by Product information management (PIM) software allows companies to centralize product data and media on a single platform, and disseminate that information consistently to all sales channels. Retailers and manufacturers across industries such as food and beverage, consumer goods, fashion, and automotive use PIM software to streamline processes such as product launches, catalogue production, and management of specifications and assets. PIM tools improve visibility, reduce errors and inconsistencies, and enable automation of routine tasks.
The global Product Information Management Software Market is estimated to be valued at Us$ 15.79 Bn in 2023 and is expected to exhibit a CAGR Of 5.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing adoption of PIM software for centralized management of product master data across various business units is expected to drive the market growth over the forecast period. As businesses trade in an omnichannel landscape and work to provide consistent information across all touchpoints, there is a pressing need to maintain accurate and updated product information in a central hub. This is where PIM solutions provide vital capabilities to publish content seamlessly to all channels. Another factor fueling the market is the ability of PIM tools to integrate with other systems such as ERP, CAD, and PLM, enabling automation of processes and workflows and eliminating duplication of efforts. However, high costs associated with advanced PIM software and lack of awareness in some regions may hinder the market growth.
Segment Analysis
The global product information management software market is segmented on the basis of deployment, organization size and vertical. On the basis of deployment, the market can be segmented into on premise and cloud. The cloud segment dominates the market as it offers flexibility, scalability and low upfront costs. On the basis of organization size, the market is segmented into large enterprises and SMEs. Large enterprises dominate as they extensively use PIM software for managing huge volume of product data. On the basis of vertical, the PIM software market is segmented into retail, manufacturing, logistics and others. The retail vertical dominates as retailers use PIM to manage various attributes of thousands of products.
PEST Analysis
Political: Governments across various countries are focusing on digitization which is promoting adoption of software solutions like PIM. Economic: Rising e-commerce sector is driving demand for PIM software from retailers and manufacturers to efficiently manage online product catalogs. Social: Changing customer preferences and demand for omnichannel experience is prompting organizations to adopt PIM for centralized product data management. Technological: Emerging technologies like AI, ML and analytics are being integrated into PIM solutions to enable advanced features like predictive analytics.
Key Takeaways
The Global Product Information Management Software Market Demand is expected to witness high growth.
Regional Analysis:
The market in North America region dominates due to presence of key players and early adoption of technologies. The US and Canada hold majority share in the region.
Key players operating in the product information management software market are Quantum Profile Systems Ltd., Amstep Products, Novaproducts Global, Optimum Technologies, Inc., Tarkett S.A., MEISHUO Building Materials Co. Ltd., Kinesik Engineered Products, Spectrum Floors, C.A.T. LTD. and Litokol. Quantum Profile Systems Ltd. dominates due to wide range of PIM solutions for diverse industries.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
