expected to pose challenges in the implementation of PIM solutions.
Cloud deployment type to grow at a higher CAGR during the forecast period
With the rising technology infusion and increasing data, most of the organizations want access to ostensibly infinite resources, and hence, they are increasingly moving toward adopting cloud-based technologies. The cloud deployment model is mostly adopted by organizations that either want less customized solutions or want rapid implementation, and reduced setup and operational costs. Owing to this, many leading PIM solution providers such as SAP, Akeneo, Plytix, Pimcore, and Oracle are focusing on improving their cloud portfolio, which is another factor that aids to increase the adoption of cloud deployment model for PIM solutions.
Consumer goods and retail industry vertical to hold the highest market share during the forecast period
Changing consumer demands and rising competition compel the consumer goods and retail industry vertical to continuously improve its products and services, resulting in different product lines, vast product portfolio, and continuous product changes. With this, organizations across the consumer goods and retail industry are increasingly deploying PIM solutions to optimize the collection, enrichment, and syndication of their product information. The need to adhere to various regulations prevailing in the industry, and improve customer and supplier experiences are various other factors for the high adoption of PIM solutions among consumer goods and retail companies.
Asia Pacific to grow at the highest CAGR during the forecast period
The high growth of the market in Asia Pacific (APAC) can be attributed to the increasing internet penetration and consumer spending, rising number of business processes, springing startups having limited IT budgets, and increasing adoption of cloud technologies. Various global PIM solution providers, including Oracle, IBM, SAP, Pimcore, and Informatica, have their businesses in the region due to the region’s low-cost benefits and high availability of workforce
In-depth interviews were conducted with Chief Executive Officers (CEOs), Vice Presidents (VPs), communication directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the PIM market.
By Company – Tier 1–38%, Tier 2–42%, and Tier 3–20%
By Designation – C-Level Executives–40%, Directors–35%, and Others–25%
By Region – North America–35%, Europe–40%, APAC–15%, and RoW – 10%
The PIM market comprises major solution providers, such as IBM (US), SAP (Germany), Oracle (US), Informatica (US), Stibo Systems (Denmark), EnterWorks (US), Akeneo (France), Riversand (US), Contentserv (Switzerland), inRiver (Sweden), Magnitude Software (US), Salsify (US), Plytix (Denmark), Pimcore (Austria), Mobius (India), Catsy (US), Perfion (Denmark), Profisee (US), censhare (Germany), and Vinculum (India). The study includes an in-depth competitive analysis of the key players in the PIM market, along with their company profiles, recent developments, and key market strategies.
The PIM market revenue is primarily classified into revenues from solutions and services. Solutions’ revenue is associated with multi-domain and single-domain, PIM tools, and software. Services’ revenue is associated with various consulting and implementation, training, and support and maintenance services. The market is also segmented on the basis of deployment types, organization size, industry verticals, and regions.
Key benefits of the report
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall PIM market and its subsegments. It would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies. It would also help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.
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