Report Overview

The global product information management (PIM) market is projected to grow in the forecast period due to the growing demand from the e-commerce industry for PIM solutions and the increasing need to offer enhanced customer service.

Global Product Information Management (PIM) Market- Industry Trends & Forecast Report 2027

The global product information management (PIM) market was worth USD 8.5 billion in 2020 and is further projected to reach USD 17.9 billion by the year 2027, growing at a CAGR of 11.2% in the forecast period. The Product Information Management (PIM) market is projected to grow during the forecast period because the rising demand for PIM solutions from the flourishing e-commerce industry, the increasing need to offer enhanced customer services, and expanding digitalization, along with the growing demand for centralized data management tools across industries.

Source: BlueWeave Consulting

Global Product Information Management (PIM) Market- Overview

Product Information Management (PIM) is defined as a collection of systems that are particularly used for managing and centralizing product information. It is a business application that can be integrated with catalog management, business process management, and data quality to sort and identify problematic data and route it to appropriate distribution channels. Businesses use this tool to store all necessary information about their products, including all technical information. e-Commerce platforms are the largest consumers of PIM and generally use it to maintain product catalogs with consistent and accurate information.

Global Product Information Management (PIM) Market Forecast and Trends

Growth Drivers

Rising demand for PIM solutions from the flourishing E-Commerce industry

A combination of rising consumer demand for products, rising internet access, and smartphone penetration has contributed to the booming e-commerce industry across the globe. More than 25% of the e-commerce industry is growing in Mexico, India, the Philippines, and China. As the e-commerce industry continues to grow rapidly, the need for PIM solutions will expand during the forecast period since PIM software allows for easy product information management. In addition to combining product specifications, taxonomies, and characteristics, PIM solutions facilitate product data publishing and synchronization, ensuring quicker time-to-market, increasing brand awareness, driving online traffic, and improving customer satisfaction and experience.

Incorporation of AI and ML capabilities to improve information management and customer experience

Various organizations across different industries, such as healthcare, retail, and BFSI, are investing heavily in AI and machine learning technologies to stay competitive. Markets are booming with AI-powered PIM solutions that classify products automatically, enrich data by collecting data from trusted sources, score products, and provide contextual recommendations. In addition, AI-based PIM solutions can provide automated insights on data issues and provide a comprehensive overview of data from multiple systems to help customers better understand their products. These features contribute significantly to market growth.

Restraints

Misapprehensions About Data Security and Privacy Risks

Organizations are concerned about security threats associated with adopting technologies like cloud, artificial intelligence, machine learning, etc. They are also reluctant to adopt new solutions that largely involve shifting platforms and handling data. Generally, many companies lack the proper knowledge of security frameworks and their implementation, causing them to believe that PIM solutions may lead to data breaches. This acts as a major restraining factor for the growth of the global product information management (PIM) market.

Impact of COVID-19 on Global Product Information Management (PIM) Market

The global economy and humanity have been pushed into a crisis due to the COVID-19 pandemic. Due to the high infection rate and adverse impact on public health systems, various governments have enforced nationwide lockdowns significantly impacting manufacturing supply chains, trade, and related services. Players are currently considering digital solutions that would enable them to serve the community and provide new opportunities to do business. The production, manufacturing, supply chain, and other operations, have slowed down globally aimed to limit the spread of coronavirus. This slowdown directly impacted the adoption of product information management (PIM), negatively impacting the market. But the market is estimated to have lucrative growth opportunities in the post-COVID-19 period due to the increasing e-commerce penetration across the globe.

Global Product Information Management (PIM) Market - By Component

COVID-19 has pushed the global economy and humanity into a crisis. As a result of the high infection rate and adverse impact on public health systems, various governments had to imposed nationwide lockdowns, resulting in significant impacts on manufacturing supply chains, trade, and related services. Globally, production, manufacturing, supply chains, and other operations have been slowed down to contain the spread of Coronavirus. The slowdown adversely affected the market for product information management (PIM). Currently, players are considering digital solutions that would enable them to serve the community and provide new business opportunities. It is estimated that the market will have lucrative growth opportunities in the post-COVID-19 period due to the increasing penetration of e-commerce across the globe.

Global Product Information Management (PIM) Market - By Deployment

Based on deployment, the global Product Information Management (PIM) market is segmented into on-premises and cloud. The on-premise segment holds the largest market share as PIM involves data collection and transmission from one channel to the other. Thus, organizations choose on-premise deployment as a method of data security and data theft and hacking prevention. However, cloud deployment is likely to emerge with the highest CAGR due to the growing acceptance of cloud services soon after the outbreak of the COVID-19 pandemic.

Global Product Information Management (PIM) Market - Regional Insights

Geographically, the global product information management (PIM) market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The North America region is likely to dominate in the product information management (PIM) market, followed by the Asia Pacific. The developed countries like the US and Canada have major opportunities for industrial production, retail sales, and fixed-asset investment which drives the demand for product information management (PIM). Several other economies such as Indonesia, the Philippines, and Singapore in the Asia Pacific region are also forecast to grow at modest rates.

Source: BlueWeave Consulting

Competitive Landscape

The leading players in the global product information management (PIM) market are SAP SE, Riversand Technologies Inc., Salsify Inc., Plytix Limited, Syndigo LLC, Akeneo SAS, Informatica LLC, Pimcore USA, inRiver AB, IBM Corporation, Stibo Systems Inc., Agility Multichannel Limited, EnterWorks Acquisition Inc., Oracle Corporation, ADAM Software NV, Winshuttle, Vinculum, Matrix, and other prominent players.

The prominent market participants compete based on price and product quality. Small and medium-sized market players are expected to show considerable improvements in the foreseeable future, given the moderate level of capital expenditure needed to set up a business. The large-sized companies, however, are likely to aim for global expansion, in a bid to gain a more considerable brand reputation.

Recent Developments

• In September 2021, Riversand, a US-based software company, announced its strategic partnership with Taranto, a consultancy and technology service provider to offer cloud-native Master Data Management (MIM) and Product Information (PIM) in the Nordics.

• In September 2021, Acquia, a US-based software company announced the acquisition of Widen, a cloud-native maker of digital asset management (DAM) and product information management (PIM).

Scope of the Report:

By Component

• Solution
• Services

By Deployment Type

• On Premises
• Cloud

By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America