Product Information Management (PIM) Market by Component (Solutions and Services), Solution (Multi-mode, and Single-mode), Deployment Type (On-premises and Cloud), Organization Size, Vertical, and Region - Global Forecast to 2025
[200 Pages Report] MarketsandMarkets estimates the global PIM market size is expected to grow from USD 9.0 billion in 2020 to USD 16.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.2% the forecast period. The major factors driving the growth of the PIM industry include rising demand for PIM solution from flourishing eCommerce industry and increasing need to offering enhanced customer services.
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Covid -19 Impact on PIM Market
The pandemic has positively impacted the PIM hardware demand from enterprises in 2020. The PIM demand for retail is expected to increase during 2020 - 2021 due to the increased ecommerce penetration across the globe. This would provide opportunities for PIM vendors.
Market Dynamics
Driver: Rising demand for PIM solution from flourishing eCommerce industry
Globally, the e-commerce industry has been growing at a tremendous pace, owing to the rising consumer demand for products, growing Internet access, and the rising penetration of smartphones. Worldwide online sales are increasing by almost 18% every year. In countries such as Mexico, India, the Philippines, and China, the e-commerce industry is growing at a rate of more than 25%. E-commerce sites are receiving more orders from people residing in the urban areas of the countries listed above. Amazon.com Inc., Alibaba Group Holding Ltd., eBay Inc., Walmart Inc., and Target Brands Inc., among others, are the major players in the e-commerce industry. With amidst COVID-19 the spending in e-commerce is growing rapidly worldwide. With the rapidly growing e-commerce industry it is expected that the demand for PIM solution to increase during the forecast period as PIM enables to manage and edit all product information easily. PIM solution also provides a quick snapshot of products in a channel, and captures and uploads data and maps it to the customer needs while validating, enriching, and augmenting the data in real-time and automate the creation of product information using data from multiple sources to help improve product assortment and achieve faster syndication of product data across channels. Such benefits offered by PIM solution helps businesses to reduce time and offer automation to update product information on the eCommerce platform.
Restraint: Misapprehensions about data security and privacy risks
Security and compliance have been the primary concerns organization across globe are reluctant to adopt new solutions that involve data handling or shifting from one platform to other. PIM involve data collection and transmission from one channel to other. Synchronization and publishing of the data across channels is also involved with PIM system. Due to the lack of proper knowledge about security frameworks and their implementation, many companies generally have perception that PIM solutions might lead to data breaches in their highly abstracted data sets. Hence, company prefer vendors who can customize their existing systems to manage their product information and withstand the competition. Similarly, a few Small and Medium-Sized Enterprises (SMEs) that still want to adopt cloud-based PIM solutions withdraw their decision due privacy concerns associate with cloud. For instance, in October 2020, Pfizer suffered a data breach because of email addresses, home addresses, full names, and other HIPAA related information from unsecured cloud storage. Another, major reason that company are reluctant to adopt cloud-based solution are system integration complexities.
Opportunity: Incorporation of AI and ML capabilities to improve information management and customer experience
Organizations across various industries such as healthcare, retail, and BFSI among others have been investing and adopting new technologies such as AI and ML, in order to grow and to stay ahead of their competitors. AI-powered PIM offers, automatic classification of products, anomaly detection, enrichment processes through the selection of data from trusted sources, scoring of products, and providing contextual recommendations. AI-powered PIM solutions can generate automated insights about data issues and can create an integrated view of the data present across multiple systems, for helping customers understand their products better. Further, AI-embedded chatbots can also improve customer experience and satisfaction, resulting in enhanced revenue and profits. Similarly, ML-enabled PIM solutions helps organizations to manage compliance, drive data based digital transformation and achieve better operational efficiency by sensing any upcoming data quality issues and suggest apt solutions to improve data matching and avoid data inconsistencies. Companies such as Akenoe and IBM have started offering ML-enabled PIM solutions. During the forecast period it is expected that the demand for such product can increase which is likely to encourage new developments of PIM solutions by vendors.
Challenge: Varied data and government regulations across industries and regions
Data security concerns are rising rapidly, it is very crucial to protect individual data, hence government organization and associations have created numerous regulations and guidelines across all industry verticals. Companies across industries and countries have varied regulations with which PIM companies as well as industry participant need to comply. For instance, in India, Government e-Marketplace (GeM) controlled by the Ministry of Commerce and Industry mandated for sellers to enter the Country of Origin while registering all new products on GeM. Similarly, in the US medical device manufacturers need to comply with the Global Unique Identification Database (GUID), a database administered by the Food and Drug Administration (FDA) for better product assortment and global identification. The scope of these regulations varies for vendors offering PIM solutions to companies across industries and different regions. Hence, adhering to the laws while ensuring that the PIM solution meets all the requirements of the companies is a big challenge for the PIM solution providers.
