The Global Product Information Management (PIM) Market size is expected to reach $17 billion by 2026, rising at a market growth of 11. 4% CAGR during the forecast period. A system that helps firms to store all the important technological and promotional information about a software product is termed as Product information management (PIM).
New York, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Product Information Management Market By Component, By Deployment Type, By Organization size, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p06028131/?utm_source=GNW
The data is safely stored and integrated with the help of product information management.
Using PIM, it becomes easier to facilitate the global identification, coordination, and networking of the software product information. The system also helps in the making and management of central database systems. PIM system makes it possible for extract data about any product without settling on the compliance requirements and quality of data. The system helps in reducing the time to market for the latest launched products. PIM also facilitates the processes for validating, generating, and broadcasting the end-user product content.
The increasing demand for centralized systems is driving the global product information management market. Centralized data storage allows firms to manage and organize all the product-related data in a more superior and effective way. PIM systems offer safe and secure access to all the stored information in the centralized database. Any user can access any kind of information after the completion of all the needed verification of security standards. The development of new business zones in the companies and the rising demand for data quality and operational efficiency are among the factors which will boost the growth of the market.
By Organization Size
Based on Organization size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. The large enterprise segment is expected to witness the highest market share over the forecast period. There is increasing adoption of PIM solutions and services in large enterprises, and this trend is estimated to sustain over the forecast years. These systems provide a centralized system in order to manage product information across the industries. Thus, large enterprises are massively investing in advanced technologies to grow their overall efficiency and productivity.
Based on Component, the market is segmented into Solution and Services. Solution segment is further bifurcated across Multi Domain and Single Domain. The primary objective of product information management is to safely store all the product information, in order to easily obtain, retrieve, assess and utilize the information. These processes can consume a lot of time and cause inconvenience in the absence of a product information management system. PIM is beneficial in offering secure and safe access to the information that is available in the centralized system.
By Deployment Type
Based on Deployment Type, the market is segmented into On-premise and Cloud. In recent years, there has been an increasing demand for Software-as-a-service (SaaS) versions of business functions. Cloud based PIM is gaining popularity among companies that favor smooth deployment and collaboration, the ability to scale, and affordability.
By End User
Based on End User, the market is segmented into Consumer Goods & Retail, BFSI, Telecom & IT, Manufacturing, Transportation & logistics, Media & Entertainment and Others. The Media and Entertainment segment will witness the highest growth rate over the forecast period. Due to the pandemic situation, majority of people are staying at home, the use of media and entertainment has expanded tremendously. In addition, PIM provides high scalability, visibility, and service optimization which helps in coping with the challenges that arise because of the unexpected rise in the demand in the media and entertainment industry.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The market of PIM in Asia-Pacific is estimated to propel at a higher growth rate over the forecast period. The progressive trade agreements across the countries, intrinsic strength, and the reviving global demand are boosting the PIM market in the region. This growth can be observed because of the rising adoption of the latest cloud-based PIM solutions, services, and platforms by emerging countries of the region.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; IBM Corporation, Oracle Corporation, and SAP SE are the forerunners in the Product Information Management (PIM) Market. Companies such as Stibo Systems, Inc., Akeneo SAS, inRiver AB, Salsify, Inc., and Syndigo, LLC are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, SAP SE, Oracle Corporation, Informatica, LLC, Salsify, Inc., Syndigo, LLC, inRiver AB, Akeneo SAS, Plytix Limited, and Stibo Systems, Inc. (The Stibo Group).
Recent strategies deployed in Product Information Management (PIM) Market
Partnerships, Collaborations, and Agreements:
Nov-2020: Akeneo collaborated with Rainbow Shops, a retail company, along with StrikeTru. The collaboration focused on optimizing Rainbow Shops’ product information and assisted in re-platform its eCommerce store to Shopify. Akeneo PIM Enterprise Edition platform enables the company to centrally organize and manage all product data, promotional pricing, and assets, offering an integrated view of their wide range of products & brands to both internal stakeholders & customers.
Nov-2020: Salsify entered into a partnership with e-Comas, an Amazon consulting, account management, and content optimization firm. Under this partnership, companies deliver Amazon’s digital shelf excellence to brand manufacturers in Europe, the Middle East, and Africa (EMEA). The partnership also enables joint customers to increase sales on Amazon effectively through the integration of expert counsel and leading digital shelf technology.
Jun-2019: Oracle came into partnership with Microsoft. The companies enabled customers to shift and run mission-critical enterprise workloads on Microsoft Azure and Oracle Cloud. It also helped companies to seamlessly connect Azure services, to Oracle Cloud services. The organizations got the opportunity to develop and use both Microsoft and Oracle cloud services simultaneously that allows easy migration of on-premises applications, the usage of a wide range of tools, and the capability to take advantage of existing investments across both clouds.
May-2019: Informatica extended its partnership with Google Cloud. This expansion helped Informatica Intelligent Data Platform with broader and deeper connectivity and it further enabled companies to boost their data-driven digital transformation initiatives on the Google Cloud Platform. Informatica’s support for Google Cloud expanded beyond full lifecycle API management and marketing analytics to involve improved Google BigQuery support for pushdown optimization that enables customers to process massive workloads and new support for Dataproc. It further allows customers to use and simplify native Google huge data environments.
