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The Product Information Management (PIM) Market is in The Middle of a Technological Renovation, as New Cloud-Based Applications are Coming up to Substitute the Conventional and Traditional Way
The Product Information Management (PIM) market is in the middle of a technological renovation, as new cloud-based applications are coming up to substitute the conventional and traditional way for online viewing of content. Several PIM technology vendors are presently working with cloud computing companies, such as IBM Corporation, Oracle Corporation, Riversand Technologies, and SAP AG, to offer more PIM software. PIM vendors are expected to increasingly spend on technology infrastructure development to enable smooth operation for end-users across the world. With the introduction of cloud technology, many companies across the world are adopting this technology because of the easy and low cost setup of the entire IT infrastructure. All the important tools including PIM, required to run an enterprise, are provided to the customers through cloud.
MarketsandMarkets expects the PIM market to grow from USD 5.11 Billion in 2016 to USD 15.78 Billion by 2021 with a CAGR of 25.3%. Indispensable requirement to have centrally managed data, rising needs for compliance and verification, and mounting demands for operational excellence and data quality are some of the factors driving the adoption of PIM.
Large-scale advancements pertaining to data has enhanced the need among organizations to have a consolidated core data sheet to merge their sprawling data records into one reference source. This helps organizations to maintain data integrity and administer and manage their records effectively. The PIM solutions are deployed in two ways: cloud and on-premises. Between the two, the cloud-based deployment is expected to showcase a higher growth rate.
The key players in the PIM market are IBM Corporation, Oracle Corporation, SAP AG, Stibo Systems, Pimcore, and others.
The key strategies used by these companies include merger and acquisition, and partnerships to increase their geographic presence and expand their product portfolio to untapped markets. The players that adopted this strategy are Oracle Corporation, SAP AG, and Agility Multichannel, among others. In August 2015, Oracle acquired Maxymiser, a leading supplier of cloud-based software, which enables vendors to target, test, and personalize what a client views on a mobile app or web page. This acquisition enabled Oracle to strengthen its PIM solutions to manage marketing plans across a product lifecycle. In September 2014, SAP acquired Concur Technologies, a leading travel and expense management company in the U.S. This acquisition enabled SAP to extensively build its business networks and enhance its product offerings and business opportunities in the cloud.
SAP offers a diverse set of products and services in business applications, cloud, analytics, mobile, database, and technology. The company offers exclusive customized business solutions for large enterprises and SMBs. It mainly caters to the industrial verticals of telecommunication, retail, media, utilities, BFSI, and oil & gas, among various others.
IBM Corporation has been an established player and a globally renowned vendor for providing dedicated software, hardware, and related services. The company’s major business segments include global services, which comprise Global Financing, Global Technology Services (GTS), Global Business Services (GBS), and Systems and Technology, Software, and others.
Product Information Management Market by Software(Single Domain, Multi-Domain), Service Type (Consulting and System Integration, Training, Support and Maintenance), Deployment ,User Type, Industry, Region - Global Forecast to 2021
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