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The global product information management (PIM) market is driven by the increasing need for centralized system. Centralized data storage enables companies to organize and manage all the data related to its product in an efficient manner. Product information management provides secure and safe access to the information stored in the centralized database. Access to any information is provided to the user only after the completion of all the required verification of security credentials. Some of the other factors driving the growth of the product information management market are development of new business areas in the organization and increasing demand for data quality and operational excellence.
Procurement systems and platforms such as online marketplaces are based upon electronic catalogs. Product information systems enable covering descriptive product information in the form of content into a catalog management solution, where the products are managed and grouped for specific target markets. Among the various end users, it is estimated that PIM market in the banking, financial services and insurance (BFSI) industry is expected to witness high growth during the forecast period.
Product information management provides a centralized system for improving the efficiency of promotional activities. The distribution channels of business organizations are efficiently managed using product information management systems. The integration of business intelligence applications and big data with cloud storage and consolidation of integrated vendor offerings are expected to create huge growth opportunities for the PIM providers during the forecast period. However, the restraint hampering the growth of the global market are lack of awareness, data inaccuracy and lack of expertise having complete knowledge to operate the product information management system.
Product information management ensures the data quality with the help of strategic data techniques and facilitates quick and easy access to the repository of information. The main motive of a product information management from a technical perspective is to extract, prioritize and manage data from various sources. The functional perspective of product information management is to transmit the product information to customers.
PIM is a software solution that effectively manages large number of products across multiple locations and sales channels. PIM customize the products and align it with the needs and expectations of the customers, reduces the time to market the product and increase product data quality. The PIM software consolidates the product data available internally from ERPs, operational support systems, data warehouses and websites, the data provided by data aggregators such as CNet and Icecat, and data which is managed and provided by the manufacturers, suppliers or vendors.
Geographically, North America is the largest market for product information management. The emerging demand to maximize value from the centralized master data and reference data, with ongoing demands of gaining meaningful insights from this consolidated master data is expected to further influence the adoption of PIM systems positively in the North American region during the forecast period. The market in Asia-Pacific is expected to witness potential growth opportunities owing to the fast adoption of multi-domain PIM software which is expected to enable better services in terms of performance, quality and capacity during the forecast period.
Some of the key players of global product information management market are IBM Corp., Oracle Corp., Red Hat, Inc., Software AG, Pegasystems Inc., Open Text Corp., and BP Logix.
Global Product Information Management Market Segmentation:
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