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Product Information Management Market Size, Share, & Industry Analysis, By Deployment (Cloud and On-premise), By Enterprise Type (Small & Medium Enterprises, Large Enterprises), By End-user (Retail & E-commerce, Manufacturing, IT & Telecommunication, Healthcare, Automotive, and Others), and Regional Forecast, 2024-2032

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI107113

 

KEY MARKET INSIGHTS

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The global product information management market size was valued at USD 3.67 billion in 2023. The market is projected to grow from USD 4.47 billion in 2024 to USD 20.66 billion by 2032, exhibiting a CAGR of 21.1% during the forecast period.


Product Information Management (PIM) is a software that helps to manage, store, and enrich the product content and update accurate information, which significantly helps to sell various products across multiple sales and marketing channels. PIM helps standardize the increasingly complex demands of product content, including size, ingredient, weight, colors, and other product specs. Growing usage of PIM solutions by retailers, manufacturers, and wholesalers helps to manage the products in a central space. In addition, PIM helps maintain the consistency and quality of product data collected from multiple sources and consolidates them into one main data source.


The rising adoption of PIM software in various industry verticals delivers better customer and omnichannel experience by streamlining an organization's internal and external marketing processes.


The COVID-19 situation forced many small companies to go online and accelerate digital transformation. For instance, Plytix, a key player in the global market, opened a new office in the Alameda principal after growing its customer base by 42% and increasing staff by 21% in 2020 from five nationalities.


Increased demand for PIM software by various end-use industries generated lucrative market growth opportunities during the pandemic. The revenue generated by e-commerce business has experienced rapid growth due to the increase in digitalization and the number of online buyers, which significantly fueled the growth of global e-commerce. It results in increased adoption of PIM software in the retail & e-commerce industry.


According to the Flexera 2020 State of the Cloud Report, 93% of projects are adopting a multi-cloud approach and 87% are adopting a hybrid cloud strategy. Additionally, 20% of organizations spend more than USD 12 billion annually on the public cloud, and 59% expect the COVID-19 situation to push cloud usage beyond previous plans. It leads to increased adoption of cloud-based PIM software by various end-users.


Product Information Management Market Trends


AI-powered Cloud PIM Solutions to Drive Scalability, Accessibility and Automated Data


The advent of cloud computing has revolutionized the way businesses approach PIM solutions. Cloud-based PIM solutions have gained significant traction due to their inherent scalability, enabling organizations to easily accommodate fluctuating data volumes and user demands without the need for costly hardware upgrades or maintenance. Additionally, the accessibility offered by cloud solutions enables stakeholders across the supply chain to access and collaborate on product data from anywhere, fostering improved collaboration and decision making. Moreover, by eliminating the need for on-premises infrastructure, cloud-based PIM solutions aid businesses reduce their IT infrastructure costs, optimizing operational expenses.


As the product data continues to grow in volume and complexity, the integration of AI and machine learning technologies has become an obligation. These advanced technologies empower PIM solutions to automate several data management processes, enhancing efficiency and accuracy. AI and ML algorithms enrich product data by automatically extracting relevant information from unstructured sources, such as product descriptions or customer reviews. Quality assurance processes are also streamlined through AI-driven data validation, ensuring consistency and adherence to predefined standards.


In December 2023, Akeneo expanded its U.S. business by more than doubling its size, acquiring an AI platform company and appointing new executives. The company aimed to aid their clientele by integrating AI to automate tasks, and concerns about incomplete and inconsistent product information.


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Product Information Management Market Growth Factors


Rise in Complexity of Managing the Data Generated by Digital Commerce is Likely to Boost the Demand for PIM


The continuous growth in online sales generates huge demand for adopting the e-commerce system. This e-commerce system significantly offers Enterprise Resource Planning (ERP) systems, supply chain management systems, and Customer Relationship Management (CRM) systems to deliver real-time product information to fulfill the rising demands of customers.


Companies with large ranges of products have sophisticated categorizations in their product catalogs. This complex nature of digital commerce fascinates many companies to streamline the creation, maintenance, and publication of product information to downstream channels. PIM makes it easy to distribute data to many channels and media. Thus, various end-users demand to adopt PIM software to manage a large amount of product content.


Therefore, the rise in complexity of managing the data generated by digital commerce boosts the demand for PIM software.


RESTRAINING FACTORS


Rising Concerns about Dealing with Multiple Sales Channel Requirements Hinder the Market Growth


The growing usage of open-source PIM platforms requires a good IT service team for PIM implementation and customization. The collection of data from multiple sales channels can be misspelled, incomplete, and deliver product information inaccurately and inconsistently.


