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Catalog Management System Global Market Report 2022
Major players in the catalog management system market are IBM, SAP, Oracle, Salsify, Coupa Software, ServiceNow, Proactis, Broadcom, Fujitsu, Comarch, Zycus, GEP, Ericsson, Amdocs, Episerver, Hansen Technologies, Vinculum, Claritum, eJeeva, SunTec, Plytix, Mirakl, Sellercloud, Vroozi, CatBase, Akeneo, nChannel, Contalog, and Sales Layer.
New York, June 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Catalog Management System Global Market Report 2022" - https://www.reportlinker.com/p06285843/?utm_source=GNW
The global catalog management system market is expected to grow from $2.7 billion in 2021 to $2.81 billion in 2022 at a compound annual growth rate (CAGR) of 4.3%. The catalog management system market is expected to grow to $3.11 billion in 2026 at a CAGR of 2.5%.
The catalog management system market consists of sales of catalogs by entities (organizations, sole traders, and partnerships) that enable brand suppliers to deliver quality product data across a full catalog in a buyer’s required format. The catalog management system consolidates and structures data of e-commerce products into a single, digital point of reference, which includes catalogs for both buyer and the merchant.
The main types of catalog management systems are product catalogs and service catalogs.Product catalogs are a sort of marketing collateral that contains key product information to assist consumers in making a purchasing choice.
These details include product features, dimensions, descriptions, availability, price, weight, color, customer reviews, and more.The different components include solutions, and services and are deployed through on-premises and cloud.
The several enterprise sizes include large enterprises, and small and medium enterprises (SMEs) and are utilized in various industries such as telecom, IT, travel and hospitality, retail and e-commerce, media and entertainment, and other verticals.
North America was the largest region in the catalog management market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the catalog management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increasing demand from the e-commerce industry for catalog management solutions is expected to drive the growth of the catalog management system market going forward.Catalogs are a list of items, organized into different groups for different purposes.
Catalog management refers to the process of keeping the product database structured, organized, and updated across all online sales channels.As people’s movement was restricted owing to lockdowns, there was a surge in demand for online products, causing the e-commerce sector’s growth to accelerate, resulting in a shift toward catalog management solutions.
For instance, according to the Springbord, a US-based information service provider, Global e-commerce sales accounted for almost $26.7 trillion in online sales in 2020, with online retail sales increasing by 32.4% year over year in 2020, and by 39% in Q1 2021. Therefore, the increasing demand for catalog management solutions in the eCommerce industry drives the growth of the catalog management system market.
Artificial intelligence and automation have emerged as a key trend gaining popularity in catalog management systems.The catalog management system is a process that enables brand suppliers to deliver quality product data across a full catalog.
Artificial intelligence and automation are approaches and theories that are used to construct computers that can simulate intelligence.The catalog system’s AI and automation improve product tagging, description, visualization, catalog insights, and other features.
For instance, according to Vue.ai, a U.S.-based end-to-end retail automation platform, catalog system AI and automation improvements have resulted in a 51% increase in accuracy for better search and discovery, a 75% reduction in traditional photoshoot costs, a 40% increase in conversion rate, and a 30% increase in unique product views in 2021.
In October 2021, Salsify, a US-based software company acquired SKUvantage for an undisclosed amount.Through this acquisition, Salsify expands its commerce experience management network to Australia.
SKUvantage is an Australia-based company that offers Commerce Experience Management (CommerceXM) platform.
The countries covered in the catalog management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06285843/?utm_source=GNW
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