Tokyo, May 27, 2022 (GLOBE NEWSWIRE) — The world product information management market the size was US$12.88 billion in 2021. Product information management software is used to effectively manage all sales channels. The integration of big data analytics, cloud storage and business intelligence offers the industry huge growth potential. The growth of the global product information management market is, however, constrained by a lack of understanding of the technology. Growing data security concerns are expected to hamper the growth of the global product information management market throughout the projected period.
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In the global market, product information management systems and software are gaining momentum. This is due to the increasing use of product information management in e-commerce platforms and the retail industry. Product information management helps offline retail establishments around the world in their growth and development.
Regional overview
Asia-Pacific is the largest product information management market segment in terms of region. China and India dominate the product information management market in the Asia-Pacific region. Rising data storage requirements are driving the expansion of the product information management market in the region. Several foreign companies are expected to expand into Asia-Pacific due to the vast market potential. Additionally, the product information management market in Asia-Pacific is growing owing to the growing use of smartphones and the internet.
The North America region is the fastest growing region in the product information management market. The United States holds the highest market share in the product information management market in North America. The presence of industry leading players is driving the product information management market in the region. Moreover, technological advancements and the use of advanced and innovative technologies are driving the growth of the regional market.
Report scope
| Report attributes | Details |
| Market size in 2021 | $12.88 billion |
| Revenue forecasts by 2030 | $68.1 billion |
| CAGR | 20.33% from 2022 to 2030 |
| The biggest market | Asia Pacific |
| Fastest growing region | North America |
| Companies covered | Oracle, SAP, IBM, Informatica, Pimcore, Akeneo, Inriver, Winshuttle, Riversand, Salsify |
Report Highlights
- Based on component, the service segment holds the largest market share in the global product information management market. To help internal employees understand product information management systems, market players provide support, training, and service. These services are a low-cost solution to ensuring that internal staff are working to their full potential.
- Based on company size, the large enterprise segment holds the largest market share in the global product information management market. Large enterprises are more likely to adopt product information management services and solutions, and this trend is expected to continue during the forecast period. Product Information Management is a centralized system designed to manage product information across industries.
- Based on end use, the retail segment holds the largest market share in the global product information management market. Customers can now acquire product information from various sources through digitization. Customer preferences and behaviors have also changed dramatically due to the meteoric growth of e-commerce.
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Market dynamics
Drivers
Rise in demand for e-commerce industry product information management solution
With the rapid development of e-commerce, the demand for product information management solutions is expected to increase over the projection period, as product information management enables easy management and modification of all product information. products. As a result, the surge in the demand for product information management in the e-commerce sector is driving the growth of the global product information management market.
Constraints
Strict government regulations
Medical device manufacturers in the United States must join the Global Unique Identifier Database operated by the Food and Drug Administration for better product selection and global identification. As a result, stringent government regulations are limiting the growth of the Global Product Information Management Market.
Opportunities
Integration of machine learning and artificial intelligence technologies
AI-driven product information management solutions can offer automated insights into data issues and create an integrated data picture of many systems, enabling customers to better understand their products. Additionally, AI-enabled chatbots can improve consumer enjoyment and experience, leading to increased sales and profitability. Thus, the integration of machine learning and artificial intelligence technologies is supporting the growth of the global product information management market.
Challenges
Misunderstanding about privacy and data security
Several companies believe that product information management solutions would lead to data breaches in their highly virtualized datasets due to lack of sufficient information about privacy and security standards and their installation. Thus, this factor creates a barrier for the expansion of the global product information management market.
RECENT DEVELOPMENTS
- ABBYY and Winshuttle announced a partnership in June 2020. The goal of the partnership is to help organizations and businesses make the digital transition, which involves extracting information and data from physical documents and loading them automatically in SAP.
- Insite Software, a developer of B2B e-commerce solutions, announced InsitePIM, a new cloud-based product information management module for InsiteCommerce in September 2019. InsitePIM enables teams to quickly create product catalogs and customize product data requirements, as well as manage data requirements. as well as manage the data collection and retention procedures that are essential to the success of e-commerce.
- Winshuttle, a leading data management platform provider focused on enterprise resource planning, announced the acquisition of EnterWorks in February 2019. EnterWorks is a market leader in product information management.
Market segmentation
By component
- Solution
- Multi-domain
- Single domain
- Services
- Advice and implementation
- Training, support and maintenance
Per deployment
By business size
- Large companies
- Small and medium-sized enterprises (SMEs)
By end use
- BFSI
- Retail
- Manufacturing
- Telecom and IT
- Transport and logistics
- Media and entertainment
- Other
By operating system
By geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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