According to a new market research report "Catalog Management Systems Market by Component, Deployment Type, Organization Size, Industry Vertical (IT and Telecom, Retail and eCommerce, BFSI, Media and Entertainment, Travel and Hospitality), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market is expected to grow from USD 846.6 million in 2018 to USD 1,190.0 million by 2023, at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period.
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The increasing need to organize and present consistent product information to customers across all channels has led to the adoption of catalog management systems. With an increase in the adoption of cloud-based catalog management solution and services among Small and Medium-sized Enterprises (SMEs), the Catalog Management Systems Market is expected to gain traction during the forecast period.
Professional services segment to grow at the highest CAGR during the forecast period
The professional services segment is expected to gain traction during the forecast period. Professional services are mostly post-sales services that are delivered to customers after the purchase of a product. These services include designing, planning, upgrading, and a host of other consulting services that are offered to clients. The professional services team offers comprehensive services through the latest techniques and tools, skills, knowledge, and strategies to address an organization's catalog management needs. Companies offering these services comprise consultants, solution experts, and dedicated project management teams that specialize in designing and delivering a robust catalog management system.
On-premises deployment type to hold a larger market size during the forecast period
The on-premises deployment type is expected to dominate the Catalog Management Systems Market by deployment type during 2018-2023. On-premises solutions are delivered for a one-time license fee, along with a service agreement. As the on-premises deployment requires huge infrastructure and a personal data center, only those organizations that can afford its deployment cost usually deploy this model. Therefore, the SMEs, with their limited resources, often face the dilemma of choosing between the cloud and on-premises solutions. The on-premises deployment model offers several advantages, such as system and data control, and dedicated maintenance and support staff.
North America to hold the largest market size in the global Catalog Management Systems Market
North America is expected to hold the largest market size in the global Catalog Management Systems Market, as the region is extremely responsive toward the adoption of latest technological advancements. Whereas Asia Pacific (APAC) is expected to grow at the highest CAGR, and has become a new hotspot for catalog management system vendors as a revenue generating region.
Major vendors offering catalog management systems solution and services across the globe include IBM (US), SAP SE (Germany), Oracle (US), CA Technologies (US), Coupa Software (US), ServiceNow (US), Proactis (UK), Fujitsu (Japan), Comarch (Poland), Zycus (US), GEP (US), Insite Software (US), Plytix (Denmark), Vroozi (US), Salsify (US), Mirakl (France), Ericsson (Sweden), SellerCloud (US), Sigma Systems (Canada), Vinculum (India), Claritum (US), eJeeva (US), SunTec (India), cellent (Germany), and Amdocs (US).
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