Product information management (PIM) software is a centralized system used to maintain critical product data and images for marketing and merchandising by retailers and brands. With the proliferation of omnichannel retailing, retailers are increasingly adopting PIM solutions to syndicate and share consistent product information across all sales channels like e-commerce sites, mobile apps, physical stores, marketplaces, and POS systems. PIM helps retailers provide a seamless shopping experience to their customers by ensuring access to accurate and up-to-date product content everywhere. It supports managing complex product attributes, variants, configurations, pricing, and inventory synchronization across all touchpoints to offer an omnichannel experience. The global Product Information Management Software (PIM) Market is estimated to be valued at US$ 15.79 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Omnichannel Retailing: The increasing penetration of digital commerce has forced retailers to adopt an omnichannel strategy that provides seamless shopping experiences to customers across digital and physical channels. PIM solutions play a pivotal role in enabling omnichannel retailing by maintaining a single source of product information that can be seamlessly distributed to multiple selling channels. This is expected to drive increased demand for PIM software over the forecast period.
Centralized Product Information Management: PIM solutions help centralize product data storage and management into a single system to ensure consistency across different user interfaces and touchpoints. This eliminates duplicative content creation processes and avoids discrepancies in product information that can impact customer experience and business operations. The need for centralized management of product data is anticipated to boost the PIM market.
Segment Analysis
The Product Information Management Software (PIM) market can be segmented by component, deployment, organization size, vertical and region. By component, the services segment is dominating as PIM implementation requires extensive technical expertise and support. These services help organizations integrate PIM software with existing systems and ensure effective use.
PEST Analysis
Political: Governments across regions are framing policies to promote transparency and digitization. This encourages B2B and retail companies to streamline product information on websites and catalogs using PIM.
Economic: A volatile global economy is pressurizing companies to enhance supply chain efficiency and bring products to market faster. PIM aids in centralizing product data for consistent usage across channels.
Social: Rising internet penetration and growing e-commerce are increasing demand for enhanced online shopping experiences. PIM software helps provide detailed, accurate product information to online customers.
Technological: Advancements like cloud, mobile and AI are augmenting PIM capabilities. Features like machine learning powered attribute extraction, cloud deployment and mobile cataloging are gaining popularity.
Key Takeaways
The Global Product Information Management Software Market Size is expected to witness high growth supported by increasing focus on streamlining product information management processes across industries.
Regional analysis: North America dominates presently due to rapid technology adoption among major economies like US and Canada. However, Asia Pacific is emerging as a high growth region driven by digital transformation initiatives in countries like China and India.
Key players operating in the PIM market are Crown Technology, Inc., Venator Materials PLC, Verdesian Life Sciences, LLC, Rech Chemical Co. Ltd., Coogee Chemicals Pty Ltd., Chemland Group, Hong Yield Chemical Industrial Co., Ltd., Changsha Haolin Chemicals Co., Ltd., and PJSC Sumykhimprom. Key players are focusing on feature enhancements, strategic partnerships for technology integration and global expansion.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
