Product Information Management Market to Grow at a CAGR of 25.2% to Reach USD 59.25 billion by 2027

Allied Market Research published a new report, titled, "Product Information Management Market to Grow at a CAGR of 25.2% to Reach USD 59.25 billion by 2027." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Increase in need for product data curation and management, and growth in demand for better product information for future commerce and product information management software from the thriving eCommerce industry drive the growth of the global product information management market. However, inaccuracies in data and dearth of skilled labors hinder the market growth. On the other hand, integration of artificial intelligence and machine learning capabilities to enhance information management and customer experience and growth in demand for cloud-based product information management solutions present new opportunities in the coming years.

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Based on component, the software segment accounted for nearly two-thirds of the global product information management market in 2019, and is expected to maintain its lead position during the forecast period. This is due to advantages of product information management solution such as standardizing the increasingly complex demands of product content, acting as multichannel marketing software tool, track all catalog & inventory data of a company in real time, improving conversion rate, and synchronizing images, videos & product descriptions from all channels used by the brand. However, the services segment is expected to witness the fastest CAGR of 27.2% from 2020 to 2027, owing to in the adoption of services among end users, as it ensures effective functioning of PIM software and platforms throughout the process.

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Based on region, North America held the highest share in 2019, accounting for nearly two-fifths of the global product information management market, and is expected to continue its leadership status by 2027. This is due to increase in adoption of PIM solutions in eCommerce. In addition, North America has great adoption of advanced technologies in most of the industries which further augments the market growth in this province. However, Asia-Pacific is projected to maintain the largest CAGR of 28.3% during the forecast period. This is due to rapid shifting patterns towards online purchasing. Furthermore, growing digitization across various industries & increasing internet connectivity boosts the market in this region.

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Covid-19 Scenario

• The covid-19 pandemic has fueled the e-commerce sector immensely. This in turn, has positively impacted the product information management industry, thereby increasing the demand for product information management software.

• The retail segment has highly adopted product information management software, as it aids in offering the manufacturers with understanding based on the competitive landscape.

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