by Product information management software (PIM) provides a centralized platform for creating, managing, distributing, and syndicating digital product content. PIM software ensures seamless integration of product information across channels and geographies for multi-site and multinational organizations. The global Product Information Management Software (PIM) Market is estimated to be valued at US$ 15.79 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for enhanced product data management has been propelling the PIM market growth. PIM software facilitates streamlined product data management by providing a single source for accurate and updated product information. It eliminates redundant data and ensures consistency across departments and systems. Increasing reliance on optimized product data management for enhanced customer experience and improved sales productivity has boosted the adoption of PIM solutions in recent years.
SWOT Analysis
Strength: PIM software helps businesses centralize product information to improve internal collaboration and ensure consistency across all sales channels. It provides a single source of truth for product data.
Weakness: Integrating PIM software with existing systems can be challenging for some companies. Not all organizations have the in-house technical expertise required for implementation.
Opportunity: Growing need to synchronize product information across multiple channels like e-commerce sites, mobile apps, print catalogs etc. is driving increased adoption of PIM solutions. The expanding retail landscape presents new opportunities.
Threats: Competition in the PIM market is intense with many vendors offering similar capabilities. Customers may switch to alternative providers if existing solutions fail to keep up with their evolving needs. Budgetary constraints can also limit spending on new systems.
Key Takeaways
The Global Product Information Management Software Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to increase from US$ 15.79 billion in 2024 to over US$ 20 billion by 2030, registering a CAGR of around 3.9%.
Regional analysis: North America currently dominates the PIM software market, followed by Europe. The strong presence of leading vendors and early adoption of innovative technologies support market growth in these regions. However, Asia Pacific is anticipated to offer lucrative opportunities owing to rapid digital transformation of enterprises across industries in countries like China, India and Japan.
Key players: Key players operating in the Product Information Management Software market are Crown Technology, Inc., Venator Materials PLC, Verdesian Life Sciences, LLC. Major players are focusing on enhancing their product offerings with new features to better address evolving customer needs. They are also looking at strategic collaborations and acquisitions to expand their geographic footprint and strengthen market position.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
