DUBLIN–(BUSINESS WIRE)–The “Product Information Management Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Product Information Management Market was valued at USD 9.88 Billion in 2020, and it is projected to be worth USD 33.78 Billion by 2026, registering a CAGR of 23.3% during the forecast period (2021 – 2026).
Companies Mentioned
SAP SE Salsify Inc. Syndigo LLC Informatica LLC inRiver AB Stibo Systems Inc. EnterWorks Acquisition Inc. ((Winshuttle Software) Agility Multichannel Limited IBM Corporation Pimcore USA Akeneo SAS Plytix Limited Riversand Technologies Inc. Key Market Trends
Retail Industry is Expected to Drive the Market Growth
The adoption of product information management (PIM) is expected to be highest in the retail and e-commerce industry due to the growing focus on enhancing customer experience and the adoption of artificial intelligence and retail analytics tools in the retail and e-commerce sector. Owing to digitization, customers have the power to access product information through various sources. Also, with the massive growth in e-commerce, customer preferences and behaviors have changed drastically. Moreover, as the world of mobility and artificial intelligence combines smart data analytics, retailers worldwide can experience accurate analytics that are useful for their business. For instance, according to Shopify, by 2021, global e-commerce is forecast to be worth USD 4.97 trillion, almost a 400% increase in seven years. North America contributes USD 552.6 billion, which is second to Asia (USD 831.7 billion in total e-commerce sales), with China as the largest single market. It is estimated that there will be 1.92 billion global digital buyers in 2019, with e-commerce sales expected to account for 13.7% of retail sales worldwide. Hence, customer conversion is a significant challenge for retailers. They are competing to engage the empowered consumer by providing them a comprehensive solution for accessing product information, thereby enhancing the information supply chain. Product information management solutions maintain a tab on this information and offer enterprises a competitive advantage. PIM is also used for managing data generated from various sources, owing to the increasing number of marketing channels. Asia-Pacific to Witness the Fastest Growth
Asia-Pacific is witnessing the fastest growth as digitization has exponentially increased the volume and speed of data generation, creating the need for this large data storage and security. Centralizing and harnessing information from this data provides a competitive advantage to companies in this region, which drives the demand of the market. Immense market potential in Asia-Pacific is expected to draw several international players to expand into the region. For example, according to the IBEF, the Indian e-commerce market is expected to reach a value of USD 200 billion by the end of 2026, from USD 38.5 billion in 2017. The increasing internet and smartphone penetration primarily trigger this rapid growth of the industry. The continuing digital transformation in India is expected to increase the country’s total internet user base from 604.21 million in 2018 to 829 million by 2021. The COVID-19 outbreak also resulted in an increase in online shopping. China’s e-commerce growth has been driven by its entrepreneurs’ creativity and tenacity, aided by supportive government policies. The Chinese leadership has also improved its promotion of cross-border e-commerce, the value of which exceeded USD 26.3 billion in 2019 (an increase of 38.3% from 2018). The pharma analytics technology in Asia-Pacific, which extensively uses data for quantitative and qualitative analysis, is undergoing an industry transformation from volume-based medicines and reimbursement to value-based medicines that needs proper supply chain management. Companies seek to implement a robust Product Information Management (PIM) solution to aggregate item information in one centralized location and publish the same information to their supply chain and regulatory agencies. Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Force Analysis
4.3 Assessment of COVID-19 impact on the Product Information Management Market
4.4 Market Drivers
4.4.1 Growing Demand for Better Customer Service
4.4.2 Growing Demand for Centralized Data Management Tools
4.5 Market Restraints
4.5.1 Increasing Data Breaching Cases
5 MARKET SEGMENTATION
5.1 Deployment
5.2 Offering
5.3 End-user industry
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/twgn3q