Product information management (PIM) solutions, which are in great demand nowadays, help in consolidating and centrally managing all the product data and information onto one single platform. With the increasing complexity and need for maintaining and managing the data efficiently, the organizations are widely adopting PIM solutions. This also helps in ensuring the business continuity and smooth running of different organizations. PIM solutions are the most useful in sectors like BFSI, retail, manufacturing, and consumer goods, where there arises a need to maintain a large database of product data. Thus, with the growing popularity and demand, the global market for product information management is expected to see a good growth of 25.3% in the next five years.
Drivers & Restraints
The significant growth of the global PIM market can be primarily attributed to the following factors:
- Huge requirement of centrally managing the data in organizations
- Growing need for compliance and verification
- Increased need and demand for operational excellence and data quality
- Developing new business areas in organizations
Moreover, linking of technologies for Big Data and BI with the cloud and consolidation of integrated vendor offerings are likely to create a number of growth opportunities for this market. However, prevalence of apprehensions concerning data security, lack of awareness regarding the benefits of PIM software and services, and issues related to the ongoing data ownership are the major factors that may hinder the market growth. Furthermore, inflexibility of expansive PIM solutions and diversified data regulations and legislations across various verticals and regions are major challenges in front of the key players in this market.
Market Scenario
The global product information management (PIM) market which was valued at USD 5.11 Billion in 2016 is expected to reach USD 15.78 Billion by 2021, growing at a CAGR of 25.3% during the forecast period 2015-2020. Based on regions, North America is projected to hold the largest market share over the forecast period, thus dominating the global PIM market. On the other hand, Asia-Pacific is expected to offer potential growth opportunities since the companies in this region are fast adopting the multi-domain PIM software in order to offer better services in terms of quality, performance, and capacity.
Based on deployment, the on-premise segment holds the larger market share than the cloud-based deployment of PIM; however, the cloud-based model is expected to surpass the former segment, owing to the high adoption rate of cloud technologies. On the basis of service type, the consulting and system integration services segment is expected to be the biggest market and also grow with the highest CAGR during the projected period. Among verticals, the BFSI sector is expected to dominate the market with the largest market share.
Oracle Corporation, SAP AG, IBM Corporation, Informatica, Stibo Systems, Riversand Technologies, Inc., and Pimcore among others are the key players involved in the global market for product information management.
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Research Scope
The worldwide market for product information management has been studied and forecasted by breaking it down into following segments and sub-segments:
- Software Type: Single Domain, Multi-Domain
- Deployment: Cloud, On-Premise
- Service Type: Consulting and System Integration, Training, Support, & Maintenance
- User Type: Small & Medium Enterprises, Large Enterprises
- Vertical: BFSI, Government, Retail, Healthcare, IT & Telecom, Manufacturing, Energy & Utilities, Transportation & Logistics, Media & Entertainment
- Geography: North America, Europe, Asia-Pacific, Middle East & Africa, Latin America
