According to a new market report published by Credence Research, Inc., “Global Product Information Management Market (By Offerings (Software and Services), By Deployment Model (On-premise and Cloud-based), By End-use Vertical (Automotive, BFSI, Healthcare, IT & Telecom, Manufacturing, Media & Entertainment, Retail & E-commerce, Transportation & Logistics, Others)) – Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global product information management market is expected to witness a growth of 17.5% CAGR during the forecast period from 2018 to 2026.
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The global product information management market projected to witness a notable growth, expanding at a CAGR of 17.5% during the forecast period from 2018 to 2026. The concept of having a centralized database and procedures for maintaining product information is not new, but product information management solutions have become more popular in the recent past. Product information management tool not only houses and centralizes product data, but also has the ability to standardize, source and manage the delivery of data to different channels and systems. It is designed to manage product information across an organization’s business processes from the point of creation through utilization.
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Consumers today are more engaged in exploring products as a result of which a high-quality, complete product information in various formats, on any device, in any channel, at any time is needed. Providing this information is an indispensable part of creating a world-class customer experience that make customers coming back and choose the preferred and right provider. A product information management solution makes it easier and faster to deliver and create compelling product experiences by leveraging unified product management thereby enabling superior digital experiences.
Based on offerings, software segment accounted for the largest market share in 2017. The growth of this segment is primarily backed by the rising need of enterprises to centralize all the marketing and technical information of their products and catalogs. On the basis of deployment model, the global product information management market was led by on-premise segment in 2017.
A number of organizations around the world are still largely reliant on the on-premise model. Security features offered by on-premise model over cloud is augmenting the growth of this deployment model. On the other hand, cloud-based model expected to emerge as the fastest growing segment in the near future. Cloud-based product information management solutions have remarkable product features to address enterprise-wide use. Based on the end-user vertical, retail & e-commerce led the market in 2017.
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Retailers and e-commerce companies need to provide consistent product data at all touch points and with a strong product information management system, they have a single data source to draw information from all platforms. Based on geography, North America dominated the product information management market in 2017. The growth of this region is mainly due to the presence of some major players including International Business Machines Corporation, Oracle Corporation, Edgenet Inc., Informatica, Netcracker Inc., and Salsify, Inc. etc. projected to provide lucrative opportunities in the region.
Major players in the product information management market include Aprimo LLC, Agility Multichannel Limited, Akeneo, Catsy, Censhare AG, Edgenet, Inc., International Business Machines Corporation, Informatica, inRiver AB, Netcracker, Inc., Oracle Corporation, Pimcore GmbH, Plytix, Riversand Technologies, Inc., Salsify, Inc., SAP SE, and Shotfarm among others. The software providers are adopting several strategies to thrive in the competitive market environment. Strategies including product innovation and partnerships remain the key strategies adopted by the players to gain competitive edge over others.
For instance, in June 2018, Akeneo, one of the leading provider of product information management launched new products and updates to its flagship solution Akeneo PIM. The products are designed specifically to allow superior product experience management (PXM) for retailers and brands to create exceptional product experiences through all sales channels.
The new solution extends the value and functionality of Akeneo PIM solution by making it quicker and easier to onboard suppliers and manage the ever-evolving collection of products. Akeneo PIM 2.3 and two new powerful modules, Akeneo PIM Accelerator and Akeneo Onboarder are the three elements of the new product experience management offering.
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