The global product information management market size was valued at US$ 12.88 billion in 2021 and it is projected to surpass around US$ 68.1 billion by 2030 with a CAGR of 20.33% from 2022 to 2030.
With the help of product information management systems, various organizations store data and information that is very crucial in nature. One of the key factors driving the growth of global product information management market is the surge in demand for centralized system for data storage. The firms can effortlessly manage and organize all of their product data due to centralized data storage. The data sources are modified with a single modification in the centralized data repository, reducing data administration costs and time. Due to the expanding number of risks to data security, compliance and verification needs are also increasing.
The COVID-19 pandemic in 2020 had a positive impact on corporate demand for product information management equipment. The product information management retail demand is expected to grow in 2020 as a result of rising worldwide e-commerce platforms or online sales channel penetration. The product information management market players would have more options as a result of this. Even during COVID-19 outbreak, the e-commerce industry saw an increase in demand. The product information management software is in high demand, especially in the retail business, because it allows producers to get information into the dynamic online marketplace. The product information management also offers solutions that allow businesses to keep track of their product visibility across a variety of websites.
Due to the existence of multinational and regional market players, the product information management industry is quite fragmented. The global product information management market is likely to be highly consolidated, with firms employing strategies such as acquisitions and mergers and product launch to retain their market share in a competitive market. In addition, key market players are also collaborating with government agencies for creating their market position in global product information management market.
The product information management solutions are used to efficiently handle all of the sales channel. The incorporation of big data analytics, cloud storage, and business intelligence provides the sector with enormous development potential. The global product information management market’s expansion is hampered, however, by a lack of awareness regarding product information management. The growing concerns over data security are also predicted to limit the expansion of global product information management market over the forecast period.
The product information management solutions and software are gaining momentum in the global market. This is attributed to the rising applications of product information management in e-commerce platforms and retail sector. The product information management is helping offline retail stores for growth and development all over the world. Furthermore, the demand for software as a service version of corporate software has soared. The cloud-based product information management is gaining traction among businesses that value simplicity of deployment and collaboration as well as cost and scalability. Thus, all of these aforementioned factors are driving the growth of global product information management market.
Report Scope of the Product Information Management Market
|Market Size by 2030||USD 68.1 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 20.33%
|Largest Market||Asia Pacific|
|Largest GrowingMarket||North America|
|Forecast Period||2022 to 2030|
|Segments Covered||Component, Deployment, Enterprise Size, End Use, Operating System, Geography|
|Companies Mentioned||Oracle, SAP, IBM, Informatica, Pimcore, Akeneo, Inriver, Winshuttle, Riversand, Salsify|
The services segment dominated the product information management market in 2021. The market players offer support, training, and servicing to help in-house employees understand product information management systems. These services are a low-cost way to ensure that in house employees are performing at their best. As some businesses lack the ability to understand the intricacies of implementing product information management, end users involve maintenance services. The product information management solutions require these services to function properly.
Enterprise Size Insights
The large enterprises segment dominated the product information management market in 2021. The use of product information management services and solutions is higher in large organizations, and this trend is projected to continue over the projection period. The product information management designed to handle product information across industries using a single centralized system.
To increase overall production and efficiency, large corporations are funding heavily in novel technology. The demand for scalable, flexible, and easy large-scale services is expected to accelerate industry participants to develop new solutions and technologies.
End Use Insights
The retail segment accounted largest market share in 2021. Due to the increased concentrate on developing customer experience and the implementation of retail analytics and artificial intelligence technologies in the e-commerce and retail industries, the e-commerce and retail business is predicted to have the greatest development of product information management. As per the Shopify, the worldwide e-commerce market will be valued $4.97 trillion by 2021, representing 400% rise in upcoming years. E-commerce sales are predicted to account for 13.7% of worldwide retail sales in 2019, with 1.92 billion worldwide digital buyers.
Asia-Pacific dominated the market with highest revenue share in 2021. China and India dominated the product information management market in Asia-Pacific region. The growth of product information management market in Asia-Pacific region is attributed to the rising need for data storage and security. The enormous market potential in Asia-Pacific is projected to entice several foreign companies to grow there. The Indian e-commerce sector, for instance, is predicted to reach $200 billion by the end of 2026, up from 38.5 billion in 2017. In addition, the growing internet and smartphone penetration is driving the growth of Asia-Pacific product information management market.
North America is expected to develop at the fastest rate during the forecast period. The product information management market in North America region is being driven by the existence of significant market players. In addition, technological developments and adoption of latest and advanced technologies, growing research and development activities are boosting expansion of product information management market in North America region.
Some of the Prominent Players
Segments Covered in the Report
(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)
By Enterprise Size
By End Use
By Operating System
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