Product Information Management Market Set to Reach $40.31 Billion by 2029 with 0.211795040022027% Yearly Growth

How Are the key drivers contributing to the expansion of the product information management market?
The burgeoning eCommerce sector worldwide is driving the growth of the product information management software market, as this technology allows enterprises to accurately assess, structure, and verify their brand and product details before distributing it to their supply chain partners in the necessary formats and timings. eCommerce firms consistently innovate with cutting-edge digital technologies and merge these into their operations to satisfy their customers' expectations entirely while keeping up with the rapid pace of e-commerce development. As an illustration, the United States Census Bureau, a government agency, noted a 7.5% rise in eCommerce in Q2 2023 compared to Q2 2022 while total retail sales only saw a 0.6% increase. Online stores accounted for 15.4% of all sales in Q2 2023. Therefore, the surging demand for product information management software from the booming eCommerce sector is expected to drive market growth in the near future.

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What growth opportunities are expected to drive the product information management market's CAGR through 2034?
The size of the product information management market has seen swift expansion over the past few years. The market, with a size of $16.06 billion in 2024, is set to expand to a size of $18.69 billion in 2025, reflecting a compound annual growth rate (CAGR) of 16.4%. Factors such as the increasing complexity of product data, necessary regulatory compliance, the expansion of e-commerce, the need for enhanced operational efficiency, and heightened customer expectations contributed to the historical growth period.

The market size of product information management is projected to witness a substantial increase in the coming years, anticipated to touch $40.3 billion by 2029, expanding at a compound annual growth rate (CAGR) of 21.2%. This considerable growth through the forecast period can be ascribed to factors such as the globalization of markets, focus on data quality and governance, integration with other business domains, and the rising significance of omnichannel marketing. Key market trends expected during the forecast period encompass integration of AI and machine learning, cloud-driven PIM solutions, mobile PIM applications, personalization features, blockchain technology for data integrity, synchronization of cross-channel data, collaborative PIM, and real-time data management.

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What are the emerging trends shaping the future of the product information management market?
Major corporations in the product information management market are introducing innovative techniques such as generative AI algorithms for better data supervision, the simplification of product content generation, and improving client interaction through customized experiences. Generative AI algorithms belong to a subset of artificial intelligence tools that are capable of generating new content or data that mimic existing ones. For instance, in August 2024, GroupBy Inc., a company based in Canada specializing in AI search and product discovery solutions, rolled out Enrich AI. This platform was developed to significantly transform product information management by automating the process of extracting, standardizing, and enhancing product data. Enrich AI utilizes generative AI algorithms to locate and fix errors and inconsistencies in product data, thus harnessing the potential of AI to radically modify product data management.

Which growth-oriented segments of the product information management market are leading the industry's development?
The product information management market covered in this report is segmented -

1) By Component: Software, Services
2) By Deployment Type: On-premises, Cloud
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises
4) By End User: Consumer Goods And Retail, Banking, Financial Services And Insurance (BFSI), Telecom And IT, Manufacturing, Transportation And Logistics, Media And Entertainment, Other End Users

Subsegments:
1) By Software: On-Premises, Cloud-Based
2) By Services: Consulting, Implementation, Maintenance And Support

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What regions are leading the charge in the product information management market?
North America was the largest region in the product information management market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the product information management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

What companies are at the forefront of innovation in the product information management market?
Major companies operating in the product information management market include International Business Machines Corporation, SAP SE, Informatica LLC, Magnitude Software Inc., Contentserv Inc., Plytix Limited, Salsify Inc., Riversand Technologies Inc., Pimcore, Akeneo SAS, Stibo Systems A/S, EnterWorks Acquisition Inc., Agility Multichannel Limited, Mobius Knowledge Services Inc., Profisee Group Inc., Censhare AG, Vinculum Solutions Inc., TrueCommerce Inc., Vimedici AG, Imagine Communications Corp., inRiver AB, StoreGekko Limited, Idiosity Inc., Icecat NV, Skypim Limited, Merchantry Global Inc., ADAM Software NV, Oracle Corporation, ASIM Products

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What Is Covered In The Product Information Management Global Market Report?

•Market Size Forecast: Examine the product information management market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the product information management market for a structured understanding.
•Key Players Overview: Analyze major players in the product information management market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the product information management market.
•Segment Contributions: Evaluate how different segments drive overall growth in the product information management market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the product information management market.
•Industry Challenges: Identify potential risks and obstacles affecting the product information management market.
•Competitive Landscape: Review strategic developments in the product information management market, including expansions, agreements, and new product launches.

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