The global Product Information Management Market size is expected to grow from USD 9.0 billion in 2020 to USD 16.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.2% during the forecast period. The major factors driving the growth of the PIM industry include exponential growth in the eCommerce industry and incorporation of advanced technologies in PIM solutions.
The large enterprise segment to hold the largest market size during the forecast period
The adoption of PIM solutions and services is higher in large enterprises, and the trend is expected to continue during the forecast period. PIM systems offer a single centralized system, to manage products information across the sectors. Hence, large enterprises heavily invest in advanced technologies to increase their overall productivity and efficiency. The demand for flexible, scalable, and convenient services by large enterprises is expected to encourage the market players to come up with newer technologies and innovative solutions.
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Media and Entertainment to record the fastest growth rate during the forecast period
As most of the population are staying at home, the usage of media and entertainment has increased with double digit growth. Additionally, PIM offers high visibility, scalability and service optimization that can tackle challenges occurred due to sudden increased demand in media and entertainment industry vertical.
Major PIM vendors include Oracle (US), IBM (US), SAP (Germany), Informatica (US), Winshuttle (US), Stibo Systems (Denmark), Akeneo (France), Aprimo (US), Riversand (US), Contentserv (Switzerland), inRiver (Sweden), Magnitude Software (US), Salsify (US), Plytix (Denmark), Pimcore (Austria), Mobius (India), Perfion (Denmark), Profisee (US), censhare (Germany), Viamedici (Germany), TrueCommerce (US), Syndigo (US), PIMworks (US), and Vinculum (India). These market players have adopted various growth strategies, such as partnerships, agreements & collaborations, and new product enhancements to expand their presence in the PIM market. Product enhancements and collaborations have been the most adopted strategies by major players from 2018 to 2020, which helped companies innovate their offerings and broaden their customer base.
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SAP is one of the leading players in the PIM market. Currently, SAP is working toward enhancing its market share and presence with inorganic and organic growth strategies, such as partnerships, acquisition and product enhancements. For instance, in August 2019, SAP launched the SAP Product Content Hub PIM solution. It is a cloud-based PIM solution. Its capabilities include product data management, product data model management, users and workflows, and data feed management. This new product offers master product data for customer-facing systems, including the SAP Commerce Cloud Solution, and its user interface allows business users to effectively create and manage high quality product data across marketing channels.
Akeneo is a growing player in the PIM market. The company focuses on organic and inorganic growth strategies to improve its position in the PIM industry. For instance, in July 2019, Akeneo launched Akeneo Connector for Magento 2, an Akeneo PIM-powered extension that helps users export product information from Akeneo PIM to Magento eCommerce platform. Built on PIMGento 2 API developed by Agence Dn’D, the new extension is fully compatible with latest version of both Akeneo PIM Enterprise Edition and Magento 2.
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