Product Information Management (PIM) Market Growing at a CAGR 14.3% | Key Player Oracle, SAP, IBM, Informatica, Pimcore
The global Product Information Management Market size to grow from USD 12.2 billion in 2022 to USD 23.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 14.3% during the forecast period. Growing demands for better customer experience, as well as updating product information across all the channels, demand for delivering contextualized user experience, and a raise in digital content across enterprises, are among the major factors boosting the growth of the PIM market.
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As per verticals, the media & entertainment segment to grow at highest CAGR during the forecast period
PIM market is segmented into BFSI, consumer goods & retail, manufacturing, IT & telecom, media & entertainment, healthcare & life sciences, transportation & logistics, and other verticals (education, and travel & hospitality). As per verticals, the media & entertainment vertical is expected to grow at the highest CAGR during the forecast period. The demand for PIM among media & entertainment industry vertical is rising owing to rising need for data silos, different data management systems, diverse and vast product portfolios, dispersed product information, changing consumer expectations, and growing demand for reducing the time-to-market.
Cloud Segment to grow at the highest CAGR during the forecast period
As per deployment mode, Cloud Segment to grow at the highest CAGR for the cPIM market during the forecast period. The PIM market by deployment type is segmented into on-premises and cloud deployment type. On-premises deployment type is preferred by large enterprises as such organizatios prefer information to be kept on local server as cloud has security issues. However, large enterprises and SMEs have started adopting cloud services and solutions in oreder to reduce their CAPEX. Moreover, cloud-based solutions offerd scalability, flexibility and pay as you go model which helps orgnizations to save cost and access services and solutions anywhere at any time. However, security issues associated with cloud deployment type is expected to impact its adoption during the forecast period.
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The PIM solutions enable companies to create, update, and maintain product information to optimize product data synchronization and publishing, ensure faster TTM, increase brand awareness, drive online traffic and sales, and enhance customer experience and satisfaction. Furthermore, emerging technologies, such as AI, and the integration capabilities of PIM solutions with various data platforms, such as ERP and marketing platforms, and merging capabilities, such as DAM and content management, have facilitated better product assortment and improved data syndication in real time therefore, its demand across organizations are increasing
Some of the key players operating in the content services platform market include Oracle (US), SAP (US), IBM (US), Informatica (US), Pimcore (Austria), Akeneo (France), Inriver (Sweden), Winshuttle (US), Riversand (US), Salsify (US), Aprimo (US), Stibo Systems (Denmark), Contentserv (Switzerland), Mobius (India), Perfion (Denmark), Profisee (US), Censhare (Germany), Vinculum (India), Pimworks (US), Truecommerce (US), Vimedici (germany), Magnitude Software (US), Plytix (Denmark) and Syndigo (US). These PIM vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global PIM market.
IBM was founded in 1911 and is headquartered in New York, US. The company is listed on the New York Stock Exchange (NYSE) under the ticker symbol IBM. It is one of the leading providers of hardware; software; and a broad range of infrastructure, hosting, cloud, and consulting services in areas ranging from mainframe computers to nanotechnology. It operates through six business segments: cloud and cognitive software, global business services, global technology services, systems, global financing, and others. It offers a diversified product portfolio ranging from software to finances and storage to integrated systems. IBM provides solutions to various verticals, such as IT, healthcare and life sciences, government, telecom, automobile, manufacturing, fast-moving consumer goods, chemicals and petroleum, electronics, energy and power, media and entertainment, mining, retail, BFSI, travel and transportation, and education. It has a presence in more than 175 countries in regions of North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
In 2009, Pimcore was developed at New Media Solutions GmbH by digital agency elements. In 2010, the company launched its first public beta version. However, the Pimcore GmbH was officially established in Salzburg, Austria, in 2013 and is headquartered in Salzburg, Austria. It is an open-source Digital Experience Platform (DXP) provider and makes it possible to collaborate in a single platform across the entire digital organization. The company’s PIM, MDM, CDP, and DAM modules consolidate any type and amount of digital information – to solve enterprise data issues, such as scattered, siloed, and messy data. Pimcore PIM software centralizes and harmonizes marketing, sales, and technical product information. Its Content Management System (CMS) and digital commerce modules personalize the customer experience, including marketing automation. A fully API-driven architecture enables superior TTM and unmatched connectivity. Enterprises choose Pimcore to solve digital transformation challenges because it ensures flexibility, intellectual property ownership, continuous innovation, and the lowest Total Cost of Ownership (TCO). The open-source software can be used free of charge by organizations of any size or in any industry. Its more than 150 employees provide optional Service Level Agreements (SLAs), training and professional consulting, implementation, and integration services. It has enabled thousands of customers globally, including Burger King, Audi, T-Mobile, and IKEA, to help centralize their data management operations, simplify IT architectures, automate processes, and create stunning digital experiences that provide significant value for their businesses. Furthermore, the company has a prominent geographic presence with offices across North America, Europe, and the Asia Pacific.
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