Product information management can be defined as a process of managing the information required to promote and sell products in the market through distribution channels. To manage process manufacturing, retail and other industries use product information management software which helps them to collect, manage and improve the company’s product information. Furthermore, product information management software also creates product catalog, and distribute it to the company’s sales and e-commerce channels via websites, enterprise resource planning (ERP) systems, product lifecycle management (PLM) systems and electronic data feed. Moreover, this software is majorly used to streamline the distribution process for suppliers, and improve quality and consistency of product data, and to deliver a better product experience to the customer.
Retailers Are Adopting Product Information Management Software to Shorten New Product Information Cycle
Product information management is majorly used to market the product so that it can reach maximum number of customers. Retailers are majorly seen implementing this software to shorten the time required to promote new products launched in the market through various sales channels such as distributers, e-commerce portals, social media and others by providing accurate product information along with images and other digital media to customers. All this helps in reducing the time required to market the product, owing to which demand for product information management software is expected to grow during the forecasted period (2019-2027). For instance, in October 2019, Verishop, an e-commerce company, announced that they had started implementing product information management software (PIM) solutions to help start-ups scale up the speed of launching their product in the market.
Furthermore, growing expectations among consumers regarding data quality is one of the major factors positively affecting growth of the global product information management software market. As consumers today are more engaged in researching the product before buying, it is mandatory for sellers to provide high-quality, complete product information to customer in various formats and through various sales channels. This helps customers gain complete product information, and in case it in unavailable, they can switch to another site or catalog which may affect the sellers' revenue.
Factors Restraining Growth of the Global Product Information Management Software Market
The cost of ownership is high for deployment of product information management software, as it includes annual licensing fees, customization, deployment, and maintenance of the system which is a major factor that is expected to restrain growth of the market.
Product Information Management Market Taxonomy
On the basis of software, the global product information management software market is segmented into
- Single Domain Product Information Management Software
- Multi Domain Product Information Management Software
On the basis of services, the global product information management software market is segmented into
- Managed Services
- Professional Services
- Training Services
On the basis of deployment, the global product information management software market is segmented into
On the basis of end-use industry, the global product information management software market is segmented into
- Banking, Financial Services, and Insurance
- IT and Telecom
- Automotive & Transportation
On the basis of region, the global product information management software market is segmented into
- North America
- Asia Pacific
- Latin America
- Middle East
Major players operating in the global product information management software market include Akeneo, Salsify Inc., Catsy, Plytix, Syndigo LLC, Pimcore, inRiver, PropelPLM, Inc., Syndigo LLC, EnterWorks and Sales Layer.