Global Product Information Management (PIM) Market Segments, Growth, Key Vendors Analysis, Import & Export, Revenue by Forecast to 2027
Global Product Information Management (PIM) Market Segments, Growth, Key Vendors Analysis, Import & Export, Revenue by Forecast to 2027
Overview:
According to BlueWeave Consulting, the global product information management (PIM) market worth USD 8.5 billion in 2020, and is further projected to reach USD 17.9 billion by 2027, growing at a CAGR of 11.2% during 2021-2027 (forecast period).
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Product Information Management (PIM) provides a quick snapshot of the 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. Thus, the benefits associated PIM solution helps businesses to reduce time and offer automation to update product information on the eCommerce platform.
Segmentation:
The service segment is likely to dominate as services play a most important role in the maintenance of PIM solutions. The training, support, and maintenance service providers guide companies after deployment of PIM that particularly helps address specific business-process requirements most feasibly. These services also assist enterprises in making appropriate and also informed decisions for gaining desired business outcomes. The AI-embedded chatbots are improving improve customer experience and satisfaction, resulting in enhanced revenue and profits. Similarly, ML-enabled PIM solutions help 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.
Regional Analysis:
North America catering the largest share and expected to witness significant growth in the Product Information Management (PIM) market during the forecast period. The high industry growth rate, with the emergence of new technology, is the major reason. The key providers are continuously upgrading their offerings to differentiate them from other competitors. This is achieved by various organic and inorganic strategies. Suppliers operating in the industry are continuously working on new development, technical expertise, and in-house capabilities. High opportunity makes the Product Information Management (PIM) market more competitive and suppliers are trying hard to capture the clients. The market is highly acceptable to innovative products, however, considering the risks involved in business continuity implementers are still considering brand over new offerings in the market.
Key Players:
The leading players in the global Product Information Management (PIM) product market includes, Oracle, SAP, IBM, Informatica, Pimcore, Akeneo, Inriver, Winshuttle, Riversand Salsify, Aprimo, Stibo Systems, Contentserv, Mobius, Perfion, Profisee, Censhare, Vinculum, Pimworks (US), Truecommerce, Vimedici, Magnitude Software, Plytix and Syndigo, and others, are expanding their presence in the market by implementing various business strategies. Major players are engaged in mergers and acquisitions, expansion of their manufacturing facilities, infrastructural growth, investment in R&D facilities, and the quest for opportunities to expand vertically through the value chain.
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