Product Information Management (PIM) Market by Component, Solution (Multi-domain, and Single Domain), Deployment Type, Organization Size, Vertical (Consumer Goods & retail, IT & Telecom, and Media & Entertainment) and Region - Global Forecast to 2027

Product Information Management (PIM) Market by Component, Solution (Multi-domain, and Single Domain), Deployment Type, Organization Size, Vertical (Consumer Goods & retail, IT & Telecom, and Media & Entertainment) and Region - Global Forecast to 2027

The global Product Information Management (PIM) market size to grow from USD 12.2 Billion in 2022 to USD 23.8 Billion by 2027, at a Compound Annual Growth Rate (CAGR) of 14.3% during the forecast period. PIM has enabled organizations to securely manage unstructured product information including product name, title, description, SKU, cost, and pricing. It enables organizations to eradicate ad-hoc processes by providing compliance with major security and regulatory standards.

As per services, training, support, & maintenance services segment to grow at a the highest CAGR during the forecast period

Training services involve the assistance provided for the PIM solutions to help users with detailed knowledge and systematic training on various automation processes. It also helps acquaint users with the necessary skills to operate the newly incorporated solutions efficiently. Training programs enable organizations to remove knowledge gaps by providing updated information to the data management representatives about the ongoing technological advancements and product updates. Furthermore, support & maintenance services help organizations understand changing business conditions, client insights, market trends, or service inconveniences. Support & maintenance services include 24x7 troubleshooting assistance, upgradation of the existing platform, repairs or replacement of damaged components, emergency response management, software maintenance, proactive services, technical support by technicians, and test-scenario management. These services can be offered from remote spots utilizing phones, web conferencing, and ticketing frameworks or by providing on-site help.

As per regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period

As per regions, the Asia Pacific is estimated to hold the highest Compound Annual Growth Rate (CAGR) of 21.1% in the PIM market. The high growth rate in the Asia Pacific can be attributed to the proliferation of innovative technologies, combined with the growing business needs, and increase in the number of organizations adopting PIM solutions. APAC is expected to experience extensive growth opportunities in the next few years owing to high internet penetration, high consumer spending, and the rising adoption of advanced technologies, such as automation and cloud. Further, in 2020, APAC’s internet traffic was 53%. Hence, in multi-domain PIM solutions, Wi-Fi statistics can play a major role in gaining insights into customer behavior by leveraging real-time and historical data of customers, which can be further used to improve the product information across channels. Owing to this, many organizations in APAC are implementing PIM platforms to improve orchestration of product information across multiple data silos and sources, such as vendor portals, suppler databases, ERP systems, and web; enrich product information, improve customer engagement and experience, and attract new customers.

As per component, solutions to grow at the highest CAGR during the forecast period

As per component, solutions is estimated to hold the highest Compound Annual Growth Rate (CAGR) in the PIM market. The solutions segment of the PIM includes multi-domain and single domain. The solution providers offer tailored solutions to businesses according to the need of the business. PIM is an evolving technology that addresses critical business issues related to the management of product information with unprecedented efficacy. PIM solutions collect and combine product information, such as product attributes, specifications, and taxonomies from multiple sources, including data silos, web portals, eCatalogs, supplier databases, ERP systems, social media websites, and eCommerce websites. Vendors in the market offer such solutions as a standalone platform or comprehensive multi-domain solutions. These solutions assist end-users in managing the product information with ease and improve the overall operational performance. PIM solutions also enable companies to create, update, and maintain product information to optimize product data synchronization and publishing, ensure faster TTM, increase brand awareness, drive online traffic and sales, and enhance customer experience and satisfaction. The rise of digitization and cloud computing in recent years has led to an increased demand for PIM solutions across the globe. The emergence of domestic and international eCommerce has further boosted the growth of the solutions segment.

Breakdown of primaries

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the PIM market.

By Company: Tier I: 18%, Tier II: 44%, and Tier III: 38%

By Designation: C-Level Executives: 32%, D-Level Executives: 36%, and Managers: 32%

By Region: APAC: 18%, Europe: 26%, North America: 38%, MEA: 10%, Latin America: 8%

The report includes the study of key players offering PIM solutions and services. It profiles major vendors in the PIM market. Some of the major PIM market vendors are Oracle (US), SAP (US), IBM (US), Informatica (US), Pimcore (Austria), Akeneo (France), inriver (Sweden), Winshuttle (US), Riversand (US), Salsify (US), Aprimo (US), Stibo Systems (Denmark), Contentserv (Switzerland), Mobius (India), Perfion (Denmark), Profisee (US), Censhare (Germany), Vinculum (India), PIMworks (US), Truecommerce (US), Vimedici (Germany), Magnitude Software (US), Plytix (Denmark), and Syndigo (US).

Research Coverage

The market study covers the PIM market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, deployment type, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report

The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall PIM market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.