The global Product Information Management Software (PIM) Market is estimated to be valued at US$ 24.01 billion in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Product information management software Market allows organizations to centrally manage and govern product data across channels. It helps businesses to streamline processes related to product data by eliminating silos and enabling sharing across departments. PIM also drives operational efficiency by automating processes related to product data updates, translations, classifications etc. This growing adoption of PIM across industries such as retail, manufacturing, logistics and transportation to gain centralized control over product information is expected to propel the market growth over the forecast period.
Market key trends:
Growing adoption of cloud-based PIM solutions is one of the major trends spurring market growth. Cloud-based PIM offers benefits such as scalability, flexibility, lower upfront costs and seamless accessibility to product data from anywhere. It allows organizations to deploy PIM with minimum infrastructure requirements. Growing preference of SMEs towards cloud-based PIM over on-premise solutions due to affordability is supplementing the revenue growth of the overall market. According to the report estimates, the cloud segment is anticipated to witness the fastest growth over the coming years.
SWOT Analysis
Strength: PIM software helps businesses maintain centralized and accurate product information across departments and sales channels which improves customer experience. It allows bulk uploading and management of product data.
Weakness: Initial set up and implementation of PIM requires significant time and financial investment. Maintaining and updating accurate product information on a continuous basis also requires dedicated resources.
Opportunity: Growing e-commerce industry and demand for centralized omnichannel sales is driving increased adoption of PIM software. Emerging technologies like AI and machine learning offer opportunities to automate data entry and improve product information accuracy.
Threats: Free and open source PIM solutions limit the market for commercial PIM vendors. Shift to headless commerce threatens roles of traditional PIM platforms.
Key Takeaways
The global Product Information Management Software market is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 24.01 billion in 2024 and grow at a CAGR of 23%.
Regional analysis: North America dominates the global PIM market currently due to high e-commerce penetration and existing large customer base of PIM vendors in the region. Asia Pacific is expected to be the fastest growing region owing to rising digitalization of businesses in countries like China and India.
Key players operating in the Product Information Management Software market are Akeneo, Salsify Inc., Catsy, Plytix, Syndigo LLC, Pimcore, inRiver, PropelPLM, Inc., Syndigo LLC, EnterWorks and Sales Layer. These players are focusing on integrating latest technologies like AI/ML and blockchain to enhance product experience platforms and automate previously manual tasks. Partnerships and acquisitions are also shaping the competitive landscape to expand regional footprints and solution offerings.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
