Product Information Management Market Size - By Component (Software, Services), By Organization Size (SMEs, Large Enterprise), By Deployment Model (On-Premises, Cloud), By End Use & Forecast, 2024 - 2032

Product Information Management Market Size - By Component (Software, Services), By Organization Size (SMEs, Large Enterprise), By Deployment Model (On-Premises, Cloud), By End Use & Forecast, 2024 - 2032

Product Information Management Market Size

Product Information Management Market size was valued at USD 12.2 billion in 2023 and is estimated to register a CAGR of over 13% between 2024 and 2032. PIM enables the consolidation of product data, simplifying data access and management since the pertinent information is kept in one location. By eliminating the redundancies and errors associated with handling several information sources, centralization enables data accuracy and consistency across all channels.

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For e-commerce businesses, PIM systems are essential since they allow for the effective management and optimization of product information. PIM solutions offer a common platform to easily gather, update, and distribute product data in a rapidly evolving digital commerce ecosystem. They assist in ensuring brand integrity, expediting the sales process, and satisfying client requests for precise and current information. Moreover, the penetration of the e-commerce sector across the globe is driving the PIM market growth.

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It is challenging to maintain accurate and consistent product data across disparate sources. Constant work and oversight are needed to guarantee that all product information is correct, current, and consistent. Maintaining data integrity in a PIM system requires the establishment of explicit data governance policies and procedures. This entails outlining roles and responsibilities, data ownership, access restrictions, and protocols for data approval and management. Moreover, it is difficult and time-consuming to integrate an ERP, CRM, or e-commerce platform with an existing PIM system. Thorough planning and coordination are necessary to guarantee smooth data flow and synchronization between systems.

Product Information Management Market Trends

PIM systems are progressively incorporating AI and machine learning technology to automate processes like attribute extraction, product suggestions, and data categorization. These technologies facilitate more individualized product offerings, better user experiences, and higher-quality data.

Cloud-based PIM solutions are growing in popularity because of their affordability, scalability, and flexibility. Cloud-based PIM solutions are becoming increasingly popular among businesses to lower IT infrastructure costs, simplify data management procedures, and provide remote access. PIM systems have adopted an API-first strategy, which enables a smooth connection with external platforms, third-party apps, and other enterprise systems. APIs facilitate improved data interchange and interoperability by allowing enterprises to take full advantage of the PIM system's features throughout their whole ecosystem.

Product Information Management Market Analysis

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Based on component, the market is divided into software and services. The software segment is expected to hold over 76% of the market share by 2032. Maintaining product information becomes crucial as firms grow in reach and product offerings. Organizations can enable uniformity, precision, and thoroughness of product data across all channels and touchpoints by centralizing it with PIM software.

Businesses now have to deal with enormous amounts of product data due to the growth of items, SKUs, and variations. PIM software offers sophisticated data management features that enable companies to handle big datasets with ease, optimize processes, and expand their operations to accommodate expanding product lines.

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Based on organization size, the product information management market is categorized into SMEs and large enterprises. The large enterprises segment held over 75% of the market share in 2023. Large enterprises frequently have broad, varied product catalogs with several features, variations, and SKUs. As the company expands, handling this complicated product data manually or via several systems becomes more difficult. PIM solutions offer a centralized way to manage and enhance product data, guaranteeing accuracy and consistency throughout the product's lifespan.

Large enterprises usually use a variety of sales channels, such as marketplaces, e-commerce websites, mobile apps, physical storefronts, and more. Providing clients with a smooth omnichannel experience requires coordinating product information across several channels while preserving relevance and consistency. With PIM solutions, businesses can effectively synchronize product data across many channels, guaranteeing a consistent brand experience.

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North America dominated the global product information management market, generating USD 4 billion in revenue in 2023. The e-commerce industry in North America is developed and highly competitive, with businesses constantly looking for methods to set themselves apart and enhance the consumer experience. PIM solutions are essential for managing product data across many channels, which helps companies increase product visibility, streamline processes, and provide customers with consistent information.

