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New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Product Information Management Global Market Report 2022' -
, Agility Multichannel Limited, Mobius, Profisee, Censhare, Vinculum, Truecommerce and Vimedici.
The global product information management market is expected to grow from $10.33 billion in 2021 to $12.21 billion in 2022 at a compound annual growth rate (CAGR) of 18.1%. The product information management market is expected to grow to $24.82 billion in 2026 at a CAGR of 19.4%.
The product information management market consists of sales of product information management software solutions by entities (organizations, sole traders, and partnerships) that refers to the process of managing and improving product information and relevant digital content across many teams to provide an engaging consumer experience and sell products successfully across numerous sales and marketing channels. Product information management ensures that entire business ecosystem has consistent and up-to-date information.
The main types of product information management are software and services.Software refers to the programs and other operating information used by a computer.
Product information management can be deployed on-premises, cloud by the organization of sizes such as large enterprises and small and medium-sized enterprises used by consumer goods & retail, banking, financial services and insurance (BFSI), telecom & IT, manufacturing, transportation & logistics, media & entertainment, other end users.
North America was the largest region in the product information management market in 2021.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, and Africa.
The product information management market research report is one of a series of new reports that provides product information management market statistics, including product information management industry global market size, regional shares, competitors with a product information management market share, detailed product information management market segments, market trends and opportunities, and any further data you may need to thrive in the product information management industry. This product information management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Demand for product information management software from the thriving eCommerce industry across the globe is contributing to the growth of the market.Product information management systems enable businesses to properly evaluate, structure, and validate their brand and product data before sharing it with all supply chain partners in the relevant formats and at the appropriate time.
E-commerce enterprises regularly experiment with new digital technologies and integrate them into their business processes to meet 100% of their customers' demands along with the e-commerce development pace. For instance, the e-commerce business has experienced rapid expansion as a result of rapid digitalization and an ever-increasing number of online buyers fueled the growth of global e-commerce as sales jumped to $26.7 trillion in 2019, up 4% from 2018. Thus, the rising demand for product information management software from the thriving eCommerce industry is anticipated to propel market growth shortly.
Integration of artificial intelligence and machine learning capabilities to enhance information management and customer experience is propelling the product information management market forward.Artificial intelligence (AI) and machine learning have rapidly become one of the most popular trends in the industry, and many businesses are eager to use these technologies to improve their digital experiences.
Businesses can provide more effective, intuitive, and meaningful consumer purchase experiences with updated product data to the commerce website by incorporating AI into PIM systems. For instance, in 2019, Akeneo, a France-based technology company, released Akeneo PIM 3.0 to link with their AI-powered Franklin library of 50 million products, which uses AI to automatically update product descriptions and information. Hence, the integration of artificial intelligence and machine learning capabilities to enhance information management and customer experience is helping the market grow more efficiently.
In January 2021, inRiver, a Sweden-based product information management company acquired Detail online for an undisclosed amount.The acquisition contributes to the only digital-first PIMTM solution that accelerates time-to-market and improves purchase experiences by harnessing the data needed to enhance content performance and remediate failing channels or products in real-time.
Detail online is a Swedish AI-powered analytics solution to help brands monitor product information across multiple online channels.
The countries covered in the product information management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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