Product Information Management (PIM) software allows organizations to centralize product information and maintain consistency across all sales and marketing channels by automating repetitive tasks. Global leaders increasingly rely on AI-powered PIM solutions to synchronize product catalogs, images, attributes, and descriptions for frictionless commerce. 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.
PIM solutions capture core product attributes once and allow selling organizations to focus on strategic priorities rather automated tasks. Products can be intuitively organized, enriched with multimedia content and made globally available through a single source of truth. PIM also ensures regulatory compliance and accuracy which is critical for high-value industrial goods. The need for intelligent product information management is growing with the expansion of sales channels, personalization at scale and emphasis on buyer convenience.
Market key trends:
The increasing adoption of automated trading is one of the key drivers augmenting the growth of the PIM software market. Automated trading uses algorithmic processes to analyze market data and execute trades when predefined criteria are met. Integrating PIM systems with automated workflows allows organizations to instantly update product catalogs when changes occur at any point in supply chain. This enables real-time availability across e-commerce sites, quote engines and other sales touchpoints. Automated content distribution reduces manual errors and improves consistency of customer experience. Advancements in ML and AI are further enhancing the ability of PIM tools to streamline product syndication for modern multichannel commerce.
Segment Analysis
The global product information management (PIM) software market is dominated by the multi-domain PIM segment. Multi-domain PIM solutions allow management of product information across various domains like e-commerce, procurement, planning, etc. through a centralized system. They offer synchronization of catalog data across all customer-facing channels. This helps companies reduce errors, maintain consistency of product information, minimize redundancy, and improve operational efficiency. Multi-domain PIM software has gained prominence as businesses focus on delivering seamless omni-channel experiences to customers.
Key Takeaways
The Global Product Information Management Software Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Technological advancements, growing e-commerce industry, and the need to enhance customer experience are driving increased adoption of PIM solutions.
Regional analysis: North America currently dominates the global PIM software market accounting for over 35% share. Significant presence of major PIM vendors and early adoption of technologies in the region support market growth. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by rising digital transformation initiatives in countries like China, India. Rapid expansion of e-commerce and manufacturing industries is propelling demand for PIM solutions to manage complex product lifecycles.
Key players operating in the product information management (PIM) software market are Crown Technology, Inc., Venator Materials PLC, Verdesian Life Sciences, LLC. These players are focusing on new product launches and partnerships to expand their customer base and offerings. For instance, Crown Technologies partnered with global B2B e-commerce platform TradeGecko to integrate its PIM platform with TradeGecko's catalog management system. This enables joint customers to centrally manage product content across sales channels.
For More Insights, Read: https://www.newswirestats.com/product-information-management-software-pim-market-demand-growth-and-regional-outlook-by-2030/
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