Report ID:
SQMIG45B2154 |
Region:
Global |
Published Date: November, 2024
Pages:
188
|Tables:
0
|Figures:
0
Global Product Information Management Market size was valued at USD 11.5 Billion in 2022 and is poised to grow from USD 13.42 billion in 2023 to USD 39.56 billion by 2031, growing at a CAGR of 16.7% during the forecast period (2024-2031).
Rapidly expanding e-commerce industry and growing demand for products from the retail industry are projected to bolster product information management market growth over the coming years. Increasing emphasis on improving data quality and efficiency in multiple organizations to enhance business operations will also promote the demand for product information management in the future. Imposition of new product data standards and regulations necessitating the use of product information management and the increasing complexity of vast product portfolios of different companies are also expected to benefit product information management providers in the long run. Rising use of omnichannel marketing and growing demand for personalization of customer experiences are also expected to create new opportunities for market players going forward. On the contrary, lack of awareness regarding the benefits of product information management, complexity in integration with legacy systems, challenges in data migration, and data privacy and security concerns are expected to impede the overall product information management market development potential through 2031 and beyond.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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The global product information management market is segmented based on component, deployment, organization size, vertical, and region. In terms of component, the market is bifurcated into solutions and services. Based on deployment, the market is segmented into on-premises and cloud. Based on enterprise size, the market is segmented into small & medium enterprises and large enterprises. Based on vertical, the market is segmented into IT & telecom, BFSI, retail, manufacturing, media & entertainment, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Enterprise Size
Large enterprises are forecasted to account for a major chunk of the global product information management market share. High spending potential of large enterprises and presence of massive product portfolios in the same are expected to make this segment a leading one for all product information management providers. Increasing efforts of large enterprises to expand their product portfolio and the need for better product data management will also create new opportunities for product information management companies in this segment going forward. Rapid globalization of operations of large enterprises will also promote the adoption of product information management solutions and services via this segment going forward.
Meanwhile, the demand for product information management in small and medium enterprises (SMEs) is estimated to rise at a rapid CAGR across the forecast period and beyond. SMEs are realizing the importance of e-commerce and online sales channels for their businesses, which is expected to promote the adoption of product information management in this segment. Growing availability of cloud-based product information management solutions and increasing awareness regarding the benefits of product information management adoption are also expected to play a crucial role in promoting market growth for companies targeting SMEs. India and China are slated to be highly opportune markets owing to the presence of a strong start-up ecosystem in these countries.
Analysis by Deployment
On-premises product information management solutions are projected to bring in the most revenue for all market players. Better control and customization scope offered by on-premises product information management solutions and services are key factors aiding the dominance of this segment in the product information management market forecast. Easy integration and better control over data privacy and security are other benefits that are expected to help this segment bring in more business for market players going forward.
Meanwhile, the demand for cloud-based is projected to increase at a rapid pace in the future. Advancements in cloud technologies and growing acceptance of the same are helping this segment offer new opportunities for product information management companies. Better flexibility, easy access, low costs, and high scalability of cloud-based product information management solutions are projected to generate new business scope for all companies going forward. Small and medium enterprises are projected to lead the adoption of cloud-based product information management as they are more affordable as compared to on-premise counterparts.
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North America is estimated to account for a substantial share of the global product information management market. The presence of a strong retail infrastructure and presence of key e-commerce companies in this region allows it to lead global product information management demand outlook. Quick adoption of advanced technologies and imposition of strict regulations for product data management are also expected to bolster the dominance of this region. Canada and the United States are forecasted to emerge as the key revenue generating companies in North America through 2031 and beyond. Use of omnichannel retail and marketing by organizations in this region will also boost the demand for product information management going forward.
Growing digitization in Asia Pacific is expected to make it the fastest-growing market for product information management companies in the world. The boom in e-commerce activity and increasing emphasis on improving user experience are projected to create new opportunities for product information management companies in the future. Rising demand for personalized customer experiences to keep up with evolving consumer preferences in this region will also generate new opportunities for product information management providers through 2031. India, China, and Japan are slated to emerge as highly rewarding markets in the Asia Pacific region in the long run. Increasing frequency of product launches will also boost the adoption of product information management in the future.
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Drivers
Increasing Complexity of Product Portfolios
Boom in e-Commerce and Retail Activity
Restraints
Complexity in Integration with Legacy Systems
Lack of Awareness
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Product information management providers should focus on developing solutions that can easily be integrated with legacy infrastructure and systems. Product information management companies should target retail and e-commerce organizations to maximize their business scope in the long run. Investing in countries with developed technological and retail infrastructure will offer lucrative returns for product information management providers over the coming years.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, increasing complexity of product portfolios and rapid expansion of e-commerce and online retail activity are forecasted to drive up the demand for product information management around the world. However, lack of awareness regarding benefits of product information management and complexity in integration are forecasted to slow down the overall product information management industry in the long run. Cloud-based product information management solutions are projected to gain massive popularity among small and medium enterprises in the future. North America is forecasted to hold sway over global product information management demand outlook owing to the presence of e-commerce companies and strong retail infrastructure. Development of custom product information management solutions for B2B use and integration of artificial intelligence are slated to present new opportunities for companies in the long run.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 11.5 Billion |
Market size value in 2031 | USD 39.56 billion |
Growth Rate | 16.7% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Product Information Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Product Information Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Product Information Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Product Information Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45B2154
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