Product Information Management Market Size - By Component (Software, Services), By Organization Size (SMEs, Large Enterprise), By Deployment Model (On-Premises, Cloud), By End Use & Forecast, 2024 - 2032

Product Information Management Market Size - By Component (Software, Services), By Organization Size (SMEs, Large Enterprise), By Deployment Model (On-Premises, Cloud), By End Use & Forecast, 2024 - 2032

Product Information Management Market size is set to record over 13% CAGR between 2024 and 2032, due to increasing complexity and demands of digital commerce and omnichannel marketing. The proliferation of e-commerce platforms and online marketplaces is necessitating robust product information management (PIM) solutions to manage vast amounts of product data efficiently.

Moreover, these systems enable organizations to store and synthesize product information across multiple channels and touchpoints for ensuring the integrity and accuracy of product inventories, and specifications. For instance, in March 2024, N Brown Group, launched its new PIM system, marking a key transformational priority for further improving the customer experience.

The rise of data-driven decision-making and analytics in business operations will contribute to the market growth. Organizations across various industries, including retail, manufacturing, and consumer goods, rely on PIM solutions to harness actionable insights from product data. Regulatory compliance requirements and the strong need for data security and governance will further propel the technology adoption for ensuring data integrity and adherence to industry standards.

The PIM industry is classified into component, organization size, deployment mode, end-use and region.

Based on component, the market value from the services segment is slated to gain momentum through 2032, due to the essential role of implementation, consulting, and support services played in the successful deployment and optimization. As organizations adopt PIM systems to manage and centralize their product data, they require expert guidance to ensure seamless integration with existing IT infrastructure, customization to meet specific business needs, and support to maintain system performance and address any issues. The growing complexity of digital commerce and omnichannel strategies will further drive the segment growth.

In terms of deployment mode, the PIM market from the cloud segment is anticipated to observe a significant CAGR during 2024 – 2032 owing to its ability to offer scalable, flexible, and cost-effective solutions to cater to the dynamic needs of businesses. Cloud-based systems enable organizations to access and manage product information from anywhere while facilitating real-time collaboration and integration across global teams and various sales channels. Cloud PIM solutions also come with advanced features, such as automatic updates, robust security measures, and seamless integration with other cloud-based tools for enhancing the overall efficiency and reducing IT overhead.

Asia Pacific product information management industry will grow substantially between 2024 and 2032, attributed to rapid digital transformation and the expanding e-commerce landscape. With the surge in online retail activities, businesses are increasingly adopting PIM solutions to manage vast and diverse product catalogs efficiently and to ensure consistent and accurate information across multiple online platforms and marketplaces. The increasing penetration of mobile internet and the rise of social commerce is contributing to the need for dynamic and scalable solutions to support seamless product data management across the region.