Large Enterprises segment to hold the largest market size during the forecast period
The adoption of PIM solutions and services is higher in large enterprises, and the trend is expected to continue during the forecast period. PIM systems offer a single centralized system, to manage products information across the sectors. Hence, large enterprises heavily invest in advanced technologies to increase their overall productivity and efficiency. The demand for flexible, scalable, and convenient services by large enterprises is expected to encourage the market players to come up with newer technologies and innovative solutions.
Training, support and maintenance service segment to record the fastest growth rate during the forecast period
Vendors offer training, support and maintenance services to help in-house staff understand PIM systems. These services provide a cost-effective way to ensure performance at the highest level of in-house staff. Training, support and maintenance services are important for end users because certain companies do not have the expertise to understand the complexities involved in configuring PIM. These services play an important role in the maintenance of PIM solutions. Training, support and maintenance service providers guide companies after deployment of PIM that helps address specific business-process requirements in the most feasible manner. These services assist enterprises in making appropriate and informed decisions for gaining desired business outcomes.
North America to account for the largest market size during the forecast period
The global PIM market by region covers five major geographic regions, namely, North America, Asia Pacific (APAC), Europe, Middle East & Africa (MEA), and Latin America. North America is expected to account for the largest market size during the forecast period due to the presence of PIM vendors and technologically advanced countries such as the US and Canada.
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Key Market Players
The major players in the PIM market 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).
The study includes an in-depth competitive analysis of these key players in the PIM market with their company profiles, recent developments, and key market strategies.
Scope of the report
|
Report Metric |
Details |
|
Market size available for years |
2014–2025 |
|
Base year considered |
2019 |
|
Forecast period |
2020–2025 |
|
Forecast units |
Billion (USD) |
|
Segments covered |
Component (Solution and Services), Deployment, Organization size Vertical, And Region |
|
Geographies covered |
North America, APAC, Europe, MEA, and Latin America |
|
Companies covered |
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). |
This research report categorizes the PIM market based on component (solution and services), deployment type, organization size, verticals, and regions.
Based on the component:
- Solution
- Multi-domain
- Single Domain
- Services
- Consulting and Implementation
- Training, Support and Maintenance
Based on deployment type
- On-premises
- Cloud
Based on organization size
- Large Enterprises
- Small and Medium-sized Enterprises
Based on verticals
- BFSI
- Consumer goods and retail
- Manufacturing
- IT and telecom
- Transportation and logistics
- Media and entertainment
- Other verticals (include education, and travel and hospitality)
Based on regions:
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- APAC
- China
- India
- Japan
- Rest of APAC
- MEA
- UAE
- KSA
- South Africa
- Rest of MEA
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
Recent Developments
- In October 2020, Pimcore introduced new features and improvements. The company updated its Pimcore platform and added new features, such as an editable dialog box, cache performance improvement, and tree sorting.
- In June 2020, Winshuttle formed a partnership with ABBYY, a digital intelligence company. The aim behind the partnership is to help organizations and businesses in digital transformation, which involves extracting data from physical documents and automatically loading it into SAP.
Frequently Asked Questions (FAQ):
What is PIM?
PIM is a business solution that centralizes and manages business’ product data to enable businesses to have an accurate view on product data, which could help them enhance customers’ touchpoints in their buying journey. With the ongoing technological advancements and the focus of enterprises on business process automation, vendors are offering product-centric intelligent solutions powered with advanced analytical capabilities to help enterprises manage/maintain and share updated product information with their stakeholders via various distribution channels, and stay afloat in the digitally competitive world.
Which are the top verticals contributing to the market?
Consumer Goods and Retail, manufacturing, IT and Telecom, and transportation and logistics contribute to the majority share of the market.
What is the forecast for the PIM market in the next five years?
The global PIM market size is expected to grow from USD 7.7 billion in 2020 to USD 16.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.2% the forecast period.
Which countries are considered in the regions?
