ID: MRFR/ICT/4509-HCR | February 2021 | Region: Global | 100 pages
PIM allows quick and easily accessible to the information repository, while ensuring data quality with smart data storage approaches. Connect and index and decrease the time needed to perform many data storage and increasing operational efficiency operations.
Covid 19 Analysis:
In 2020, the pandemic had a good effect on the demand for PIM hardware from companies. Due to an increased global e-commerce penetration, PIM retail demand is predicted to expand in 2020 - 2021. This would offer PIM vendors options. The e-commerce business experienced a rising demand during the COVID-19 epidemic. The demand for product information management software has grown, particularly in the retail industry since it helps manufacturers to gain insights into the competitive online world. PIM also provides solutions that enable companies on many website properties to monitor their product presence.
Increasing demand from a prosperous eCommerce market for the PIM solution:
In the world of e-commerce, consumer demand for products, increased access to the Internet and the expanding penetration of smart phones has taken a significant step. As the e-commerce sector rapidly expands, the need for PIMs is likely to increase throughout the forecast period as PIM allows all product information to be readily managed and processed.
The PIM solution provides a quick product snapshot on a channel and captures and uploads data and maps it to the client requirements while validating, enriching, and increasing data in real time, automating product information generation using data from multiple sources to help improve product range and improve product syndication across channel lines.
Integration of information management and customer experience with the capacity for AI and ML:
In order to expand and remain above their competition, organisations, across diverse industries such as health, retail and BFSI, among others, have invested and adopted new technologies, such as AI and ML. Offers AI-powered PIM, automatic product classification, detection of anomalies, process enrichment, data choice from confidential sources, product evaluation and contextual suggestions.
Data security and privacy risks misunderstandings:
The security and compliance organisation around the world has been primarily concerned with adopting new solutions involving data processing or transferring from one platform to another. PIM includes collecting and transmitting data from one channel to another. The PIM system also involves the synchronisation and publication of data across channels. As many firms typically perceive that PIM solutions may lead to data violations in the extremely abstract data sets because of the absence of adequate understanding about security frameworks and their implementation.
Various data and regulations of government across industry and areas:
The safety of the data is increasing rapidly and the protection of person data is highly important. Therefore, governmental organisations and associations have established several policies and standards in all vertical industries. There are numerous regulations that companies in all industries and countries must follow by both PIM corporations and industry participants. The Government of India, for example, is mandated to enter country of origin by the Government e-market (GeM), under the jurisdiction of the Ministry of Commerce and Industry.
Cumulative Growth Analysis:
Global production information management market is estimated to grow at CAGR of approximately 25% during the forecast period of 2017-2023.Increased demand for a PIM solution from the burgeoning e-Commerce business and increased customer service requirements are important drivers for the expansion of the PIM industry.
Value Chain Analysis:
In order to minimise Time to Market and the increasing requirement for the prevention of data incoherence across numerous data silos, the factors projected to drive market expansion in product management are the increasing need for real-time information visualisation. With only one modification in centralised data storage, data sources are updated, saving time and expenses necessary for data administration. The increasing number of risks to information security have also brought to an increase in verification and compliance requirements.
Production Information Management Segment Overview:
The global Product Information Management market is divided into 2 different segments as by organisation size and by the component. Here the largest market share and sub-segments are given below.
By Organization Size:
In large enterprises, usage of PIM solutions and services is higher and the trend is expected to remain during the forecast period. A single centralised system provides PIM systems to handle product information across sectors. Large companies are therefore investing considerably in innovative technology to improve overall productivity and efficiency. The requirement of flexible, scalable and convenient large-scale services is predicted to encourage new technologies and innovative solutions for market players.
To help in-house workers comprehend PIM systems, vendors provide training, support, and maintenance services. These services are a cost-effective solution to ensure that in-house employees execute at the highest level possible. End users require training, support, and maintenance services since some businesses lack the competence to comprehend the complexities of establishing PIM. These services are critical to the upkeep of PIM solutions. Floor-cleaning Robot
Production Information Management Regional Analysis:
During the projected period, North America is expected to dominate the market. The presence of major players like Microsoft and Google will help to drive market expansion by incorporating technical advancements into product portfolios. Increased research and development expenditures by businesses would boost regional market growth. Because of the presence of PIM suppliers and technologically advanced countries like the US and Canada, North America is likely to account for the biggest market size during the forecast period.
Production Information Management Competitive Landscape:
Oracle (US," SAP (US), IBM (US), Informatica (US), Akeneo (France), Inriver (Sweden), Winshuttle (USA), Winshuttle (US), Riversand (US), SAP (US), Stibo Systems (US), Contentserv (Switzerland), Mobius (India), Perfium (Denmark), Profishee (U.S.) (US), Censhare (USA), Vinculum (US), Truecommerce (US), Vimedici (Germany), and others have become major market players in the field (US).
IBM Corporation announced an upgrade to its current product in May 2020. The IBM Product Master, previously known as the Collaborative edition of IBM InfoSphere Master Data Management, provides the most trusted PIM and MDM features.
This report provides all the information about the growth of the global Product Information Management market in the forecast period. There are different sections available that help to get in-depth information such as opportunities, challenges, drivers, COVID 19 analysis, regional analysis, competitive landscape, and others. All of the information is gathered from primary and secondary sources to provide the expected market growth of Product Information Management by 2023.
|Market Size||USD 21 Billion (2017-2023)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Component, Deployment|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Oracle Corporation (U.S.), SAP AG (Germany), IBM Corporation (U.S.), Informatica (U.S.), Stibo Systems (Denmark), Riversand Technologies, Inc. (U.S.), Pimcore (Austria)|
|Key Market Opportunities||The increasing industry demand to maximize value from the centralized master data, and to gain meaningful insights from this consolidated master data is boosting the market growth in the region.|
|Key Market Drivers||The key factors driving the market include the increasing need for the centralized data storage system. Centralized data storage help enterprises to organize and manage all the data related to its product.|
Frequently Asked Questions (FAQ) :
The global production information management market is expected to record a substantial market valuation of 21 billion by 2023.
The global production information management market is projected to register a moderate 25% CAGR in the forecast period.
The on-cloud segment is slated to expand as the fastest-growing segment.
The BFSI segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global production information management market are SAS Institute, Inc (US), IBM Corporation (US), SAP SE (Germany), Oracle Corporation (US), Tibco Software, Inc (US) among others.
Retailers are in need of a centralized data storage system to manage confidential information that includes the data associated with the product & its suppliers and the delivery location of the product.