Global Product Information Management Market - Growth, Trend and Forecasts (2018 - 2023)
The Product information management market is expected to grow significantly at a CAGR of 25% during the forecast period (2018-2023). The scope includes different Deployment modes of product information management market, such as on cloud. The regions considered under the scope of the report include North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Product information management market is now gaining traction in various end-user industries, and has caught the eye of various organizations for better information management and storage. Some of the prominent trends that the market is witnessing include, increasing speed and volume of digital data generation, reducing the overall time and cost required for storing, generating, publishing, and managing information are some main reasons owing to growth of product information management market.
However, concerns associated with data security and data inaccuracy coupled with lack of expertise and lack of awareness regarding benefits offered by product information management software and tools are some of the major hindrance for the growth of product information management market.
Growing Demand for Centralize Data Management Tools
Digitization has exponentially increased the volume and speed of data generation, which is creating the need for this huge data storage and security. Centralizing and harnessing information from this data is providing a competitive advantage to companies. This is one of the primary factor driving the demand for the product information management market. In 2017 it was estimated that mobile data traffic would reach 11 Exabyte’s a month, climbing rapidly into the future. That same year, cloud computing traffic was forecast to reach 320 Exabyte’s per month in North America alone. PIM is helping enterprises in managing this vast data and making easy accessibility through centralization. Hence with data proliferation, the demand for the product information management will grow for the forecast period. The growing adoption of BI tools among SME’s is estimated to increase the demand for PIM solutions further.
The Adoption is fastest on the Cloud Solutions
The adoption of Product information management solutions is fastest on the cloud for the forecast period. The cloud offers many advantages over on-premises PIM systems and is more accessible and less costly to deploy and maintain. It provides more flexibility and scalability and delivers product updates more regularly with little to no IT involvement. Cloud systems also allow for a single database that everyone can see and update according to common governance standards, which supports increased collaboration across the supply chain. By moving PIM to the cloud, companies are harnessing the full capabilities of clean and accurate data to promote innovation, decrease the cost of quality, exceed customer expectations, and drive revenues. Hence the adoption of cloud-based PIM solutions will grow at a faster rate as compared to on-premises, for the forecast period.
Asia Pacific is the Fastest Growing Region Market
Asia-Pacific is the fastest growing product information management market, owing to increased take-up of analytics tools among consumers as well as businesses. The significant growth of e-commerce across Asia has undoubtedly driven an increase in demand for supply chain and logistics in this region. Many global organizations are shifting their supply chain functions, especially at the strategic level, into China and Singapore. As e-commerce and logistic accounts significant portion of product information management application. Therefore increase in these businesses will further thrive the market for product information management solutions. In Asia-Pacific, the rising adoption of among SME, which contribute significantly to economic growth and increasing governmnets investmnets in cloud and data management technologies is further estimated to grow the demand for product information management market for forecast period.
Notable Developments in Product Information Management Market
June 2018: Salsify Launches New Solution, Command Center, to Supercharge Amazon Performance for Vendors. Salsify Command Center for Amazon solves problems by identifying the daily risks and opportunities across an entire product portfolio and defining the necessary actions sales managers can take in order to come out on top.
May 2018: Komprise, the industry leader in intelligent data management across clouds, announced a strategic reseller agreement with IBM. Under the agreement, IBM will resell Komprise Intelligent Data Management software alongside the IBM storage portfolio.
Major Players: AGILITY MULTICHANNEL LIMITED, AKENEO SAS, CATSY, EDGENET INC, IBM CORPORATION, INFORMATICA LLC, INRIVER AB, ORACLE CORPORATION, PIMCORE GMBH, RIVERSAND TECHNOLOGIES, INC., SALSIFY, INC, SAP SE, and STIBO SYSTEMS, INC., amongst other
Reasons to Purchase Product Information Management Market Report
To understand the impact of product information management applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Asia-Pacific is expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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