Product Information Management Market Size Expands to Address Data Challenges

The global Product Information Management market was valued at $9.90 billion in 2019, and is projected to reach $59.25 billion by 2027, growing at a CAGR of 25.2% from 2020 to 2027.

A product information management (PIM) facilitates centrally managing the product information. It supports various organizations to integrate different product information collected from various information sources, like core product data (product name, title, and description), product attributes (SKU, cost, and pricing), product specifications (e.g., dimensions, warranty, and packaging info), product-related metrics, omnichannel product information, extended channel information and store-specific information such as product catalogs and POS registers.

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Organizations are recognizing the importance of centralizing and integrating product information across their ecosystems. PIM solutions are evolving to facilitate seamless data consolidation from various sources, allowing businesses to maintain a single source of truth for product information.

Customer-centricity is at the forefront of business strategies. PIM is playing a crucial role in improving the customer experience by ensuring accurate, consistent, and enriched product data across all touchpoints. This trend is vital in the era of omnichannel retail and e-commerce.

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Artificial intelligence is being harnessed to automate and enhance data enrichment processes. PIM solutions are incorporating AI to categorize products, suggest product attributes, and even generate personalized product recommendations, ultimately driving sales and customer engagement.

Increasingly stringent regulations, such as GDPR and California Consumer Privacy Act (CCPA), are making data governance a top priority. PIM systems are incorporating features to help businesses maintain compliance by ensuring data security, consent management, and data lineage tracking.

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Region wise, the product information management market size was dominated by North America in 2019. Factors such as presence of leading market vendors developing product information management in North America and high spending on digitalization in this region are the major drivers for the product information management market growth. In addition, the deployment of product information management has increased in the retail sector to adopt to the changing customer buying patterns, speedy gains for e-commerce, and reduce operational costs, which is anticipated to significantly contribute toward the market growth.

The key players operating in the global product information management industry include Oracle, SAP SE, IBM, Informatica LLC, Akeneo, Pimcore, Salsify, Riversand, Stibo Systems, and Inriver. This study includes PIM market trends, market analysis, and future estimations to determine the imminent investment pockets.

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