Market Overview
Product Information Management (PIM) is a business process and software solution that helps businesses manage and distribute their product information across all channels. PIM systems provide a central repository for all product data, including descriptions, specifications, images, and videos. This data can then be enriched, standardized, and distributed to all relevant channels, such as websites, e-commerce platforms, and print catalogs.
The Product Information Management Market is growing rapidly, driven by the increasing need for businesses to manage their product information effectively. The global PIM market is expected to reach USD 23.72 billion by 2032, at a CAGR of 12.08% during the forecast period (2023 - 2032).
Key Companies
The Product Information Management Market is dominated by a few key players, including:
Akeneo
Informatica
Salsify
Stibo Systems
SAP
Oracle
IBM
Riversand
PIMcore
Perfion
Contentserv
InRiver
These companies offer a range of PIM solutions to meet the needs of businesses of all sizes and industries.
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Product Information Management Market Segmentation
The Product Information Management Market can be segmented by:
Deployment type: On-premise or cloud
Offering: Solution or services
End-user industry: Retail, BFSI, media and entertainment, healthcare, IT and telecommunication, manufacturing, and others
Geography: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa
Regional Insights
North America is the largest market for PIM, followed by Europe and Asia Pacific. The growth of the PIM market in North America is attributed to the early adoption of PIM solutions by businesses in the region. The PIM market in Europe is growing due to the increasing awareness of the benefits of PIM and the growing need for businesses to comply with data protection regulations. The PIM market in Asia Pacific is growing rapidly due to the increasing e-commerce penetration and the growing number of businesses in the region.
Industry Latest News
Here are some of the latest news from the Product Information Management Industry:
Akeneo raises $125 million in Series D funding: Akeneo, a leading PIM vendor, raised $125 million in Series D funding in September 2022. The company plans to use the funds to accelerate its growth and expand its product offerings.
Informatica acquires Amplifi Commerce: Informatica, a leading data management company, acquired Amplifi Commerce, a PIM vendor, in September 2022. The acquisition will strengthen Informatica's position in the PIM market and enable it to offer a more comprehensive product information management solution to its customers.
Salsify launches new PIM platform: Salsify, a leading PIM vendor, launched its new PIM platform in September 2022. The new platform offers a number of new features, including a more intuitive user interface, improved data enrichment capabilities, and enhanced support for omnichannel commerce.
Stibo Systems partners with Adobe: Stibo Systems, a leading PIM vendor, partnered with Adobe in September 2022 to integrate its PIM solution with Adobe Commerce Cloud. The integration will enable merchants to easily manage their product information across Adobe Commerce Cloud and other channels.
Benefits of Using a PIM System
There are many benefits to using a PIM system, including:
Improved product information quality: PIM systems help businesses to ensure that their product information is accurate, complete, and consistent across all channels. This can lead to improved customer satisfaction and increased sales.
Reduced time to market: PIM systems can help businesses to reduce the time it takes to launch new products and update existing products. This is because PIM systems provide a centralized repository for all product data, which makes it easy to update and distribute data across all channels.
Increased efficiency: PIM systems can help businesses to automate many of the tasks involved in managing product information, such as data enrichment, data syndication, and data translation. This can free up employees to focus on more strategic tasks.
Improved omnichannel commerce: PIM systems can help businesses to improve their omnichannel commerce experience by providing a single source of truth for product information. This ensures that customers have the same product information experience across all channels, regardless of where they purchase from.
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