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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-Premises
  • Cloud  

On the basis of end-use industry, the global product information management software market is segmented into

  • Banking, Financial Services, and Insurance
  • Healthcare
  • IT and Telecom
  • Manufacturing
  • Retail
  • Automotive & Transportation
  • Others

On the basis of region, the global product information management software market is segmented into

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

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.

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Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users