Product Information Management (PIM) Software Market Size, Share, Growth, and Industry Analysis, By Type (On-Premise and Cloud-Based), By Application (Large Enterprise and SME) and Regional Forecast to 2032

Updated On: 11 November 2024

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PRODUCT INFORMATION MANAGEMENT(PIM) SOFTWARE MARKET REPORT OVERVIEW

The Product Information Management (PIM) Software Market Size Expanded Rapidly in 2023 and the Market are projected to grow Substantially by 2032, exhibiting a prodigious CAGR During the Forecast Period.

Product Information Management or PIM, on the other hand, is a solution of a rather narrow focus and is a system adopted in an organization to facilitate the correct management of product information. It also becomes the product content pool from which distributors and retailers can obtain the right content via the channels they use.

COVID-19 Impact: Market Growth restrained by the Pandemic due to Accelerated Digital Transformation

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The global COVID-19 crisis impacted the global and many organizations had to adapt, start or improve their PIM to improve product data management. Due to the applications of e-Commerce and multi-channel platforms, the enterprises required stable PIM for the consistency of correct data of products.

LATEST TRENDS

"Integration with Digital Experience Platforms (DXPs) to Propel Market Growth"

Another characteristic that is relevant to the product information management systems is the ability to link with DXPs because there has been expansion on the concept of the digital experience at various junctures. As with DXPs, the systems that work in conjunction with product information management introduce an interaction platform for content delivery and experience but are somewhat connected to the systems of DXPs.

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PRODUCT INFORMATION MANAGEMENT(PIM) SOFTWARE MARKET SEGMENTATION

By Type

Based on type the market can be categorized into On-Premise and Cloud-Based.

• "On-Premise"- The On-Premise PIM software is installed on the own servers and internal network of the organization at the location of the company that has been selected. In this model, it is the role of the businesses to be responsible for the support requirements of the software, hardware and other systems.
• "Cloud-Based"- Cloud-Based PIM software is stored on a firm’s server and can be injured from any other place via the internet. It is normally offered as Service as a Software (SaaS) which means that many companies buy into the software and pay a regular fee to use the application.

By Application

Based on application the market can be categorized into Large Enterprise and SME.

• "Large Enterprise"- Larger organizations particularly those with multiple divisions and geographical locations have large and diversified product portfolios. PIM software stores the product data for these organizations thus helping them to manage the consistency and accuracy across several departments, geographic locations, and divisions.
• "SME"- To SMEs specifically, it makes the handling of product information easier through an organized consolidation that is retrievable from the software. This is most useful for companies that may have a relatively small number of products in their offering but must maintain uniform and strong product information into all the channels.

DRIVING FACTORS

"Increasing E-commerce and Omnichannel Retailing to Drive Market Advancement"

One of the key driving factors in the Product Information Management (PIM) Software Market growth is the Increasing E-commerce and Omnichannel Retailing. Some of the important characteristics that are evident to drive the Product Information Management (PIM) Software Market include the rise in e-commerce, which enhances omnichannel retailing. Essentially, the more companies operate in different formats especially in digital and physical sales platforms, the more challenging it becomes to handle the details of the products. Every online shop, B2C or m-commerce websites, m-Commerce applications, retail shops, etc., needs good and uniform product descriptions to give consumers a satisfactory buying experience.

"Rising Importance of Customer Experience to Expand the Market"

The increasing focus on customer experience is the major factor behind the growth of the PIM software market. In today’s world where companies are working hard toward product satisfaction and delight, having a homogenous, preference-oriented, and value-added customer experience is imperative. This is made easy by the PIM software that helps in the provision of relevant information such as description, specification, images as well as the price about the products in the market in a way that corrects to individual customers.

RESTRAINING FACTOR

"High Implementation Costs to Market Growth"

This makes the implementation costs of Product Information Management (PIM) software high, which act as a restraint to this market. The operational cost associated with PIM solutions during the initial implementation include costs of software license purchases, costs of hardware systems and costs of professional services such as PIM solution customization or PIM system integration. Such costs can be very high depending on the scales for implementing them or perhaps the complexity of the needs of the organization.

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PRODUCT INFORMATION MANAGEMENT(PIM) SOFTWARE MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America to Dominate the Market due to Advanced Technology Adoption "

North America has emerged as the most dominant region in the Product Information Management (PIM) Software Market share due to a convergence of factors that propel its leadership in this dynamic industry. This is especially the case with the USA and the Canadian province where the diffusion of high technologies, such as PIM systems, is highest. The first type is that North American corporations are normally pioneers in employing digital strategies and spend heavily on technology to retain market edge.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Product Information Management (PIM) Software Landscape through Innovation and Global Strategy"

The  Product Information Management (PIM) Software Market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of  Product Information Management (PIM) Software options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in  Product Information Management (PIM) Software, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

"List of Market Players Profiled"

• Akeneo(France)
• Pimcore(Austria)
• Oracle(S.)
• Magnitude Software(S.)
• IBM Corporation(S.)

INDUSTRIAL DEVELOPMENT

" March 2023": N Brown introduced a new PIM system to improve its customer offering through improved descriptions, helping the customers to choose based on size, fabric and fit. It was intended to enhance consistency in regard to message content and delivery accuracy in all informational pre-purchase touchpoints.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated time frame. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.