Product Information Management Market

Global Product Information Management Market Size & Growth (2023-2028)

The Global Product Information Management Market was valued at 9 billion USD in the year 2022 that is expected to increase by 16 billion USD in the year 2028 and register a compound annual growth rate of 12.2% during the forecast period of 2023 - 2028. The market value of product information and management is supposed to increase with the surge in investments by SMEs.

Driving Factors

One of the major driving factors that helps the growth of the global Product Information Management market is the rising demand for PIM solution and flourishing e-commerce industry. Increasing need to offer enhanced customer services is another major growth promoting factor of Product Information Management market.

Huge investments by the major key players contributed for the innovation of advanced technologies, which is also resulting in an increase in the revenue of Product Information Management business.

Challenges

Privacy risks is one of the major challenging factors that is affecting the growth of the global Product Information Management market. Another major restraint that hinders the expansion of the Product Information Management market is the misapprehensions about data security. Strict regulations from the government is also a growth controlling factor of this Product Information Management business around the world.

Recent Market Developments:

• In the month of October 2020, Pimcore company introduced new features and improvements such as editable dialog box, cache performance improvement and tree sorting.
• In the month of June 2020, Winshuttle company collaborated with ABBYY which was an intelligence company, to help the organizations and businesses in digital transformation which involves extracting the data from physical documents and automatically loading it into SAP.

GLOBAL PRODUCT INFORMATION MANAGEMENT MARKET REPORT COVERAGE:

Market Segmentation

The Global Product Information Management market is segmented and sub-segmented into following categories:

Product Information Management Market – By Component

• Solutions
  • Multi Domain
  • Single Domain
• Services
  • Consulting & Implementation
  • Training
  • Support and Maintenance

Among these, the training, support and maintenance segment holds the major share of the market of product information and management as these services provide a cost-effective way to ensure the performance at the highest level of in-house staff.

Product Information Management Market – By Deployment Type

• On-Premises
• Cloud

Product Information Management Market – By Organization Size

• Large Enterprises
• Small and Medium Sized Enterprises (SMEs)

Product Information Management Market – By Verticals

• Banking
• Financial Services and Insurance (BFSI)
• Consumer Goods and Retail
• Manufacturing
• IT and Telecom
• Transportation and Logistics
• Media and Entertainment
• Education
• Travel and hospitality

Regional Analysis

The global Product Information Management market is studied in various regions all around the world such as

• North America - US, Mexico, Canada and rest of North America
• Europe - France, Germany, Italy, Spain, UK and rest of Europe
• Asia Pacific - India, China, Japan, Australia and rest of Asia Pacific
• Rest of the World – LATAM, MEA and Others

Among these regions, North America holds the major share of the market attributed to the presence of lPIM vendors and technologically advanced countries such as United States and Canada. North America region is also expected to hold the dominance of the market during the conjecture period.

Asia Pacific region is expected to have the second largest share of the market because of the increasing need to offer enhanced customer services to users across the local provinces like India, China, Japan, etc., and foreign nations.

Europe region is also having a good market share following the Asia Pacific region and North America markets due to the huge investments by the companies for the research and development for implementing novel technologies in this field.

Key Market Players

Some of the key players of the global Product Information Management market are: Magnitude Software (US), Plytix (Denmark), Profisee (US), Censhare (Germany), Vinculum (India), Pimworks (US), Truecommerce (US), Pimcore (Austria), Akeneo (France),  Inriver (Sweden), Winshuttle (US), Riversand (US), Salsify (US), Oracle (US), SAP (US), IBM (US), Informatica (US), Aprimo (US), Stibo Systems (Denmark), Contentserv (Switzerland), Mobius (India), Perfion (Denmark), Vimedici (Germany) and Syndigo (US).

COVID-19 impact on Product Information Management Market

Coronavirus has affected the entire world since December 2019 which spread to almost 180 countries in the world. Government authorities from respective countries has announced strict lockdown within all the industries and manufacturing units to halt their production, in order to control the spread of the transmission.

The COVID-19 has impacted in every sector like restaurants, manufacturing units, flights, travelling and so many, which led to temporary halt of their services. This pandemic has affected the business mainly in three ways, i.e., directly effecting the production, creating supply chain and market disturbance and by financial burden.

Due to the coronavirus pandemic, Product Information Management market is also facing difficulties and witnessed huge financial losses during the lockdown period. Industry experts are predicting that the market will boost up and will be back to the normal stage once the vaccine is released. In most of the countries, the government have already lifted the lockdown and also gave permission for the companies to start their businesses with strict rules and regulations. As the companies have started their manufacturing units, the market for Product Information Management will get back to the normal stage and also obtain profits in the near future due to the increased e-commerce penetration across the globe.