The Product information Management software industry was valued at USD 8.27 billion in 2019 and is expected to reach USD 31.84 billion by 2025, at a CAGR of 25.2 percent between 2020 and 2025. The Product information management (PIM) solutions are a set of mechanisms and tools that unify and conduct a company’s product information in order to allow a single, accurate view of product evidence. PIM provides a centralized platform for managing data on a company’s products and supplies in a cost-effective manner. PIM inspires the preservation of consistent and high-quality product data and material for all consumers.
– A PIM system assists various organizations in integrating various product information collected from various information sources, such as core product data (product name, title, and description), product attributes (SKU, cost, and pricing), product specifications (e.g., dimensions, warranty, and packaging information), product-related metrics, omnichannel product information (e.g., mobile copy), and extended channel product information (POS registers and product catalogs).
– With the massive increase in data generation, data and information have become the backbone of organisations and businesses. Because of the growing trade for providing a better customer experience, more professionals have begun to pay attention to product information management (PIM) systems. In 2018, for example, Adobe discovered that companies with the best omnichannel customer engagement approach saw a 10% year-on-year growth, a 10% increase in average order value, and a 25% increase in close rates.
– The PIM software has gained significant traction as a result of its growing application in the retail and e-commerce industries. It is assisting offline retail outlets in expanding into digital spaces, as well as new approaches, such as Amazon Go, that use customer data to build their product. With the growth of retail and e-commerce businesses, as well as the increasing amount of product data to regulate, the use of PIM systems is increasing.
– Furthermore, the need for Software-as-a-Service (SaaS) versions of business applications has risen dramatically in recent years. Cloud-based PIM is becoming more popular among organisations that value ease of deployment and collaboration, affordability, and scalability.
– The COVID-19 pandemic has automatically increased the existing trend toward digital marketplaces in the near future. According to the Flexera 2020 State of the Cloud Report, 93 percent of projects have a multi-cloud approach, and 87 percent have a hybrid cloud strategy. Furthermore, 20 percent of enterprises allocate more than USD 12 million per year on public clouds, and 59 percent expect cloud usage to exceed prior plans as a result of the COVID-19 situation. This will increase the approval of cloud-based PIM offerings, creating events for vendors.