Rapid e-commerce growth, increasing product data complexity, data governance requirements, & demand for personalized customer experiences drive the PIM market.
PORTLAND, OREGON, UNITED STATES, July 7, 2023/EINPresswire.com/ — The global Product Information Management Market Size was estimated to be worth $9.90 billion in 2019, and it is anticipated to rise to $59.25 billion by 2027, at a CAGR of 25.2%.
A product information management (PIM) system makes it easier to manage product information centrally. It helps different organizations integrate various product data that has been gathered from various information sources, such as core product data (product name, title, and description), product attributes (SKU, cost, and pricing), product specifications (such as dimensions, warranty, and packaging information), product-related metrics, omnichannel product information, extended channel information, and store-specific data, like product catalogs and POS registers.
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With the exponential growth of e-commerce, businesses are facing the challenge of managing vast amounts of product information across multiple channels. PIM solutions offer centralized data management, enabling companies to efficiently handle product data, ensure accuracy, and deliver consistent information to customers across various online platforms.
As product catalogs expand and become more diverse, managing complex product data becomes crucial. PIM solutions provide the necessary tools to organize, categorize, and enrich product information, allowing businesses to handle intricate attributes, relationships, and variations effectively. This drives the adoption of PIM systems to streamline data complexity and ensure consistency.
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Businesses across industries are recognizing the importance of data governance and compliance. PIM solutions offer robust data management capabilities, including data validation, data quality control, and data governance frameworks. These features enable organizations to maintain data integrity, adhere to regulatory requirements, and ensure consistency in product information across various systems and channels.
Delivering personalized customer experiences is a top priority for businesses seeking a competitive edge. PIM solutions provide a centralized hub for managing and enriching product data, enabling organizations to create tailored product experiences for individual customers. By leveraging accurate and consistent product information, companies can enhance customer satisfaction, drive engagement, and increase conversions.
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The key players operating in the global product information management industry include Oracle, SAP SE, IBM, Informatica LLC, Akeneo, Pimcore, Salsify, Riversand, Stibo Systems, and Inriver. This study includes PIM market trends, market analysis, and future estimations to determine the imminent investment pockets.
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Article originally published on www.einpresswire.com as Product Information Management Market Size to Register Impressive Growth Driven by Increasing Product Data Complexity