Product Information Management Market - Growth, Trends, and Forecasts (2020 - 2025)
NEW YORK, Sept. 23, 2020 /PRNewswire/ -- The Product Information Management Market was valued at USD 8.27 billion in 2019 and is expected to reach USD 31.84 billion by 2025, at a CAGR of 25.2% over the forecast period 2020 - 2025. Product information management (PIM) solutions are a set of processes and tools that unify and manage a business' product information to secure a single, accurate view of product data. PIM offers a centralized platform to manage data on a business' products and services cost-effectively. PIM promotes the maintenance of consistent and quality product data and information for all the customers.
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- A PIM system helps various organizations integrate various product information collected from various information sources, like core product data (product name, title, and description), product attributes (SKU, cost, and pricing), product specifications (e.g., dimensions, warranty, and packaging info), product-related metrics, omnichannel product information (e.g., mobile copy), extended channel information (Google/Amazon/Shopify/etc.), and store-specific information (POS registers and product catalogs).
- With the massive growth in data generation, data and information have become the backbone of organizations and businesses. Recently, more professionals have begun to pay attention to product information management (PIM) systems due to the growing demand for providing a better customer experience. For instance, in 2018, Adobe found that companies with the strongest omnichannel customer engagement strategies witnessed a 10% Y-o-Y growth, a 10% increase in average order value, and a 25% increase in close rates.
- The PIM software gained robust traction due to its growing application in the retail and e-commerce industries. It is helping offline retail outlets grow in digital spaces and helping new concepts, like Amazon Go, that leverage customer data to build their product. With the expansion of the retail and e-commerce businesses, and the growing amount of product data to be managed, the adoption of PIM systems is on the rise.
- Moreover, the demand for Software-as-a-service (SaaS) versions of business applications increased dramatically in recent times. Cloud-based PIM is becoming more popular among organizations that prefer the ease of deployment and collaboration, affordability, and the ability to scale.
- The COVID-19 pandemic significantly accelerated the existing trend toward digital marketplaces in the foreseeable future. According to the Flexera 2020 State of the Cloud Report, 93% of enterprises have a multi-cloud strategy, and 87% have a hybrid cloud strategy. Additionally, 20% of enterprises spend more than USD 12 million per year on public clouds, and 59% of enterprises expect cloud usage to exceed prior plans, owing to the COVID-19 situation. This will give rise to the adoption of cloud-based PIM offerings, thereby creating opportunities for the vendors.
Key Market Trends
Retail Industry is Expected to Drive the Market Growth
- The adoption of product information management (PIM) is expected to be highest in the retail and e-commerce industry due to the growing focus on enhancing customer experience and the adoption of artificial intelligence and retail analytics tools in the retail and e-commerce sector.
- Owing to digitization, customers have the power to access product information through various sources. Also, with the massive growth in e-commerce, customer preferences and behaviors have changed drastically. Moreover, as the world of mobility and artificial intelligence combines smart data analytics, retailers worldwide can experience accurate analytics that is useful for their business.
- For instance, according to Shopify, by 2021, the global e-commerce is forecast to be worth USD 4.97 trillion, almost a 400% increase in seven years. North America contributes USD 552.6 billion, which is second to Asia (USD 831.7 billion in total e-commerce sales), with China as the largest single market. It is estimated that there will be 1.92 billion global digital buyers in 2019, with e-commerce sales expected to account for 13.7% of retail sales worldwide.
- Hence, customer conversion is a significant challenge for retailers. They are competing to engage the empowered consumer by providing them a comprehensive solution for accessing product information, thereby enhancing the information supply chain. Product information management solutions maintain a tab on this information and offer enterprises a competitive advantage. PIM is also used for managing data generated from various sources, owing to the increasing number of marketing channels.
Asia-Pacific to Witness the Fastest Growth
- Asia-Pacific is witnessing the fastest growth as digitization has exponentially increased the volume and speed of data generation, creating the need for this large data storage and security. Centralizing and harnessing information from this data provides a competitive advantage to companies in this region, which drives the demand of the market.
- Immense market potential in Asia-Pacific is expected to draw several international players to expand into the region. For example, according to the IBEF, the Indian e-commerce market is expected to reach a value of USD 200 billion by the end of 2026, from USD 38.5 billion in 2017. The increasing internet and smartphone penetration primarily trigger this rapid growth of the industry. The continuing digital transformation in India is expected to increase the country's total internet user base from 604.21 million in 2018 to 829 million by 2021.
- The pharma analytics technology in Asia-Pacific, which extensively uses data for quantitative and qualitative analysis, is undergoing an industry transformation from volume-based medicines and reimbursement to value-based medicines that needs proper supply chain management. Companies seek to implement a robust Product Information Management (PIM) solution to aggregate item information in one centralized location and publish the same information to their supply chain and regulatory agencies.
Competitive Landscape
The product information management market is highly fragmented and competitive due to regional and international players' presence. Players are doing mergers & acquisitions and product innovation to maintain their position in the market, which holds an intense rivalry among the competitors. Some of the recent developments in the market are:
- May 2020 - IBM Corporation announced an upgrade to its existing solution. IBM Product Master, formerly known as IBM InfoSphere Master Data Management Collaborative Edition, provides trusted product information management (PIM) and master data management (MDM) capabilities. IBM Product Master Collaborative Edition V12.0 brings the following enhancements to the persona user interface: Secondary spec support and Capability to hide empty collaboration areas and steps.
- September 2019 - Insite Software, a provider of B2B eCommerce solutions, launched InsitePIM, a new cloud-based PIM module for InsiteCommerce. InsitePIM allows teams to set up product catalogs and configure product data requirements quickly. The new tool offers helpful functionality to efficiently manage data acquisition and curation processes critical to e-commerce success.
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