Emerging Trends in the Product Information Management Market: Innovations and Opportunities 2027

According to the report, the global product information management industry generated $ 9.90 billion in 2019, and is expected to garner $59.25 billion by 2027, witnessing a CAGR of 25.2% from 2020 to 2027.

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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The 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.

The software segment is anticipated to garner the majority of the product information management market share in 2027, due to its benefits such as improved e-commerce conversion, less time to product information management market, increased productivity of the team, better product data management, ensuring cost saving on bad product data, and more. PIM software also makes users easier to search for products and update the inventory to clean data and streamline product information.

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Based on components, 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 the advantages of product information management solutions such as standardizing the increasingly complex demands of product content, acting as a 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.

The cloud deployment segment is expected to witness the highest growth rate during the forecast period. This is because with the increase in technology adoption and data, most companies want to have access to boundless resources, and thus rapidly moving toward adopting cloud-based technologies. The cloud deployment model is mostly adopted by organizations that seek customized solutions & fast implementation in less operational costs. Due to this, many leading PIM solution providers such as SAP, Plytix, Pimcore, and Oracle are focusing on improving their cloud investments.

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.

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Major players in the PIM market include Informatica LLC, SAP SE, Salsify Inc., Syndigo LLC, and InRiver AB, Oracle, IBM, Akeneo, Pimcore, Riversand, and Stibo Systems. These companies are continuously innovating and expanding their offerings to meet the evolving needs of businesses across various industries.

The PIM market is set for robust growth, driven by technological advancements, the expansion of e-commerce, and the increasing importance of data quality and governance. The adoption of cloud-based solutions and AI integration will further enhance the capabilities of PIM systems, enabling businesses to manage their product information more effectively and efficiently.

Key Market Drivers and Trends:

E-commerce Growth: The surge in e-commerce activities is a major driver for PIM solutions, as businesses seek to manage and present accurate and consistent product information across multiple digital channels. This is particularly important for retailers handling vast product catalogs and SKUs.

Cloud Adoption: Cloud-based PIM solutions are gaining traction due to their accessibility, scalability, and ability to facilitate remote collaboration. These solutions enable businesses to streamline workflows and improve productivity by allowing real-time access to product information from any device.

Omnichannel Marketing: PIM systems support omnichannel strategies by ensuring consistent product information across various sales and marketing channels, thereby improving customer engagement and brand loyalty.

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