Product Information Management (PIM) Market is expected to grow at a significant rate during the forecast period 2019-2025. PIM refers to a group of tools and processes that aids in centralizing and managing an organization’s product information and provide an accurate and complete view of product data. It is also used to keep customers, stakeholders and partners informed about the product. For instance, the status of suppliers, materials, and equipment can change with the development of products and services. PIM provides such changes quickly to reduce the effect of changes on the sales cycle and leverage efficiency. Hence, it promotes operational efficiency, faster time to market and sales growth. Furthermore, it is required for organizations to have control over product information as it enables organizations to prevent outdated information that can harm sales or negative impact on customers. For instance, when materials employed in the manufacturing of a product changes in the middle of the process, product information management can ensure that CRM systems (Customer Relationship Management), data sheets, publicists and other essential documents have accurate data about the product that is being sold. This avoids imparting misinformation regarding the product to the customers.
The major factors contributing to the growth of the market comprise significant growth in the e-commerce industry and increasing demand for healthcare IT solutions. PIM solutions aid in managing patient’s information in a single location and provides healthcare professionals access to such essential information electronically. The data is updated in real-time and shared across channels. This enables safer and smoother communication of crucial information. As the medical field requires quick information in case of emergency and other procedures, the tool can provide information much faster. Moreover, it also plays a vital role in compliance and mandates. Several regulations for approval of drugs and devices require complex and lengthy documentation. For instance, in 2013, the Food and Drug Administration (FDA) implemented new regulations about the medical device. Under the regulation, it is required to document, label and track medical devices. It is a Unique Device Identification (UID) which is also implemented to Class I medical devices, including bandages and dental floss. This significantly increased the need for recording data in multiple spreadsheets. However, the use of PIM enables the automation of such processes. Due to such benefits, the adoption of these solutions has been witnessed in the healthcare industry, which in turn, is contributing towards the growth of the market. However, security concerns and lack of skilled professionals are some crucial factors restricting the growth of the market.
The PIM market is segmented on the basis of vertical and deployment model. Based on the deployment model, the market is further classified into cloud-based and on-premise. Based on vertical, the market is further segmented into healthcare, retail, BFSI, IT & telecom, manufacturing, and others. The application of product information management solutions has been significantly rising in the retail sector. As introducing a new product in the right place and at the right time is important to sustain in a retail business, the PIM solutions offer real-time and automated updates. As a result, the solution supports the discovery of consumer needs immediately. It saves times and supports to match consumer preferences. Moreover, based on the deployment model, the market is further classified into cloud-based and on-premise. Geographically, the global product information management market is segmented into four major regions, such as North America, Europe, Asia-Pacific, and rest of the world (RoW). North America was anticipated to hold the major share in 2019, well-developed IT infrastructure and the presence of major players in the region. However, Asia-Pacific is estimated to show optimistic growth due to growth in the e-commerce sector in the region.
Some crucial players in the market include IBM Corp., Oracle Corp., Salsify, Akeneo SAS, Unbxd, Inc. and Informatica LLC. These companies are adopting several strategies, such as merger and acquisitions, product launches and partnership and collaborations to gain competitive advantage and market share globally. For instance, in February 2019, Akeneo SAS declared the introduction of Akeneo PMI Version 3.0 and its new AI-based product library named Franklin. The Franklin solution would expand the company’s product experience management suite and contains machine learning-enabled product data intelligence capabilities. The solution automates the process of product information enrichment and curation and enables to address a major problem for most brands and retailers.
Research Methodology:
The market study of the global Product Information Management Market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity in our reports.
Secondary Sources Include:
- Financial reports of companies involved in the market.
- Authentic public databases.
- Whitepapers, research-papers, and news blogs.
- Company websites and their product catalog.
The report is intended for IoT and private companies for overall market analysis and competitive analysis. The report provides in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation:
- Global PIM Market Research and Analysis by Vertical
- Global PIM Market Research and Analysis by Deployment Model
The Report Covers:
- Comprehensive research methodology of the global PIM market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global PIM
- Insights about market determinants which are stimulating the global PIM market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