The market has been segmented into five regions, such as North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America (LATAM). North America includes the US and Canada, Europe consists of the United Kingdom, Germany, France, and Rest of Europe (includes Italy, Austria, Sweden, Switzerland, and Spain), APAC includes China, India, Japan, and the Rest of APAC (includes ANZ, Singapore, Indonesia, South Korea, and Malaysia), MEA includes UAE, KSA, South Africa and Rest of MEA (includes Turkey, Qatar, Oman, Bahrain, and Israel) and LATAM includes Brazil, Mexico, Argentina and Rest of LATAM (includes Venezuela, Chile, and Colombia)
What are the primary growth factors for the PIM market globally?
Growth of the PIM industry include rising demand for PIM solution from flourishing eCommerce industry and increasing need to offering enhanced customer services are driving the growth of the PIM market globally. .
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TABLE OF CONTENTS
1 INTRODUCTION
1.1 INTRODUCTION TO COVID-19
1.2 COVID-19 HEALTH ASSESSMENT
1.3 COVID-19 ECONOMIC ASSESSMENT
1.3.1 COVID-19 ECONOMIC IMPACT—SCENARIO ASSESSMENT
1.4 OBJECTIVES OF THE STUDY
1.5 MARKET DEFINITION
1.6 MARKET SCOPE
1.6.1 MARKET SEGMENTATION
1.6.2 REGIONS COVERED
1.6.3 YEARS CONSIDERED FOR THE STUDY
1.7 CURRENCY CONSIDERED
1.8 STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.2 PRIMARY DATA
2.1.2.1 Breakup of primary profiles
2.1.2.2 Key industry insights
2.2 MARKET BREAKUP AND DATA TRIANGULATION
2.3 MARKET SIZE ESTIMATION
2.3.1 BOTTOM-UP APPROACH
2.3.2 TOP-DOWN APPROACH
2.4 MARKET FORECAST
2.5 COMPANY EVALUATION MATRIX RESEARCH METHODOLOGY
2.6 ASSUMPTIONS FOR THE STUDY
2.7 LIMITATIONS OF THE STUDY
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE MARKET OPPORTUNITIES IN PRODUCT INFORMATION MANAGEMENT MARKET
4.2 MARKET: MAJOR SEGMENTS
4.3 NORTH AMERICA MARKET, BY VERTICAL AND COUNTRY
4.4 MARKET: MAJOR COUNTRIES
5 MARKET OVERVIEW AND INDUSTRY TRENDS
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.2 RESTRAINTS
5.2.3 OPPORTUNITIES
5.2.4 CHALLENGE
5.3 CASE STUDY ANALYSIS
5.3.1 CASE STUDY 1
5.3.2 CASE STUDY 2
5.3.3 CASE STUDY 3
6 PRODUCT INFORMATION MANAGEMENT MARKET, BY COMPONENT
6.1 INTRODUCTION
6.2 SOLUTIONS
6.2.1 MULTI-DOMAIN SOLUTION
6.2.2 SINGLE-DOMAIN SOLUTION
6.3 SERVICES
6.3.1 CONSULTING AND IMPLEMENTATION
6.3.2 TRAINING, SUPPORT, AND MAINTENANCE
7 MARKET, BY ORGANIZATION SIZE
7.1 INTRODUCTION
7.2 SMALL AND MEDIUM-SIZED ENTERPRISES
7.3 LARGE ENTERPRISES
8 PRODUCT INFORMATION MANAGEMENT MARKET, BY DEPLOYMENT TYPE
8.1 INTRODUCTION
8.2 ON-PREMISE
8.3 CLOUD
9 MARKET, BY INDUSTRY VERTICAL
9.1 INTRODUCTION
9.2 BANKING, FINANCIAL SERVICES, AND INSURANCE
9.3 CONSUMER GOODS AND RETAIL
9.4 TRANSPORTATIONS AND LOGISTICS
9.5 MANUFACTURING
9.6 IT AND TELECOM
9.7 MEDIA AND ENTERTAINMENT
9.8 HEALTHCARE AND LIFE SCIENCES
9.9 OTHERS (EDUCATION, TRAVEL, AND HOSPITALITY)
10 PRODUCT INFORMATION MANAGEMENT MARKET, BY REGION
10.1 INTRODUCTION
10.2 NORTH AMERICA
10.2.1 UNITED STATES
10.2.2 CANADA
10.3 EUROPE
10.3.1 UNITED KINGDOM
10.3.2 GERMANY
10.3.3 FRANCE
10.3.4 REST OF EUROPE
10.4 ASIA PACIFIC
10.4.1 CHINA
10.4.2 JAPAN
1O.4.3 INDIA
10.4.4 REST OF ASIA PACIFIC
10.5 MIDDLE EAST AND AFRIC
10.5.1 UAE
10.5.2 KINGDOM OF SAUDI ARABIA
10.5.3 SOUTH AFRICA
10.5.4 REST OF MIDDLE EAST AND AFRICA
10.6 LATIN AMERICA
10.6.1 BRAZIL
10.6.2 MEXICO
10.6.3 ARGENTINA
10.6.4 REST OF LATIN AMERICA
11 COMPETITIVE LANDSCAPE
11.1 OVERVIEW
11.2 KEY MARKET DEVELOPMENTS
11.2.1 PRODUCT/SOLUTION LAUNCHES AND ENHANCEMENTS
11.2.2 ACQUISITIONS
11.2.3 PARTNERSHIPS, AGREEMENTS, AND COLLABORATIONS
12 COMPANY EVALUATION MATRIX AND COMPANY PROFILES
12.1 INTRODUCTION
12.2 COMPANY EVALUATION MATRIX DEFINITIONS AND METHODOLOGY
12.2.1 STARS
12.2.2 EMERGING LEADERS
12.2.3 PERVASIVE
12.2.4 OTHERS
12.2.5 PRODUCT INFORMATION MANAGEMENT COMPANY EVALUATION MATRIX OVERVIEW
