ID: MRFR/ICT/4509-HCR | February 2021 | Region: Global | 100 pages
PIM (Product Information Management) is a centralized software tool that stores, standardizes, and manages the delivery of product data to different channels and systems. A PIM tool is used to store product details including product descriptions, Stock Keeping Unit (SKU) numbers, pricing & product images and PDF documents.
The key players in the global production information management market are Oracle Corporation (U.S.), SAP AG (Germany), IBM Corporation (U.S.), Informatica (U.S.) and others. Oracle has introduced a product information management solution for the retail industry. 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. With the availability of this solution, retailers can merge important information from multiple applications and streamline business data into a single storage device. The solution improves retailers’ business operations and allows them to share valuable content across the enterprise and with their trading partners.
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. Product information management provides secure and safe access to the information stored in the centralized database. It comprises a strong security authorization that allows access to any information by the user only after the completion of all the required verification of security credentials.
Global production information management market is estimated to grow at CAGR of approximately 25% during the forecast period of 2017-2023.
Production Information Management Market
Source: MRFR Analysis
Some of the prominent players in the global production information management market are Oracle Corporation (U.S.), SAP AG (Germany), IBM Corporation (U.S.), Informatica (U.S.), Stibo Systems (Denmark), Riversand Technologies, Inc. (U.S.), Pimcore (Austria) are among others.
The global production information management market is segmented into component, deployment, organization size and end-user. The component segment is bifurcated into software and service. The software segment consists of single domain and multi-domain. The service segment comprises consulting & system integration, training, support and maintenance. The deployment segment is sub-segmented into cloud and on-premise. Whereas, the organization size segment consists of small & medium enterprises and large enterprises. The vertical segment consists of BFSI, government, retail, healthcare, IT & telecommunication, manufacturing, energy & utilities, healthcare, transportation & logistics, and others.
The global PIM market is studied in Asia Pacific, North America, Europe, and Rest of the World. North America accounts for the highest share in the global production information management market. 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. Asia Pacific market is anticipated to be the fastest growing geography due to the rising advancement in the e-commerce and retail industry. Other aspects such as fast adoption of multi-domain PIM software are expected to promote valuable services in terms of performance, quality, and capacity during the forecast period.
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.