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product information management market

Product Information Management (PIM) Market Share, Size, Trends, Industry Analysis Report, By Deployment Type (On-premises and Cloud); By Organization Size; By Verticals; By Region; Segment Forecast, 2022 - 2030

  • Published Date: Nov 2022
  • Pages: 117
  • Format: PDF
  • Report ID: PM2780
  • Base Year: 2021
  • Historical Data: 2018-2020

Report Summary

The global product information management (PIM) market was valued at USD 10.98 billion in 2021 and is expected to grow at a CAGR of 14.53% during the forecast period.

The rising investment in research & development activities coupled with the availability of highly advanced technologies around the globe are the major factors expected to drive the growth of the global market during the forecast period. Moreover, rising demand for team productivity, data syndication, managed product data, and data enrichment from several industries or sectors was also propelling the growth of the global market and is projected to have an appositive impact over the coming years.

Product Information Management (PIM) Market Size
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Furthermore, industries such as retail, BFSI, baking, and transportation are adopting new and advanced technologies like Artificial Intelligence and metric capacity unit to stay ahead of the competitors. Artificial Intelligence powered information management offers various features such as classification of merchandise, enrichment processes, and anomaly detection, which is likely to fuel the growth of the global market at a significant growth rate over the forecast period.

For instance, in January 2022, Walmart declared its expansion strategy for its online grocery delivery to around 30 Mn United States households. With this expansion, Walmart plans to hire more than 3,000 delivery partners over the year. This is projected to fuel the demand and growth of the PIM market in the retail sector.

The outbreak of the COVID-19 pandemic has positively impacted the product information management market, as governments across various regions, including France, India, US, the UK, and others-imposed lockdowns in order to prevent the spread of COVID-19. This has resulted in the high adoption of PIM among various businesses and global organizations around the globe to maintain their productivity and data syndication across several channels. During the pandemic, online sales increased rapidly in order to avoid physical contact, which fueled the adoption of these technologies in the consumer goods & retail industry.

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Industry Dynamics

Growth Drivers
The continuously rising focus on attaining seamless omnichannel syndication among various retail and manufacturing industries to offer their customers the capability to shop and interact with the businesses when and where it is convenient for them is the major factor expected to drive the growth of the global market throughout the forecast period. Moreover, continuously growing technological development and the high emergence of e-commerce across the globe are other factors anticipated to propel the demand and growth of the market over the coming years.

However, misapprehensions associated with data privacy and security risks, as product information management involves data collection and transmission of the data from one channel to another, are likely to be the major factor hindering market growth. Moreover, complex data governance and high system integration face several issues while integrating with the existing IT solutions, which is also a major challenge for the service providers of the global market in the coming years.

Report Segmentation

The market is primarily segmented based on deployment, organization size, verticals and region.

By Deployment

By Organization Size

By Verticals

By Region

  • On-premises
  • Cloud
  • Large Enterprises
  • Small Enterprises
  • Banking and Financial Services
  • Manufacturing
  • Retail
  • IT & Telecom
  • Transportation & Logistics
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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On-premises segment held the largest market share in 2021

The on-premises segment held a clear dominance in the market and is expected to maintain its dominance throughout the forecast period. An extensive rise in the adoption of PIM solutions in several industries, including healthcare, banking, financial services, insurance, and life sciences, coupled with the high utilization of these solutions to maintain control over data and information technology infrastructure, are key factors anticipated to fuel the demand and growth of the segment market over the coming years.

Furthermore, cloud-based solutions are witnessing the fastest CAGR during the forecast period owing to high reliability in IT security as it eliminates the complete risk of system breakdown and reduces requirements for several security platforms. In addition, the availability of sufficient resources among global large enterprises contributes significantly to market growth.

Large enterprise accounted for the largest market share in 2021

The high adoption of PIM solutions among various large enterprises is comparatively higher than the small enterprises. The availability of high budgets and continuously rising investment in research & development activities are the major factors driving the growth of the segment market at a strong pace. Moreover, to increase overall production and high efficiency, many large organizations are heavily funding novel technology. The rising demand for flexible, scalable, and easily accessible services around the globe is fostering the need and prevalence of PIM solutions in the segment over the forecast period.