Various marketing channels are involved with cloud-based PIM software to collect and manage a large amount of product content. This software is accessible by multiple users to deal with multiple sales channel requirements; hence it becomes challenging to meet consumers' demands from various e-commerce sites.


Thus, handling huge amounts of product content such as marketing information, photos, and videos with proper security and privacy becomes difficult.


Product Information Management Market Segmentation Analysis


By Deployment Analysis


Rising Adoption of Cloud Helps to Manage the Large Amount of Product Content


Based on deployment, the market is fragmented into cloud and on-premise. The cloud segment holds the highest market share and is expected to grow at the highest CAGR in the forecast period. The cloud-based PIM software helps to manage a wide network of providers and aims to handle the large volume of product content which changes continuously. 


It enables digital product information management with fewer costs, the fastest launch, and increased scalability.


However, installing on-premise product information software on one or multiple devices makes the PIM process more expensive and complicated. Thus, the on-premise software installation witnessed a significant decline in the PIM market share.


By Enterprise Type Analysis


Large Enterprises Dominate the Market Due to High Investments in Online Businesses


Based on enterprise type, the market has been bifurcated into Small & Medium Enterprises (SMEs) and large enterprises. The large enterprises segment invest in e-commerce startups and various online businesses to market their product and implement various marketing strategies to deliver better product experiences to customers and reach their business goals.


The software also allows large businesses to manage product data for multichannel marketing and improves marketing productivity. Hence, large enterprises segment is expected to dominate the market during the forecast period.


By End-user Analysis


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Retail & E-commerce Industry Generate High Revenue Due to Rise in Need for Product Information Management Systems


On the basis of end-user, the market is divided into retail & e-commerce, manufacturing, IT & telecommunication, healthcare, automotive, and others. Retail & e-commerce and manufacturing segments are expected to gain maximum market share during the forecast period. Increasing the usage of PIM by retailers, merchandisers, and managers helps to track the total sale of the product. Thus, the retail & e-commerce industry is estimated to dominate the market during the forecast period.


Rising usage of PIM software helps manufacturers deliver sufficient product information to customers across the channels, which significantly helps to improve the conversion rate and provide a better customer experience. The government's growing focus on advancing the manufacturing industry is expected to fuel the product information management market growth across the manufacturing industry.


REGIONAL INSIGHTS


In the scope of the study, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and South America based on region.


North America Product Information Management Market Size, 2023 (USD Billion)

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North America accounted for the highest market share, owing to the rise in e-commerce traffic in the last few years, resulting in increased usage of product information management software to provide a better customer experience.



  • According to census.gov, in 2021, total U.S. e-commerce business revenue reached USD 959.9 billion, with 18.3% year-over-year growth from USD 811.6 billion in 2020.


The presence of key market players across North America is further expected to boost the market. Adopting product information management software in the retail & e-commerce industry helps boost e-commerce sales in countries such as the U.S. and Canada across North America.



  • For instance, according to Net Solution’s state of B2B Commerce Report 2020, 76.7% of enterprises are aiming to adopt PIM software in the future.


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Asia Pacific is projected to witness notable growth in the forecast period due to increasing online customers and growing internet and high-speed broadband penetration among various countries across the region. Growing penetration of global e-commerce companies such as Amazon, Alibaba, Snapdeal, Flipkart, and many more in India and China generates huge demand for adopting this software in the e-commerce industry.


The surge in penetration of digital technologies in countries such as Argentina and Brazil is leading to updating taxation policies of e-commerce, a legal framework for data protection, consumer protection, and regulation of the internet. It increases the number of digital buyers of goods and services in the region. These factors significantly propel the demand for software in South America.


Growing initiatives taken by the government to bring development in retail, e-commerce, and manufacturing sectors in the Middle East & Africa are estimated to propel the demand for the adoption of product information management software by various companies. The manufacturing industries are contributing the highest revenue to improve the GDP of the Middle East & Africa countries over the last few years.


According to Contentserv, European countries such as the U.K., Germany, and France are the top countries generating the highest B2C e-commerce sales in 2020. Thus, it has been said that 30% of global e-commerce revenue comes from Europe. Thus, it is projected to boost the demand for PIM solutions in Europe.


