Production Information Management Market

Rising demand for PIM solutions from flourishing ecommerce industry is driving the market growth

The consumers have access to a plethora of information about products and services, and they expect accurate and detailed information about the products they want to buy. PIM solutions provide eCommerce companies with a centralized platform to manage and distribute product information across all channels, including websites, mobile applications, marketplaces, and social media platforms. With the increasing demand for eCommerce products and services, the PIM market is expected to grow significantly during the forecast period.

Thus, the rising demand for PIM solutions from the flourishing eCommerce industry is driving the growth of the PIM market by providing a centralized platform for managing and distributing product information across all channels, improving data quality, reducing time-to-market, increasing sales, and enhancing the customer experience. Due to the PIM software's expanding use in the retail and e-commerce sectors, it experienced significant growth. It is enabling innovative concepts, like Amazon Go, in utilizing customer data to construct their product and helping offline retailers expand online.

PIM system use is increasing as a result of the growth of retail and e-commerce firms and the expanding volume of product data that must be maintained. According to India Brand Equity Foundation, in 2020, the Indian E-commerce market was valued USD 46.2 billion, and the market is anticipated to reach USD 188 billion by 2025.

However, Omnichannel syndication is the integration of all possible channels within a company, not the use of multiple channels at once. A growing trend in the industrial and retail sectors is seamless omnichannel syndication, which enables customers to contact with brands whenever and wherever it is most convenient for them. Organizations are choosing omnichannel syndication because omnichannel customers spend more on each transaction, produce more overall profit, and are worth more in the end than single-channel customers. Businesses are, however, being impacted by the lack of precise product information across numerous platforms.

In order to guarantee that product information is accessible for omnichannel across all channels, PIM can work with product syndication platforms like Productsup. Additionally, it is expected to accelerate market expansion during the anticipated time.

Moreover, Companies from a variety of industries recognize the need for an appropriate solution that can simplify the storage and curation of product data. This is explained by the fact that businesses want to get a competitive edge in the ever-changing digital market. Companies are shifting towards investing in PIM as a result of the marketplace's rapid change and competitors' introduction of cutting-edge capabilities, which is fueling the expansion of the production information management (PIM) market revenue.

The Global Production Information Management Market Industry experiences a surge in demand for data-driven decision-making processes. Organizations increasingly recognize the value of leveraging data analytics to enhance operational efficiency and optimize production workflows. This trend is underscored by the projected market growth from 10.7 USD Billion in 2024 to 32.0 USD Billion by 2035, reflecting a compound annual growth rate of 10.5% from 2025 to 2035. Companies are investing in advanced production information management systems to harness real-time data, enabling them to make informed decisions that drive productivity and reduce costs.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American PIM market area will dominate this market, owing to an increase in e-commerce traffic, and growing adopting this solution in the retail & e-commerce industry helps enhanced e-commerce sales in countries such as the U.S. and Canada across North America. In addition, the growing number of establishing health clubs and fitness facilities will boost market growth in this region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: PRODUCTION INFORMATION MANAGEMENT MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe production information management (PIM) market accounts for the second-largest market share due growing government efforts to spur growth in the retail, e-commerce, and manufacturing sectors. Further, the German production information management (PIM) market held the largest market share, and the UK production information management (PIM) market was the fastest growing market in the European region

The Asia-Pacific Production Information Management (PIM) Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because more people are shopping online and more nations in the region are utilizing high-speed broadband and the internet. There is a high need for this software in the e-commerce sector because to the expanding presence of international e-commerce companies in India and China, including Amazon, Alibaba, Snapdeal, Flipkart, and many more.

Moreover, China’s production information management (PIM) market held the largest market share, and the Indian production information management (PIM) market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the production information management (PIM) market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, production information management (PIM) industry must offer cost-effective items.

Services and solution providers are investing in R&D is one of the key business tactics used by services provider in the production information management (PIM) industry to benefit clients and increase the market sector. In recent years, the production information management (PIM) industry has offered some of the most significant advantages. Major players in the production information management (PIM) market, including SAP (US), Oracle, IBM (US), Informatica (US) and others, are attempting to increase market demand by investing in research and development operations.

SAP SE provides enterprise software to manage business operations and customer relations. SAP's software products are used by more than 440,000 customers in over 180 countries, and the company has more than 103,000 employees worldwide. SAP's core product is SAP ERP (Enterprise Resource Planning) software, which helps businesses manage their day-to-day operations, including financials, human resources, procurement, supply chain, and customer service. SAP has expanded its offerings to include solutions for business intelligence, analytics, mobile applications, cloud computing, and database management.

In Oct. 2021, Enterprise leader in process management and business process intelligence, Signavio, was bought by SAP SE. Through venture capital funds, SAP also assists business owners who want to create market-leading companies. The company offers SAP.io Fund, which focuses on strategic early-stage investments in enterprise software entrepreneurs and commits to investing up to 40% of investable cash. It is currently managed by Sapphire Ventures.

Oracle Corporation is a multinational technology company headquartered in Redwood City, California, USA. Oracle has over 135,000 employees and operates in more than 175 countries. Oracle's flagship product is the Oracle Database, which is a relational database management system widely used in businesses of all sizes. The company also provides a range of enterprise software applications for managing business operations, including financial management, supply chain management, and human capital management. Additionally, Oracle offers a suite of cloud-based applications and services, including software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS).

For Instance, in June 2020, Version 12.1 of the Oracle Product Information Management Implementation Guide has been launched by Oracle Corporation to allow users to build and maintain item catalogues and report templates that specify the responsibilities of users and customers.