Product Information Management Market Size, Segments, and Growth by Forecast by 2031

The product information management market size is projected to reach US$ 35.71 billion by 2031 from US$ 12.79 billion in 2023. The market is expected to register a CAGR of 13.70% in 2023–2031. The increasing need for effective data management and enhancing the value of the customer's experience are likely to fuel the market growth.

Product Information Management Market Analysis

The market for product information management has experienced notable growth in recent years, largely driven by the increased adoption of digital commerce and digital transformation in various industries. As e-commerce companies expand, the task of regularly updating a growing list of stock-keeping units (SKUs) is becoming more challenging. As new products are added, the list of prices, labels, and product descriptions has grown. Product data tends to become unmanageable rapidly. For instance, if a company aims to reach different demographics or explore new communication platforms, it typically needs to adjust its product messaging and pricing. When new suppliers join, they also refresh product catalogs and descriptions. Arranging product information by hand is a time-consuming and costly task. Not having a standardized system to manage data sharing among various teams leads to several difficulties, such as the potential of providing consumers with inaccurate or outdated information. Therefore, many e-commerce companies are embracing these tools in order to provide a smooth experience for both customers and employees.

Product Information Management Market Overview

Product information management solution is compatible with many e-commerce platforms, ERP software, and CRM systems, allowing for easy access to current product information within all departments of a company. Moreover, they are essential for e-commerce businesses that have constantly changing sales tactics, product offerings, and marketing communications.

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Product Information Management Market: Strategic Insights

Product Information Management Market Drivers and Opportunities

Increasing Need for Effective Data Management to Fuel the Market Growth

Every day, several products are offered through e-commerce sites, and efficient product information management is critical to success. This solution has various features that are extremely beneficial to e-commerce websites. The key benefit of these solutions is the ability to centralize all product information into a single repository. Thus, details such as photos, product descriptions, pricing, and specs, among others, are saved in a single location. Furthermore, this solution ensures that information is consistent across all networks, including websites, social media platforms, and markets. Any updates or modifications made to the system are automatically mirrored, resulting in a more consistent brand image and better customer experience.

Enhancing the Value of the Customer's Experience to Support Market Growth

PIM solutions provide customers with constant access to detailed and relevant product information. As a result, the frequency of product returns and complaints has decreased. It also reduces the number of abandoned shopping carts. It enables the instant introduction of new products to customers. Customers can also view how much stock is available in case they wish to buy something. Business representatives can also improve their customer service by using the information they have access to. Customers can perform research before moving to the checkout section to complete the purchase of their desired goods.

Cost-Saving Feature– An Opportunity in the Market

Using reliable product information management software can help you save money on operational and supply chain expenses. Correct information decreases management risks and helps you avoid the costs that come with wrong product data. Companies can restore out-of-stock items before customers file a formal complaint. Aside from that, suppliers use PIM data to audit and optimize their delivery procedures.

Product Information Management Market Report Segmentation Analysis

Key segments that contributed to the derivation of the product information management market analysis are component, deployment, organization size, and vertical.

• Based on component, the market is bifurcated into solutions and services. The solutions segment held a significant market share in 2023.
• In terms of deployment, the market is divided into on-premises and cloud. The on-premises segment held a substantial share of the market in 2023.
• Based on organization size, the market is segmented into SMEs and large enterprises. The large enterprises segment held a substantial share of the market in 2023.
• In terms of vertical, the market is divided into BFSI, healthcare, IT & telecom, manufacturing, retail & e-commerce, transportation & logistics, and others. The BFSI segment held a significant market share in 2023.

Product Information Management Market Share Analysis by Geography

The geographic scope of the product information management market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

Asia Pacific is expected to experience the fastest growth rate over the projection period. The region is experiencing rapid population expansion, as well as increased Internet usage and digital commerce. Furthermore, rural areas in numerous developing countries are seeing increased penetration of network access and 5G. The region is undergoing a digital change, with numerous countries launching smart city initiatives. Such tendencies immediately promote Internet use and digital commerce in the region.

Furthermore, in populous nations such as India and China, a number of e-commerce firms are joining the retail sector to meet the growing demand for digital commerce. China is considered to have the world's largest e-commerce market, accounting for over half of all transactions. Domestic e-commerce platforms such as Alibaba's Taobao and Tmall, JD.com, Pinduoduo, Kaola, Xiaohongshu, Dianping, Suning, Gome, Yihaodian, Vipshop, Dangdang, Mogujie, and JuMei all contribute significantly to the sector's growth. Similarly, India has Flipkart, Amazon, Nykaa, Myntra, Ajio, and Lenskart. The region's thriving e-commerce sector is creating demand for a variety of product information management solutions.

The regional trends and factors influencing the Product Information Management Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Product Information Management Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Product Information Management Market Report Scope

Product Information Management Market Players Density: Understanding Its Impact on Business Dynamics

The Product Information Management Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Product Information Management Market News and Recent Developments

The product information management market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• inriver, the leading software company powering the entire product journey with revenue-driving product information management (PIM) across every customer touchpoint, unveiled the inriver Brand Store, a self-service digital storefront providing a centralized and secure way to distribute product information. Today’s inriver Brand Store launch continues the company’s commitment to evolving the product information management space with its new breed of PIM.

(Source: inriver, Press Release, 2023)

• Pimly, the first ever Product Cloud, makes Salesforce the source of truth for critical product information, allowing employees, prospects, partners, and customers to become experts on product information.

(Source: Pimly, Company Website, 2023)

Product Information Management Market Report Coverage and Deliverables

The “Product Information Management Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Product information management market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Product information management market trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Product information management market analysis covering key market trends, major players, regulations, and recent market developments
• Product information management industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles