The global product information management market is expected to grow with the CAGR of approximately 25.5% during the forecast period (2016-2023). Product information management system enables fast and easy access to the information as well as at the same time, the data storage methods supports in continuing the data quality. It enables to reduce the time that is required to complete several processes such as data storage and development in operational efficiency. The product information management market growth is primarily driven by the increasing demand for cloud-based solutions. Increasing complexity is pertaining to retaining and managing big data due to which organizations are broadly using cloud-based solutions for installing the central depository for their master data. The large enterprises and SMBs are installing cloud-based PIM solutions to provide flexibility and independence as well as managing big data sources. Using cloud-based PIM solutions, the organizations can easily increase their return on investment (RoI), decrease upfront costs, expand their customer base and manage data quality. Thus, large enterprises are gradually shifting to cloud-based PIM solutions. Furthermore, increasing demand for centralized data storage and application across major verticals such as healthcare, retail etc. has also led the market growth across the globe. However, data security concerns and low awareness regarding PIM solutions are the major restraints for the product information management market.
Based on geography, North America is the leader in the product information management market. The reason for its dominance is increasing cloud deployments in the region. Asia Pacific is expected to show potential growth during the forecast period (2016-2023) as increasing retail sector with the increasing demand for online shopping in the region. The presence of major players such as IBM, Microsoft, Oracle, Pimcore, Enterworks etc. is expected to drive innovations in the market which will further increase the accuracy and effectiveness of PIM solutions. Mergers & acquisition, product launches and partnership etc. are some strategies adopted by the major players to increase market share.
The global product information management market is segmented on the basis of deployment, service type and industry. The deployment type is further segmented into cloud-based and on premise. The service type is further segmented into training, support & maintenance and consulting & system integration. The industry segment is further classified into retail, government, BFSI, transportation & logistics, healthcare, manufacturing, media & entertainment, IT & telecom and energy & utilities. The demand for PIM solutions in retail sector is increasing as it is necessary for retailers who need a central repository to properly manage vital information, comprising the relationship between the product and its suppliers and product and the locations under which it is carried.