New York City, NY, 27 February, 2020/ 24 Market Reports: It is estimated for the global product information management market to grow from USD 7.3 billion in 2019 and reach that of USD 11.1 billion by 2024, witnessing the growth at a CAGR of 10.0% during the forecast period of 2019 to 2024. Growing need to gain real-time visibility into data to reduce Time to Market (TTM) and increasing need for eliminating data inconsistencies across multiple data silos are the factors that are estimated to drive the growth of the market during the forecast period.
Solutions segment to hold the larger share in the market during the forecast period
Solutions and services are the segmentation for the market based on component. During the forecast period, it is estimated for the solutions segment to hold the larger share in the market. PIM solutions collect and combine product information, such as product attributes, specifications, and taxonomies, from multiple sources, enabling companies to optimize product data synchronization and publishing, ensure faster TTM, increase brand awareness, drive online traffic and sales, and enhance customer experience and satisfaction and these factors are driving the growth of the segment in the market during the forecast period.
The on-premises segment to hold the larger share in the market during the forecast period
As many companies across industry verticals, such as Banking, Financial Services, and Insurance (BFSI), and healthcare and life sciences, still use on-premises solutions to maintain complete control over their data and IT infrastructure and customize solutions according to their requirements, the adoption of on-premises PIM solutions is high during the forecast period. Diverse data and design requirements, and sufficient resources among large enterprises are also the factors that are adding to the adoption of on-premises PIM solutions.
Large enterprises to acquire the majority of the share in the market during the forecast period
Owing to their distributed systems, extensive product portfolio and economies of scale the adoption of PIM solutions among the large enterprises is been rising. Data inconsistencies and poor data syndication may lead to the loss of customers. These factors are increasing leading to the high adoption of PIM solutions among the large enterprises during the forecast period.
North America to lead the global product information market during the forecast period
North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America are the segmentation for the market based on geography. During the forecast period, it is estimated for North America to account for the largest share in the market. The growing presence of a large number of PIM vendors and increasing adoption of advanced technologies to reduce manual tasks and streamline workflows among North American enterprises are the factors that are driving the growth of the market in the region during the forecast period.
The following are the major objectives of the study:
- To define, describe, and forecast the global product information management market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global product information management market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global product information management market and their future potential during next decade?
- How competitive landscape is evolving in global product information management market?
Major Industry outlook Of Product Information Management Market
