Product Information Management Market Size, Share & Trends Analysis Report By Component (Software, Services), By Organization Size, By Deployment Type, By Industry Vertical, By Region, And Segment Forecasts, 2024 - 2030
Product Information Management Market Growth & Trends:
The global product information management market size is anticipated to reach USD 32.84 billion by 2030 and it is projected to grow at a CAGR of 16.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The globalization of markets drives the demand for product information management (PIM) solutions. As businesses grow into new regions and target international customers, they encounter diverse languages, currencies, and regulatory requirements. PIM solutions offer the flexibility to customize and localize product information for different markets while ensuring compliance with local regulations and maintaining consistency across channels, thus fueling market growth.
The accelerated shift to online shopping during lockdowns and social distancing measures increased demand for PIM solutions during the pandemic. With more businesses embracing e-commerce to reach customers and maintain sales, there was a growing need for robust PIM platforms to manage and distribute product information across digital channels. This surge in e-commerce activity drove the adoption of PIM solutions as businesses seek to enhance their online presence and deliver convincing product experiences to consumers.
The market trends include the increasing demand for enhanced integration and interoperability of PIM solutions with other business systems and technologies. As businesses seek to streamline their operations and improve efficiency, there is a growing demand for PIM platforms that integrate seamlessly with enterprise resource planning (ERP) systems, customer relationship management (CRM) software, e-commerce platforms, and other applications. Integrated PIM solutions enable businesses to synchronize product data across various systems, automate data workflows, and leverage data insights more effectively, driving productivity and competitiveness.
Moreover, the increasing importance of omnichannel commerce fuels the adoption of PIM solutions. With customers expecting a seamless shopping experience across multiple channels, including websites, mobile apps, social media platforms, and brick-and-mortar stores, businesses need to ensure consistency and coherence in product information across all touchpoints. PIM platforms enable enterprises to centralize and synchronize product data, facilitating seamless integration and coordination across different channels and delivering a cohesive omnichannel experience to their customers.
Product Information Management Market Report Highlights:
Based on components, the solution segment led the market with the largest revenue share of 56.8% in 2023 and is expected to grow at the fastest CAGR over the forecast period. The increasing need to deliver personalized customer experiences is driving the market growth of solutions in the global market
Based on organization size, the large enterprises segment dominated the market in 2023 and is expected to grow at a significant CAGR over the forecast period. The emphasis on data quality and governance is fueling the market growth in large enterprises
Based on deployment type, the on-premises segment accounted for the maximum revenue share in 2023. The need for unique integration and customization fuels the growth of on-premises product information management solutions
Based on industry verticals, the retail industry accounted for the largest revenue share in 2023. The increasing complexity and diversity of products retailers offer necessitate the adoption of product information management solutions
In February 2023, Pimply launched the Product Cloud, a salesforce-based product information management platform. The platform allows the partners, customers, employees, and prospects to become experts on product information. It solves the problem of data silos and delivers accurate product information to all company stakeholders
Table of Contents
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Segment Definitions
1.2.1. Component
1.2.2. Organization Size
1.2.3. Deployment Type
1.2.4. Industry Vertical
1.2.5. Regional scope
1.2.6. Estimates and forecasts timeline
1.3. Research Methodology
1.4. Information Procurement
1.4.1. Information Procurement
1.4.2. Information or Data Analysis
1.4.3. Market Formulation & Data Visualization
1.4.4. Data Validation & Publishing
1.5. Research Scope and Assumptions
1.5.1. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Component
2.2.2. Organization size outlook
2.2.3. Deployment type outlook
2.2.4. Industry vertical outlook
2.3. Competitive Insights
Chapter 3. Product Information Management Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Market Dynamics
3.2.1. Market driver analysis
3.2.1.1. Focus on achieving smooth omnichannel distribution.
3.2.2. Market restraint analysis
3.2.2.1. Misinformation regarding data security and privacy exposures
3.2.3. Market opportunity analysis
3.2.3.1. Increasing investment in automation facilitates faster decision-making
3.3. Product Information Management Market Analysis Tools