Apr-2019: InRiver came into partnership with Sana Commerce, an e-commerce software provider. The partnership aimed to deliver joint clients with the best service. The companies together launched add-on integration between the two systems. InRiver’s PIM system has seamlessly connected with Sana’s integrated e-commerce solution and together the companies implemented this integration for their first joint customer Tectum, an expert in roofs, façades, and balustrades.
Feb-019: Salsify collaborated with Wunderman Commerce, the global e-commerce service provider. Under this collaboration, Salsify’s international customer base has increased with a key to Wunderman Commerce’s deep expertise in market-changing e-commerce solutions. It also allowed Wunderman Commerce clients to provide superior product experiences across every digital touchpoint.
Acquisition and Mergers:
Jan-2021: inRiver took over Detail Online, an AI-powered analytics solution. This acquisition empowers the only digital-first PIM solution, which stimulates faster time-to-market and better buying experiences by supporting the insights required to optimize content performance and remedy channels or products that underperform in real-time.
Apr-2020: Syndigo acquired Kwikee, a management and distribution platform. The acquisition supported Syndigo’s end-to-end product content creation, management, and syndication capabilities along with the improvement in its digital asset management and customization capabilities. Kwikee helped in expanding DAM and distribution capabilities and its incremental content creation solutions to support both the digital and in-store content strategies for their integrated clients.
Jan-2018: Akeneo took over Sigmento, an Israel-based technology company specializing in product data automation. The acquisition helped Akeneo to position itself as a leading company among PIM providers and supported the company’s aim to assist retailers to turn product information into powerful brand assets. The companies are now equipped with state-of-the-art machine learning technologies, which enable big companies to expand data intelligence and offers integrated product attribute information across multiple channels quicker and at scale.
Product Launches and Product Expansions:
Sep-2020: Salsify launched its Commerce Experience Management (CommerceXM) platform. The platform empowers brand manufacturers to gain on the digital shelf by offering the commerce experiences consumers demand anywhere that they choose to shop online. The extended CommerceXM platform integrates Salsify’s existing Product Experience Management solution with main commerce capabilities developed to offer sales both across retailer/distributor channels and social commerce, marketplaces, and direct-to-consumer (D2C) sites.
May-2020: IBM upgraded its existing solution, IBM Product Master, earlier known as IBM InfoSphere Master Data Management Collaborative Edition. This Edition offers trusted product information management (PIM) and master data management (MDM) capabilities. IBM Product Master Collaborative Edition V12.0 provides the following improvement to the persona user interface: Secondary spec support and Capability to cover the empty collaboration areas and steps.
Feb-2020: Akeneo launched Akeneo PIM 4.0. The Akeneo PIM 4.0 delivers new product experience features and facilitates third-party connectivity and integration. These new and enhanced features of Akeneo PIM 4.0 include Asset Manager, Attribute Mapping in Franklin Insights, Data Quality Insights, and a new connections module.
Dec-2019: Stibo Systems launched MDM release 9.3, the new version of its integrated suite of Multidomain Master Data Management (MDM) solutions. This latest version helps in improving the quality and value of its customers’ master data, providing them the transparency they need and desire. It also provides a single, accurate view of their master data, across domains like customer product, and supplier data that easily syndicated to the platforms where it makes value.
Sep-2019: Stibo Systems released the 9.2 version of MDM solutions. This version incorporates machine learning for improved data quality and operational agility and provides new capabilities specific to individual solutions, which include product data syndication and embedded analytics. The latest update delivers some significant advancement to the underpinning platform, which includes unmatched extendibility through their open Application Program Interface (API) that creates data more actionable and optimize real-time decision making.
Aug-2019: SAP introduced the SAP Product Content Hub, a cloud-based product information management solution (PIM). The SAP Product Content Hub aimed to assist companies to deliver the latest products and fresh content around the various selling channels. The solution automatically observes and incorporates changes across channels, while improving content through embedded, AI-driven product information extraction and image recognition.
Jul-2019: inRiver introduced its inRiver PIM Accelerators offering. The partner-driven program enables customers to use industry-specific PIM solutions to reinforce the rapid results for quick business impact. The inRiver PIM Accelerators program is provided exclusively through inRiver’s global partner network.
Feb-2019: Akeneo introduced Akeneo PIM Version 3.0 and its new AI-based product library, Franklin. The new Franklin solution offers machine learning-enabled product data intelligence capabilities to Akeneo’s product experience management portfolio. It also automatizes the process of product information curation and enrichment, addressing a prime pain point for most retailers and brands.
Scope of the Study
Market Segments covered in the Report:
o Multi Domain
o Single Domain
By Deployment Type
By Organization size
• Large Enterprises
• Small & Medium-sized Enterprises
By End User
• Consumer Goods & Retail
• Telecom & IT
• Transportation & logistics
• Media & Entertainment
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• IBM Corporation
• SAP SE
• Oracle Corporation
• Informatica, LLC
• Salsify, Inc.
• Syndigo, LLC
• inRiver AB
• Akeneo SAS
• Plytix Limited
• Stibo Systems, Inc. (The Stibo Group)
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