12.3 COMPANY PROFILES
(Business overview, Products offered, Recent developments, SWOT analysis & MnM View)*
12.3.1 ORACLE
12.3.2 SAP
12.3.3 IBM
12.3.4 INFORMATICA
12.3.5 WINSHUTTLE
12.3.6 PIMCORE
12.3.7 AKENEO
12.3.8 RIVERSAND
12.3.9 SALSIFY
12.3.10 APRIMO
12.3.11 STIBO SYSTEMS
12.3.12 CONTENTSERV
12.3.12 MOBIUS
12.3.14 PERFION
12.3.15 PROFISEE
12.3.16 CENSHARE
12.3.17 VINCULUM
12.3.18 PIMWORKS
12.3.19 TRUECOMMERCE
12.3.20 VIAMEDICI
12.3.21 MAGNITUDE SOFTWARE
12.3.22 PLYTIX
12.3.23 INRIVER
12.3.24 SYNDIGO
*Details on Business overview, Products offered, Recent developments, SWOT analysis & MnM View might not be captured in case of unlisted companies.
12.6 STARTUP EVALUATION MATRIX METHODOLOGY AND DEFINITIONS
12.6.1 PROGRESSIVE COMPANIES
12.6.2 RESPONSIVE COMPANIES
12.6.3 DYNAMIC COMPANIES
12.6.4 STARTING BLOCKS
13 ADJACENT MARKET
13.1 INTRODUCTION
13.1.1 RELATED MARKETS
13.2 LIMITATIONS
13.3 ECM MARKET
13.3.1 INTRODUCTION
13.3.2 MARKET TABLES
The study involved four major activities in estimating the current size of the PIM market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakup and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources, such as Bloomberg and BusinessWeek, have been referred to identify and collect information for this study. The secondary sources included annual reports; press releases; and investor presentations of companies, white papers, and journals; and certified publications and articles from recognized authors, directories, and databases.
Primary Research
Various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Chief Marketing Officers (CMO), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the PIM market along with the associated service providers, and system integrators operating in the targeted regions. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. Following is the breakup of primary respondents:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
For making market estimates and forecasting the PIM market, and the other dependent submarkets, top-down and bottom-up approaches were used. The bottom-up procedure was used to arrive at the overall market size of the global PIM market using key companies’ revenue and their offerings in the market. The research methodology used to estimate the market size includes the following:
- The key players in the market have been identified through extensive secondary research.
- The market size, in terms of value, has been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation
With data triangulation and validation through primary interviews, the exact value of the overall parent market size was determined and confirmed using this study. The overall PIM market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.
Report Objectives
- To define, describe, and forecast the Product Information Management (PIM) market based on components, industry verticals, organization sizes, deployment types, and regions.
- To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the PIM market
- To analyze the impact of COVID-19 on components, industry verticals, organization sizes, deployment types, and regions across the globe
- To analyze the market with respect to individual growth trends, prospects, and contributions to the market
- To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America
- To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the market
- To profile the key players in the market and comprehensively analyze their core competencies in each microsegment.
- To analyze key players based on pricing models, technology analysis, and their market shares
- To analyze competitive developments, such as new product launches, product enhancements, partnerships, and mergers and acquisitions, in the PIM market
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players up to 5
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