Product Information Management Market to Grow by USD 10.87 Billion (2024-2028), Driven by Rising E-Commerce Demand, AI-Powered Report Highlights Market Transformation – Technavio

NEW YORK, Nov. 12, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global product information management market size is estimated to grow by USD 10.87 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 14.37% during the forecast period. Thriving e-commerce industry is driving up demand for PIM solutions is driving market growth, with a trend towards adaption of AI and machine learning skills to improve data management and consumer experience. However, concerns about data security and privacy threats poses a challenge.Key market players include Bluestone Norway, censhare GmbH, Contentserv Swiss GmbH, GS Topco GP LLC, Informatica Inc., International Business Machines Corp., Jasper Commerce Inc., Mobius Knowledge Services P. Ltd., Oracle Corp., Pimcore GmbH, Plytix SLU, Salsify Inc., SAP SE, Stibo Systems, Syndigo LLC, True Commerce Inc., Viamedici Software GmbH, Vinculum Solutions Pvt. Ltd., Akeneo SAS, and Inriver AB.

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Key Market Trends Fueling Growth

Product Information Management (PIM) is a business solution that helps companies manage and distribute accurate and consistent product information to various channels. A key trend in PIM is data syndication, allowing retailers and wholesalers to access product info in real-time. The eCommerce industry is a major adopter, with omnichannel syndication enabling a seamless shopping experience. Cloud-based solutions offer flexibility and scalability, while automation streamlines data entry. Security frameworks ensure data privacy and protection. Industry verticals from consumer goods to electronics benefit, including retailers, wholesalers, and ecommerce sites. PIM improves customer experience and omnichannel experience, driving online shopping sales. Small companies and ecommerce startups can also benefit from digitalization and data enrichment. Augmented Reality (AR) and visualization tools provide real-scale product representation, enhancing the ecommerce system. PIM integrates with ERP and CRM systems, downstream channels, IT service teams, and marketing channels. A multi-cloud approach or hybrid cloud strategy offers deployment flexibility, while data storage solutions cater to large product catalogs. AI and machine learning enable data enrichment. 

Companies in various sectors, including healthcare, retail, and finance, are enhancing their Product Information Management (PIM) systems with artificial intelligence (AI) and machine learning (ML) technologies. AI-powered PIM solutions automate product classification, detect anomalies, enrich data from reliable sources, grade products, and provide contextual suggestions. These features offer insights into data issues and create a comprehensive view of product data from multiple systems. Moreover, AI-enabled chatbots improve consumer experience, leading to increased sales and profitability. By investing in these advanced technologies, businesses can stay competitive. 

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Market Challenges

• Product Information Management (PIM) is essential for businesses in various industry verticals, particularly in the eCommerce sector, to manage and deliver accurate product content to retailers, wholesalers, and downstream channels. Challenges include data syndication for omnichannel sales, ensuring consistency and quality across channels, and securing data from security threats. Cloud-based PIM solutions offer automation, data enrichment, and multi-cloud or hybrid cloud strategies for small companies and eCommerce startups. Data sources include product ingredients, weights, colors, and product specs. Adoption of PIM is crucial for delivering a great customer experience and omnichannel experience, driving online shopping sales. Security frameworks, privacy, and deployment options (cloud or on-premise) are essential considerations. PIM systems integrate with Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) systems, eCommerce systems, and marketing channels. Augmented Reality (AR) and Artificial Intelligence (AI) enhance product visualization on ecommerce sites for laptops, mobile devices, and online buyers.
• Product Information Management (PIM) systems enable organizations to efficiently collect, manage, and publish product data across multiple channels. However, some businesses are hesitant to adopt new PIM solutions due to concerns over data security and regulatory compliance. The transmission of data from one platform to another and data synchronization are integral parts of PIM. Yet, some firms express apprehensions about potential data breaches due to insufficient information about security standards. Consequently, they prefer vendors who can integrate PIM functionalities into their existing systems. Smaller enterprises, too, have reconsidered their decision to use cloud-based PIM systems due to privacy concerns associated with cloud storage.

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Segment Overview

This product information management market report extensively covers market segmentation by

1. Deployment

• 1.1 On-premises
• 1.2 Cloud

• 2.1 Large enterprises
• 2.2 SMEs

• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 On-premises- An on-premises Product Information Management (PIM) system is a software solution installed and operated on a company’s own servers, purchased under a license agreement. This setup requires the hiring of specialized personnel for administration and maintenance. The installation process involves evaluating infrastructure requirements, assessing LAN/WAN bandwidth impact, determining access permissions, and obtaining internal approvals. For large-scale deployments or complex infrastructures, a Systems Integrator may be engaged. Access to product information is physical, with users typically requiring on-site presence. Security is a key advantage, as data is stored locally.

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Research Analysis

The Product Information Management (PIM) market is a dynamic and growing sector that focuses on managing and enriching product data for various industries, particularly the consumer goods sector. PIM systems enable the collection, management, and distribution of accurate and consistent product information to retailers, wholesalers, and eCommerce platforms. These solutions provide omnichannel syndication, ensuring product data is up-to-date and accurate across all sales channels. Cloud-based PIM systems offer automation and data enrichment features, utilizing Artificial Intelligence to analyze and enhance product content, including ingredients, weight, colors, and product specifications. Security frameworks are integral to these solutions, safeguarding sensitive data and ensuring compliance with industry regulations. The eCommerce industry relies on PIM to maintain product data consistency and improve overall quality, driving better customer experiences and increased sales.

Market Research Overview

The Product Information Management (PIM) market is a dynamic and growing sector that enables businesses to effectively manage and distribute accurate and consistent product information across multiple channels and industry verticals. With the eCommerce industry’s increasing dominance, the need for omnichannel syndication of product content, including ingredients, weight, colors, and product specs, has become essential. Cloud-based PIM solutions offer automation and data source adoption, ensuring retailers and wholesalers maintain product information consistency and quality. Small companies and ecommerce startups benefit from these systems, enabling them to compete with larger enterprises. Security frameworks are crucial in PIM, safeguarding data privacy and ensuring compliance. Industry verticals such as Consumer Goods and Retail sectors can leverage PIM for digitalization, improving customer experience and omnichannel experience, driving online shopping sales. PIM solutions support multi-cloud and hybrid cloud strategies, including public cloud, augmented reality (AR) integration, and ecommerce site visualization on laptops, mobile devices, and real scale. Additionally, PIM systems can integrate with Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), product catalogs, downstream channels, IT service teams, marketing channels, and data storage solutions. Data enrichment through artificial intelligence and machine learning further enhances PIM capabilities, catering to various industry sectors and ecommerce systems.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment
• On-premises
• Cloud
• End-user
• Large Enterprises
• SMEs
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio