Product Information Management (PIM) Market worth $23.8 billion by 2027 - Exclusive Report by MarketsandMarkets(TM)
Friday, July 8, 2022
CHICAGO , June 30, 2022 /PRNewswire/ -- According to a research report "Product Information Management (PIM) Market by Component, Solution (Multi-domain, and Single Domain), Deployment Type, Organization Size, Vertical (Consumer Goods & retail, IT & Telecom, and Media & Entertainment) and Region - Global Forecast to 2027", published by MarketsandMarkets(TM), the global PIM market size to grow from USD 12.2 billion in 2022 to USD 23.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 14.3% during the forecast period. Growing demands for better customer experience, as well as updating product information across all the channels, demand for delivering contextualized user experience, and a raise in digital content across enterprises, are among the major factors boosting the growth of the PIM market.
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As per verticals, the media & entertainment segment to grow at highest CAGR during the forecast period
PIM market is segmented into BFSI, consumer goods & retail, manufacturing, IT & telecom, media & entertainment, healthcare & life sciences, transportation & logistics, and other verticals (education, and travel & hospitality). As per verticals, the media & entertainment vertical is expected to grow at the highest CAGR during the forecast period. The demand for PIM among media & entertainment industry vertical is rising owing to rising need for data silos, different data management systems, diverse and vast product portfolios, dispersed product information, changing consumer expectations, and growing demand for reducing the time-to-market.
Cloud Segment to grow at the highest CAGR during the forecast period
As per deployment mode, Cloud Segment to grow at the highest CAGR for the cPIM market during the forecast period. The PIM market by deployment type is segmented into on-premises and cloud deployment type. On-premises deployment type is preferred by large enterprises as such organizatios prefer information to be kept on local server as cloud has security issues. However, large enterprises and SMEs have started adopting cloud services and solutions in oreder to reduce their CAPEX. Moreover, cloud-based solutions offerd scalability, flexibility and pay as you go model which helps orgnizations to save cost and access services and solutions anywhere at any time. However, security issues associated with cloud deployment type is expected to impact its adoption during the forecast period.
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APAC is expected to grow at the highest CAGR during the forecast period
In 2022, North America has captured the majority of the market share, however, in 2027 APAC is expected to grow at highest CAGR. The rising awareness about the increase in business productivity, supplemented with competently designed PIM solutions offered by vendors present in this region. Oracle, IBM, SAP, Pimcore, and Informatica have their businesses in the region due to the region's low-cost benefits and high availability of workforce. Furthermore, the adoption of cloud-based solutions in the Asia Pacific is expanding at an exponential rate. An increased number of startups with limited IT budgets is leading the Asia Pacific region becoming a highly potential market. Additionally, extensive facilities for the deployment and management of product information at economical costs are enhancing market growth in this region.
Some of the major Product Information Management Market vendors are Oracle (US), SAP (US), IBM (US), Informatica (US), Pimcore (Austria), Akeneo (France), inriver (Sweden), Winshuttle (US), Riversand (US), Salsify (US), Aprimo (US), Stibo Systems (Denmark), Contentserv (Switzerland), Mobius (India), Perfion (Denmark), Profisee (US), Censhare (Germany), Vinculum (India), PIMworks (US), Truecommerce (US), Vimedici (Germany), Magnitude Software (US), Plytix (Denmark), and Syndigo (US).
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