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PIM or Product Information Management software allows centralized management of product data across all channels including e-commerce sites, offline retail channels and marketplaces. It enables organizations to maintain consistent, accurate and up-to-date product information. PIM solutions help synchronize product catalogues, images, documents, prices and other critical metadata across sales channels for seamless omni-channel experiences. The use of PIM eliminates errors due to outdated or inconsistent product data. It streamlines processes like product launches, inventory management and marketing campaigns. PIM being cloud-native ensures easy accessibility of product information from anywhere. The global Product Information Management Software Market is estimated to be valued at US$ 24.01 billion in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the PIM market is the rise of AI and machine learning capabilities. Vendors are integrating AI/ML into their PIM solutions to automate processes like product data classification, normalization, enrichment and syndication. AI helps validate product data for accuracy and consistency. It also enables functions like predictive analytics and personalization. Machine learning improves data quality over time by learning from historical patterns and anomalies. Integration of AI is allowing PIM solutions to handle large product volumes and complex product hierarchies with ease. It is improving productivity and fueling the demand for next-generation cognitive PIM platforms.
Porter’s Analysis
Threat of new entrants: Low as PIM software requires high capital investments and existing players have established brand identity.
Bargaining power of buyers: Moderate as there are many players but buyers look for unique product features.
Bargaining power of suppliers: Low as suppliers have less influence on prices due to availability of substitutes.
Threat of new substitutes: High as alternate product data management tools can be used.
Competitive rivalry: Intense as major players differentiate through product innovations and customer service.
Key Takeaways
The global Product Information Management Software (PIM) market is expected to witness high growth.
Regional analysis comprises- The Asia Pacific region is expected to grow at the fastest pace during the forecast period led by increased spending on digital transformations across industries in major countries like China and India.
Key players operating in the Product Information Management Software (PIM) market are Akeneo, Salsify Inc., Catsy, Plytix, Syndigo LLC, Pimcore, inRiver, PropelPLM, Inc., Syndigo LLC, EnterWorks and Sales Layer. They are focusing on developing innovative product features to gain more customers.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
