Product Information Management (PIM) software enables companies to efficiently manage and share product information across departments and various sales channels. It allows centralized management of product contents such as description, features, specifications, pricing and other critical data. This helps organizations maintain consistent and accurate product information which can be easily customized and syndicated based on customers’ needs. The global Product Information Management Software (PIM) Market is estimated to be valued at US$ 24.01 bn 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:
Enabling rapid communication between teams and departments has been one of the major trends driving the growth of PIM software market. PIM solutions help sharing of unified product information across different functions such as marketing, sales and customer support teams. They ensure availability of updated product database in real-time to all stakeholders. Traditionally, such communication used to happen through emails or file sharing which was ineffective and time-consuming. PIM automates synchronization of product content and specifications between systems, thereby streamlining internal workflows and accelerating commercial processes. This has widely helped businesses improve productivity and enhance customer experience.
Segment Analysis
The global Product Information Management Software (PIM) market is segmented based on component, deployment mode, organization size, vertical and region. The solution segment is expected to hold largest market share in coming years owing to increasing need for centralized management of product data across various channels. The cloud segment is expected to grow at highest CAGR during the forecast period due to benefits such as reduced costs, ease of deployment and maintenance. Large enterprises are dominating currently however small and medium enterprises are expected gain more traction in near future. Retail and e-commerce sector is the leading vertical for PIM software as it helps companies maintain consistent and accurate product information for digital channels. North America is expected to remain leading region followed by Europe and APAC.
Key Takeaways
The global Product Information Management Software (PIM) market is expected to witness high growth during the forecast period from 2024 to 2031 driven by increasing need for centralized management of product data across various sales channels.
Regional analysis: North America is currently the dominant region for PIM software market. However, Asia Pacific region is expected to offer lucrative growth opportunities owing rapid adoption of digital transformation initiatives across industries in countries such as China and India. Countries in Europe and Latin America are also expected to present significant demand for PIM solutions during the forecast period.
Key players: Key players operating in the Product Information Management Software (PIM) market are Akeneo, Salsify Inc., Catsy, Plytix, Syndigo LLC, Pimcore, inRiver, PropelPLM, Inc., and Syndigo LLC. These players are focusing on various organic and inorganic strategies such as new product launches, partnerships and acquisitions to expand their product portfolio and global footprint. For instance, in 2023 Akeneo acquired Pimcore to enhance its product data management capabilities. EnterWorks and Sales Layer are other prominent players in the global PIM market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
