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3. An Increasing Need Among Enterprises to Adopt the Catalog Management Systems to Organize and Provide Consistent Product Information to Their Customers Would Drive the Market Growth

The growing technology landscape and expansion of businesses across industry verticals, such as Banking Financial Services, and Insurance (BFSI), telecom and Information Technology (IT), retail and eCommerce, media and entertainment, and travel and hospitality, are expected to be major contributors to the catalog management systems market. Catalog management systems organize and consolidate product data into a single, digital point of reference for both merchant and buyer. Enterprises are using catalog management systems to present consistent product data to their cuistomers across all channels and help them in making informed buying decisions. A robust catalog management system helps enterprises save time and cost in updating product data.In this report, MarketsandMarkets forecasts the global catalog management systems market size to grow from USD 846.6 million in 2018 to USD 1,190.0 million by 2023, at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period.

Major vendors offering catalog management systems across the globe include IBM (US), SAP SE (Germany), Oracle (US), CA Technologies (US), Coupa Software (US), ServiceNow (US), Proactis (UK), Fujitsu (Japan), Comarch (Poland), Zycus (US), GEP (US), Insite Software (US), Plytix (Denmark), Vroozi (US), Salsify (US), Mirakl (France), Ericsson (Sweden), SellerCloud (US), Sigma Systems (Canada), Vinculum (India), Claritum (US), eJeeva (US), SunTec (India), cellent (Germany), and Amdocs (US). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings and mark their presence in the catalog management systems market.

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IBM has been incorporating new technologies, such as AI, into its solutions and services. Catalog management in Sterling Business Center is a part of IBM Order Management solutions. IBM Sterling Business Center offers many functionalities and features when it comes to catalog management. Enterprises are able to manage their entire inventory into various categories, such as selling catalog and master catalog, and have centralized control over all inventories. Users can perform item and pricing maintenance tasks with ease and can create and manage precision marketing campaigns, promotions, catalog, and merchandizing across all sales channels. Recently, the company has launched AI-powered enterprise marketing cloud services in India. It would enable enterprises to leverage the cloud and AI into its marketing activities.

Many telecom operators have started adopting catalog-based approach to provide its services and products. Comarch provides Service Catalog and Product Catalog under its OSS/BSS offering in the catalog management systems market. Comarch’s Product Catalog simplifies IT architecture and accelerates launching of new products. The company’s Service Catalog helps telcos define service rules and enables the centralization of service specification management, which aims to increase automation of end-to-end service fulfillment and service assurance processes. With the advent of NFV/SDN technology, Service Catalog can be used to model service chaining and drive service orchestration.

Related Reports:

Catalog Management Systems Market by Component, Deployment Type, Organization Size, Industry Vertical (IT and Telecom, Retail and eCommerce, BFSI, Media and Entertainment, Travel and Hospitality), and Region - Global Forecast to 2023

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