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A product information management (PIM) refers to a centralized software that aids in storage, standardization, and management of the delivery of product data to different systems and channels. A PIM tool is used to store such product details which include stock keeping unit, product description, numbers, pricing & product images, and PDF documents.The global product information management market is anticipated to upscale at a fast pace, as per the latest analysis launched by BIS Reports. Some of the significant factors driving the market for PIM solutions include the rising need for a centralized data storage system in organizations. A centralized data storage system aids in the organization and management of data related to the products.
A product information management solution provides secure access to the information stored on such a centralized data storage system. Such a solution comprises a strong security authorization which only allows access to the information after the completion of all required verification of security-related credentials. Organizations are also considering cloud-based deployments for the implementation of central repository for their product data owing to the rising complexity which is associated with the management and maintenance of it.
Key Players
Some of the notable players prevalent in the global product information management market include SAP, Oracle, IBM, Informatica, Stibo Systems, Riversand Technologies, ADAM Software, Inriver, Agility Multichannel, and Pimcore.
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Market Segmentation
The global product information management market is studied for various segments to arrive at in-depth analysis. Such segmentation is conducted by product, industry, channel, and region. Based on product type, the global market for product information management solution is segmented into single domain and multi-domain. Based on industry type, the market segmentation for PIM solutions includes BFSI, IT and telecommunication, government, energy and utility, and manufacturing. Based on channel, the global product information management market is segmented into direct sales and distributor.
Detailed Regional Analysis
The product information management market is segmented into the regions of North America, the Middle East & Africa, South America, Europe, and Asia Pacific. North America is estimated to spearhead the product information management market over the forecast period. Within North America, the US is anticipated to lead the country-specific market for PIM solutions through the review period. Such growth can be accredited to the incidence of several established providers of PIM solutions in the region.
Asia Pacific is projected to ascend at the peak rate through the forecast period, as per the report. This can be accredited to the upscaling adoption of advanced technologies in the industrial sector. This trend is dominant, especially in developing economies such as India, China, and South Korea, which in turn is boosting the market growth. The market for product information management in the APAC region is anticipated to be driven by other aspects such as the skyrocketed advancement in the e-commerce and retail industry. Moreover, fast adoption of multi-domain PIM software is expected to encourage market players to develop high-quality solutions that provide better performance and capacity.
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