Product Information Management Market to grow at a CAGR of 14.37% during 2024-2028
The Product Information Management Market is expected to grow at a CAGR of 14.37% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10.87 billion. In today's business landscape, companies across sectors such as healthcare, retail, and financial services are investing in advanced technologies like artificial intelligence (AI) and machine learning (ML) to gain a competitive edge. AI-powered Product Information Management (PIM) solutions offer numerous benefits, including automatic product classification, anomaly detection, data enrichment through reputable sources, product grading, and contextual suggestions. These features enable businesses to streamline their product data management processes, gain valuable insights, and build a comprehensive view of their inventory. Moreover, AI-enabled chatbots integrated with PIM systems can enhance customer experience, leading to increased sales and profitability. By automating data analysis and providing real-time insights, AI-driven PIM solutions can help businesses make informed decisions, improve operational efficiency, and deliver superior customer service.
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Technavio analysts predict that the On-premises subsegment will lead the Deployment segment during 2024 and 2028 An on-premises Product Information Management (PIM) platform is a licensed software solution installed and managed on a company's own servers. This setup requires significant in-house resources, including specialized personnel for administration and maintenance. The installation process involves assessing infrastructure requirements, determining LAN/WAN bandwidth impact, granting access permissions, and securing internal approvals. For large-scale deployments or complex infrastructures, engaging a Systems Integrator may be necessary to ensure successful implementation. The on-premises model grants the license holder full control and responsibility over the software's care and integration.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish thriving e-commerce industry is driving up demand for pim solutions
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The Product Information Management (PIM) market is experiencing significant growth, particularly in the consumer goods industry, as businesses seek to improve product data quality and consistency across channels. Artificial Intelligence (AI) is playing a key role in this trend, with AI-powered PIM solutions enabling automation of data enrichment tasks, such as identifying product colors, weights, and ingredients from unstructured data sources. PIM systems help wholesalers and retailers manage and syndicate accurate product content to various sales channels, ensuring that product specifications, images, and other information are consistent and up-to-date. Cloud-based PIM solutions offer the added benefits of easy access, scalability, and cost savings. Security frameworks are also a crucial consideration for PIM systems, as they handle sensitive product data. Omnichannel syndication and eCommerce industry integration are other important features, allowing for seamless data distribution across multiple sales channels. Data syndication is a key aspect of PIM, enabling businesses to share product information with trading partners and marketplaces in real-time. Overall, PIM solutions are essential for businesses looking to streamline product data management and improve the customer experience.
According to Technavio, the global Product Information Management (PIM) market is a segment of the broader Application Software market, which falls under the IT Software market. The IT Software market encompasses organizations involved in the creation and distribution of application and system software, as well as database management software. The Application Software market specifically focuses on businesses that develop and provide software for specialized business or consumer applications, including enterprise and technical software, as well as cloud-based solutions. This market excludes entities classified under the Interactive Home Entertainment sub-industry and those producing System or Database Management Software classified under the Systems Software sub-industry.
The Product Information Management Market is experiencing significant growth, fueled by the thriving e-commerce industry is driving up demand for pim solutions. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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