Product Information Management (PIM) Market is Projected to Reach USD 17.9 Billion by 2027

Product Information Management (PIM) provides a quick snapshot of the products in a channel, and captures and uploads data, and maps it to the customer needs while validating, enriching, and augmenting the data in real-time and automate the creation of product information using data from multiple sources to help improve product assortment and achieve faster syndication of product data across channels. PIM involves data collection and transmission from one channel to another. The synchronization and publishing of the data across channels have been also involved with the PIM system.

Varied data and government regulations across industries and regions are hampering the market growth

Data security concerns have been growing rapidly and it is very crucial to protect individual data. Thus, the government organization and associations have created numerous regulations and guidelines across all industry verticals. Companies across industries and countries have varied regulations with which PIM companies, as well as industry participants, need to comply.

For instance, in countries like India, Government e-Marketplace (GeM) controlled by the Ministry of Commerce and Industry mandated for sellers to enter the Country of Origin while registering all new products on GeM.

Misapprehensions about data security and privacy risks are acting as a major restraint for the market

 For instance, recently in October 2020, Pfizer had suffered a data breach due to email addresses, home addresses, full names, and other HIPAA related information from unsecured cloud storage. Another, major reason that company is reluctant to adopt a cloud-based solution is system integration complexities. Hence, security and other compliance have been the organization of the primary concern across the globe are reluctant to adopt new solutions that involve data handling or shifting from one platform to another.

Global Product Information Management (PIM) Market: Competitive Landscape

The leading players in the global Product Information Management (PIM) product market includes, Oracle, SAP, IBM, Informatica, Pimcore, Akeneo, Inriver, Winshuttle, Riversand Salsify, Aprimo, Stibo Systems, Contentserv, Mobius, Perfion, Profisee, Censhare, Vinculum, Pimworks (US), Truecommerce, Vimedici, Magnitude Software, Plytix and Syndigo, and others, are expanding their presence in the market by implementing various business strategies.

Global Product Information Management (PIM) Market: Regional insights

North America catering the largest share and expected to witness significant growth in the Product Information Management (PIM) market during the forecast period. The high industry growth rate, with the emergence of new technology, is the major reason. The key providers are continuously upgrading their offerings to differentiate them from other competitors. This is achieved by various organic and inorganic strategies. Suppliers operating in the industry are continuously working on new development, technical expertise, and in-house capabilities.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global Product Information Management (PIM) market size & forecast. The report promises to provide recent technology trends of the Product Information Management (PIM) market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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