Product Information Management Market Growth Report | 2021-2031
The product information management market size is projected to reach US$ 35.71 billion by 2031 from US$ 12.79 billion in 2023. The market is expected to register a CAGR of 13.70% in 2023–2031. The increasing need for effective data management and enhancing the value of the customer's experience are likely to fuel the market growth.
Product Information Management Market Analysis
The market for product information management has experienced notable growth in recent years, largely driven by the increased adoption of digital commerce and digital transformation in various industries. As e-commerce companies expand, the task of regularly updating a growing list of stock-keeping units (SKUs) is becoming more challenging. As new products are added, the list of prices, labels, and product descriptions has grown. Product data tends to become unmanageable rapidly. For instance, if a company aims to reach different demographics or explore new communication platforms, it typically needs to adjust its product messaging and pricing. When new suppliers join, they also refresh product catalogs and descriptions. Arranging product information by hand is a time-consuming and costly task. Not having a standardized system to manage data sharing among various teams leads to several difficulties, such as the potential of providing consumers with inaccurate or outdated information. Therefore, many e-commerce companies are embracing these tools in order to provide a smooth experience for both customers and employees.
Product Information Management Market Overview
Product information management solution is compatible with many e-commerce platforms, ERP software, and CRM systems, allowing for easy access to current product information within all departments of a company. Moreover, they are essential for e-commerce businesses that have constantly changing sales tactics, product offerings, and marketing communications.
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Product Information Management Market: Strategic Insights
Market Size Value in US$ 11,245.89 million in 2022 Market Size Value by US$ 31,417.96 million by 2030 Growth rate CAGR of 13.7% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Product Information Management Market: Strategic Insights
| Market Size Value in | US$ 11,245.89 million in 2022 |
| Market Size Value by | US$ 31,417.96 million by 2030 |
| Growth rate | CAGR of 13.7% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Product Information Management Market Drivers and Opportunities
Increasing Need for Effective Data Management to Fuel the Market Growth
Every day, several products are offered through e-commerce sites, and efficient product information management is critical to success. This solution has various features that are extremely beneficial to e-commerce websites. The key benefit of these solutions is the ability to centralize all product information into a single repository. Thus, details such as photos, product descriptions, pricing, and specs, among others, are saved in a single location. Furthermore, this solution ensures that information is consistent across all networks, including websites, social media platforms, and markets. Any updates or modifications made to the system are automatically mirrored, resulting in a more consistent brand image and better customer experience.
Enhancing the Value of the Customer's Experience to Support Market Growth
PIM solutions provide customers with constant access to detailed and relevant product information. As a result, the frequency of product returns and complaints has decreased. It also reduces the number of abandoned shopping carts. It enables the instant introduction of new products to customers. Customers can also view how much stock is available in case they wish to buy something. Business representatives can also improve their customer service by using the information they have access to. Customers can perform research before moving to the checkout section to complete the purchase of their desired goods.
Cost-Saving Feature– An Opportunity in the Market
Using reliable product information management software can help you save money on operational and supply chain expenses. Correct information decreases management risks and helps you avoid the costs that come with wrong product data. Companies can restore out-of-stock items before customers file a formal complaint. Aside from that, suppliers use PIM data to audit and optimize their delivery procedures.
Product Information Management Market Report Segmentation Analysis
Key segments that contributed to the derivation of the product information management market analysis are component, deployment, organization size, and vertical.
- Based on component, the market is bifurcated into solutions and services. The solutions segment held a significant market share in 2023.
- In terms of deployment, the market is divided into on-premises and cloud. The on-premises segment held a substantial share of the market in 2023.
- Based on organization size, the market is segmented into SMEs and large enterprises. The large enterprises segment held a substantial share of the market in 2023.
- In terms of vertical, the market is divided into BFSI, healthcare, IT & telecom, manufacturing, retail & e-commerce, transportation & logistics, and others. The BFSI segment held a significant market share in 2023.
Product Information Management Market Share Analysis by Geography
The geographic scope of the product information management market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific is expected to experience the fastest growth rate over the projection period. The region is experiencing rapid population expansion, as well as increased Internet usage and digital commerce. Furthermore, rural areas in numerous developing countries are seeing increased penetration of network access and 5G. The region is undergoing a digital change, with numerous countries launching smart city initiatives. Such tendencies immediately promote Internet use and digital commerce in the region.
Furthermore, in populous nations such as India and China, a number of e-commerce firms are joining the retail sector to meet the growing demand for digital commerce. China is considered to have the world's largest e-commerce market, accounting for over half of all transactions. Domestic e-commerce platforms such as Alibaba's Taobao and Tmall, JD.com, Pinduoduo, Kaola, Xiaohongshu, Dianping, Suning, Gome, Yihaodian, Vipshop, Dangdang, Mogujie, and JuMei all contribute significantly to the sector's growth. Similarly, India has Flipkart, Amazon, Nykaa, Myntra, Ajio, and Lenskart. The region's thriving e-commerce sector is creating demand for a variety of product information management solutions.
Product Information Management Market Report Scope
Product Information Management Market News and Recent Developments
The product information management market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- inriver, the leading software company powering the entire product journey with revenue-driving product information management (PIM) across every customer touchpoint, unveiled the inriver Brand Store, a self-service digital storefront providing a centralized and secure way to distribute product information. Today’s inriver Brand Store launch continues the company’s commitment to evolving the product information management space with its new breed of PIM.
(Source: inriver, Press Release, 2023)
- Pimly, the first ever Product Cloud, makes Salesforce the source of truth for critical product information, allowing employees, prospects, partners, and customers to become experts on product information.
(Source: Pimly, Company Website, 2023)
Product Information Management Market Report Coverage and Deliverables
The “Product Information Management Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Product information management market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Product information management market trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Product information management market analysis covering key market trends, major players, regulations, and recent market developments
- Product information management industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, Organization Size, and Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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