Product Information Management Market Size to Hit US$ 68.1 BN by 2030

·6 min read
Precedence Research
Precedence Research

The global product information management market size is expected to hit around US$ 68.1 billion by 2030 and registered growth at a remarkable CAGR of 20.33% from 2022 to 2030.

Tokyo, May 27, 2022 (GLOBE NEWSWIRE) -- The global product information management market size was accounted at US$ 12.88 billion in 2021. Product information management software is utilized to effectively manage all sales channels. The integration of big data analytics, cloud storage, and business intelligence offers the sector tremendous growth potential. The global product information management market's growth is limited, however, by a lack of understanding about the technology. Growing data security concerns are expected to hamper the global product information management market's growth throughout the projected period.

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In the global market, product information management systems and software are gaining traction. This is due to the increasing use of product information management in e-commerce platforms and the retail industry. Product information management is assisting offline retail establishments around the world in their growth and development.

Regional Snapshot

Asia-Pacific is the largest segment for product information management market in terms of region.China and Indiaare dominating the product information management market in the Asia-Pacific region. The increased requirement for data storage is driving the expansion of the product information management market in the region. Several foreign corporations are expected to expand in Asia-Pacific due to the vast market potential. Furthermore, the Asia-Pacific product information management market is developing due to rising smartphone and internet usage.

North America region is the fastest growing region in the product information management market.The U.S. hold the highest market share in the North Americaproduct information management market. The presence of prominent industry players is driving the product information management market in the region. Furthermore, technological advancements and the use of cutting edge and innovative technologies are driving the regional market growth.

Scope of the Report

Report Attributes

Details

Market Size in 2021

USD 12.88 Billion

Revenue Forecast by 2030

USD 68.1 Billion

CAGR

20.33% from 2022 to 2030

Largest Market

Asia Pacific

Fastest Growing Region

North America

Companies Covered

Oracle, SAP, IBM, Informatica, Pimcore, Akeneo, Inriver, Winshuttle, Riversand, Salsify

Report Highlights

  • On the basis of component, services segment holds the largest market share in the global product information management market. To help in-house employees comprehend product information management systems, market players provide support, training, and service. These services are a low-cost solution to ensure that in-house personnel are working to their full potential.

  • On the basis of enterprise size, large enterprises segment holds the largest market share in the global product information management market. Large firms are more likely to adopt product information management services and solutions, and this trend is expected to continue over the forecast period. Product information management is a centralized system designed to handle product information across industries.

  • On the basis of end use, retail segment holds the largest market share in the global product information management market. Customers can now acquire product information from a variety of sources thanks to digitization. Customer preferences and behaviors have also altered dramatically as a result of the tremendous growth in e-commerce.

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Market Dynamics

Drivers

Surge in demand for product information management solution from e-commerce sector

With the fast-developing e-commerce business, the demand for product information management solutions is likely to rise during the projection period, since product information management allows for easy management and editing of all product information. As a result, surge in demand for product information management from e-commerce sector is driving the growth of global product information management market.

Restraints

Stringent government regulations

The medical device makers in the U.S. must adhere to the Global Unique Identification Database run by the Food and Drug Administration for better product selection and worldwide identification. As a result, stringent government regulations are restricting the growth of global product information management market.

Opportunities

Integration of machine learning and artificial intelligence technologies

Theproduct information management solutions driven by artificial intelligence may offer automated insights regarding data concerns and build an integrated picture of data from numerous systems, allowing clients to better understand their goods. Furthermore, artificial intelligence enabled chatbots can enhance consumer pleasure and experience, leading increased sales and profitability. Thus, integration of machine learning and artificial intelligence technologies are supporting the growth of global product information management market.

Challenges

Misunderstanding regarding data privacy and security

Several firms believe that product information management solutions would lead to data breaches in their highly virtualized data sets due to lack of sufficient information about privacy and security standards and their installation. Thus, this factor creates obstacle for expansion of global product information management market.

Recent Developments

  • ABBYY and Winshuttle, announced a partnership in June 2020. The partnership’s goal is to assist organizations and businesses with digital transition, which entails extracting information and data from physical documents and loading it into SAP automatically.

  • Insite Software, a developer of B2B e-commerce solutions, announced InsitePIM, a new cloud basedproduct information management module for InsiteCommerce in September 2019. InsitePIM enables teams to swiftly create product catalogues and customize product data requirements as well as manage data requirements, as well as manage data collecting and curation procedures that are vital to e-commerce success.

  • Winshuttle, a prominent enterprise resource planning centric data management platform provider, declared the acquisition of EnterWorks in February 2019. EnterWorks is a market leader in product information management market.

Market Segmentation

By Component

  • Solution

    • Multi-domain

    • Single Domain

  • Services

    • Consulting and Implementation

    • Training, Support and Maintenance

By Deployment

  • On-premise

  • Cloud

By Enterprise Size

  • Large Enterprises

  • Small & Medium Enterprises (SMEs)

By End Use

  • BFSI

  • Retail

  • Manufacturing

  • Telecom and IT

  • Transportation and logistics

  • Media and entertainment

  • Other

By Operating System

  • iOS

  • Windows

  • Android

  • Others

By Geography

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa (MEA)

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