Technological developments, infrastructure expenditures, and changing customer preferences are driving growth in the U.S. manufacturing and distribution industries. PIM systems are essential to these sectors because they streamline the management of product data, improve supply chain efficiency, and encourage stakeholder engagement.

Europe has stringent regulations protecting product information, particularly for consumer products, retail, and healthcare. Businesses must make sure that product information is accurate, transparent, and secure to comply with regulations including the General Data Protection Regulation (GDPR), REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals), and RoHS (Restriction of Hazardous Substances). PIM solutions assist businesses in adhering to these rules by centralizing product data, preserving data integrity, and offering audit trails for legal reasons.

The growth of social commerce platforms, internet marketplaces, and physical retail locations is causing the retail industry in Asia Pacific to diversify and develop. Large product catalogs, inventory control, and consistent product information delivery across all touchpoints are all made easier for merchants by PIM systems, which also improves the overall customer experience.

To improve operational effectiveness and competitiveness, the UAE is using Industry 4.0 technologies, including the Internet of Things (IoT), Artificial Intelligence (AI), and Big Data analytics. When PIM systems are combined with these technologies, firms can get a competitive edge in the market, automate procedures, and personalize consumer interactions.  

Product Information Management Market Share

SAP, IBM, and Oracle dominate the Product Information Management (PIM) market holding market share over 17% due to their robust software platforms and extensive industry experience. SAP offers solutions like SAP Master Data Governance, integrating seamlessly with existing SAP systems for comprehensive data management. IBM offers InfoSphere Master Data Management provides scalability and flexibility, while Oracle's Product Hub offers a comprehensive suite for managing product data across the enterprise.

These companies have established reputations, global reach, and comprehensive offerings, making them preferred choices for organizations seeking reliable PIM solutions. Their dominance is further reinforced by continuous innovation, strategic partnerships, and a strong focus on meeting evolving market demands, solidifying their positions in the competitive PIM landscape.

Product Information Management Market Companies

Major companies operating in the product information management industry are

• SAP
• IBM
• Oracle
• Riversand
• Stibo Systems
• Akeneo
• Contentserv
• Inriver
• Informatica
• Pimcore
• Xvise
• Salsify

Product Information Management Industry News

• In March 2024, N Brown Group unveiled a new Product Information Management (PIM) system aimed at elevating the customer experience. This system centralizes product data, ensuring accuracy and consistency across channels, thereby streamlining product discovery and enhancing customer satisfaction through improved information accessibility and reliability.
   
• In October 2022, Agilis and SpecialChem collaborated to introduce a cloud-based Product Information Management (PIM) system tailored for the chemical industry. Leveraging Agilis' digital commerce expertise and SpecialChem's materials selection platform, the solution aims to streamline product data management and enhance information accessibility for chemical industry stakeholder.

The product information management market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) from 2021 to 2032, for the following segments

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Market, By Component

• Software
  • Multi domain
  • Single domain 
• Services
  • Consultation & implementation
  • Training, support, maintenance

Market, By Organization Size

• SMEs
• Large enterprises

Market, By Deployment Model

• On-premises
• Cloud

Market, By End-use

• BFSI
• Consumer goods & retail
• Manufacturing
• IT & telecom
• Transportation & logistics
• Media & entertainment
• Others    

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA

Frequently Asked Questions (FAQ)

What is the size of the product information management market?

The market size of product information management reached USD 12.2 billion in 2023 and is set to witness 13% CAGR between 2024 and 2032, led by the growing demand for product centralization into a single repository.

Why is the demand for product information management software growing?

The software segment is expected to hold over 76% revenue share by 2032, with maintaining product information becoming crucial as firms grow in reach and product offerings.

Why is the use of product information management growing in North America?

North America product information management industry generated USD 4 billion in revenue in 2023, attributed to technological developments, infrastructure expenditures, and changing customer preferences.

Mention the key players involved in the product information management market?

SAP, IBM, Oracle, Riversand, Stibo Systems, Akeneo, Contentserv, Inriver, Informatica, Pimcore, Xvise and Salsify.