List of Key Companies in Product Information Management Market


Key Players Emphasize Advanced Product Information Management to Strengthen their Positions


The global market is consolidated, with many service providers controlling the share. Various companies are implementing advanced technologies to boost their market share. Expansion of product portfolios, mergers & acquisitions, and research & development are the key strategies adopted by service providers. Thus, the global market is expected to update its product offerings continuously.


List of Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • March 2024: N Brown launched a new PIM system to enhance the customer experience by providing better product description, including sizing, fabric information and fit. The system aimed to improve accuracy and consistency in pre-purchase communications across all channels.

  • December 2023: Bluarrows and Discoverrr partnered to revolutionize product information management and marketing in India and GCC. Discoverrr’s PIMS platform simplified the process from catalogue creation to buyer updates, providing a seamless and interactive product management experience.

  • November 2023: Stibo Systems and CommerceIQ formed a strategic partnership to enhance PIM with digital shelf analytics. This collaboration aimed to boost performance for product detail pages and provide brands with critical visibility into their product information’s performance.

  • April 2023: Image Relay launched Marketing Delivery, a platform that integrated product information management with digital asset management. This cloud-based solution aimed to eliminate the accuracies and inefficiencies by providing a single source for connecting, organizing, and managing product information and digital assets.

  • February 2023: MikMak acquired Swaven, a eCommerce enablement and analytics software company, expanding its offerings. This deal enhanced the shopper experience and provided more advanced analytics through MikMak 3.0, with integrations to its PIM platforms and others.

  • October 2022: Agilis and SpecialChem launched ionicPIM, a cloud-based product information management system for the chemical industry. It centralized and organized product information, serving as a single source for all clinical documents and data.

  • February 2022: Syndigo entered into a partnership with Ariser to deliver enterprise PIM and MDM solutions to the clients to boost the enterprise data management capabilities by providing a better customer experience.


REPORT COVERAGE


An Infographic Representation of Product Information Management Market

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The study on the market includes prominent areas worldwide to get a better knowledge of the industry. Furthermore, the research provides insights into the most recent industry and market trends as well as an analysis of technologies that are being adopted quickly worldwide. It also emphasizes some of the growth-stimulating restrictions and elements, allowing the reader to obtain a thorough understanding of the industry.


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REPORT SCOPE & SEGMENTATION










































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 21.1% from 2024 to 2032



Unit



Value (USD billion)



Segmentation



By Deployment



  • Cloud

  • On-premise


By Enterprise Type



  • Small & Medium Enterprises

  • Large Enterprises


By End-user



  • Retail & E-commerce

  • Manufacturing

  • IT & Telecommunication

  • Healthcare

  • Automotive

  • Others (Government, Transportation & Logistics)


By Region



  • North America (By Deployment, By Enterprise Type, By End-user, and By Country)


    • U.S. (End-user)

    • Canada (End-user)

    • Mexico (End-user)


  • Europe (By Deployment, By Enterprise Type, By End-user, and By Country)


    • U.K. (End-user)

    • Germany (End-user)

    • France (End-user)

    • Italy (End-user)

    • Spain (End-user)

    • Russia (End-user)

    • Benelux (End-user)

    • Nordics (End-user)

    • Rest of Europe


  • Asia Pacific (By Deployment, By Enterprise Type, By End-user, and By Country)


    • China (End-user)

    • India (End-user)

    • Japan (End-user)

    • South Korea (End-user)

    • ASEAN (End-user)

    • Oceania (End-user)

    • Rest of Asia Pacific


  • Middle East & Africa (By Deployment, By Enterprise Type, By End-user, and By Country)


    • Turkey (End-user)

    • Israel (End-user)

    • GCC (End-user)

    • South Africa (End-user)

    • North Africa (End-user)

    • Rest of the Middle East & Africa


  • South America (By Deployment, By Enterprise Type, By End-user, and By Country)


    • Brazil (End-user)

    • Argentina (End-user)

    • Rest of South America







Frequently Asked Questions

According to Fortune Business Insights, the global market is estimated to reach USD 20.66 billion by 2032.

The market is projected to grow at a CAGR of 21.1% over the forecast period (2024-2032).

By deployment, the cloud segment is likely to lead the market.

Rise in complexity of managing the data generated by digital commerce boosts the market growth.

Akeneo, Informatica Inc., Pimcore, Magnitude Software, Inc. (Agility Multichannel), Riversand Technologies Inc., IBM Corporation, Inriver AB, Salsify, Syndigo, and Stibo System are the top players in the market.

North America is expected to hold the highest market share.

By end-user, the retail & e-commerce segment is expected to grow with the highest CAGR.

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