Retail sector is expected to hold a significant revenue share over the forecast period.

The popularity and penetration of product information management solutions are projected to be the highest in the retail and e-commerce industry owing to the rising focus on improving customer experience and the rising prevalence of artificial intelligence and retail analytical tools.  A massive growth in the e-commerce sector, customer preferences and purchasing behavior has changed rapidly, which is a key driving factor for the growing adoption of PIMs in the retail and e-commerce industry.

According to Shopify, by 2021, the global e-commerce market was around USD 4.97 trillion, with an increase of over 400% in the last seven years, which Asia Pacific region was the largest contributor, with a contribution of USD 831.7 billion in e-commerce sales, followed by North America with a total sales value of USD 552.6 billion. And it was estimated that there were around 1.92 billion global digital buyers in 2020.

The Asia Pacific region dominated the global market in 2021

Asia Pacific region held a healthy market share in 2021 owing to the rising need for data storage and security coupled with the rising consumer awareness regarding new innovations and the availability of latest technologies in the region. Moreover, the rapid penetration of smartphones and the high emergence of online shopping among consumers, especially in developing economies like India, China, and Indonesia, is also expected to drive the growth and demand for PIM solutions over the forecast period. According to our findings, online sales across India were around USD 67 billion in the year 2021, and it is projected to grow to over USD 145 billion by 2025. The Indian e-commerce market is the world’s fastest-growing market in the e-commerce sector.

North America registered a high growth rate over the study period, owing to the rapid adoption of advanced technologies for reducing manual tasks and various streamlined workflows. In addition, wide presence of large product information management vendors, such as IBM Corporation, Oracle Corporation, Informatica LLC, and Riversand Technologies Inc., is also fueling the growth of the market in the region. For instance, as per the U.S. Census Bureau report, total e-commerce retail sales in North America rose by 7.8% in the very first quarter of 2021 compared to the same period of the last year, reaching a value of USD 1581.4 billion.

Competitive Insight

Some of the major players operating in the global market are Oracle Corporation, IBM Corporation, Informatica LLC, Akeneo, Stibo Systems, Truecommerce, Magnitude Software, SAP SE, Salsify Inc., Riversand Technologies Inc., Adam Software NV, Agility Multichannel, Pimcore, Inriver Inc., Winshuttle, Perfion, Syndigo, and Viamedici Deutschland GmbH.

Recent Developments

In March 2022, Akeneo launched its Akeneo App Store, including a wide range of categories such as syndication, data enrichment, and product catalog publishing as a part of their new product features and various benefits debiting in Spring 2022 release. Along with this, the company also announced its enhancement and newly developed capabilities to Akeneo PMX Studio, like improvements to its shared catalogues, more onboard products, and the launch of its latest community edition.

Furthermore, in July 2021, Pimcore introduced its Pimcore X, an advanced data importer. It enables clients’ digital applications to access and update data to be managed in Pimcore with the help of many innovative technologies, including REST or GraphQL.

Product Information Management (PIM) Market Report Scope

Report Attributes

Details

Market size value in 2022

USD 12.20 billion

Revenue forecast in 2030

USD 36.12 billion

CAGR

14.53% from 2022 – 2030

Base year

2021

Historical data

2018 – 2020

Forecast period

2022 – 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Segments Covered

By Deployment, By Organization Size, By Verticals, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

Oracle Corporation, IBM Corporation, Informatica LLC, Akeneo, Stibo Systems, Truecommerce, Magnitude Software, SAP SE, Salsify Inc., Riversand Technologies Inc., Adam Software NV, Agility Multichannel, Pimcore, Inriver Inc., Winshuttle, Perfion, Syndigo, and Viamedici Deutschland GmbH.

Key Take-Away
Polaris Market Research
Global Product Information Management (PIM) Market Size, Share Analysis Report, 2022-2030