CHICAGO, Feb. 17, 2020 /PRNewswire/ -- According to a new market research report "Product Information Management Market by Component (Solutions and Services), Deployment Type, Organization Size, Industry Vertical (Consumer Goods and Retail, Manufacturing, and Transportation and Logistics), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global PIM market size is expected to grow from USD 7.0 billion in 2019 to USD 11.4 billion by 2024, at a CAGR of 10.2% during the forecast period.
Key factors driving the PIM market include the growing need to gain real-time visibility into data to reduce Time to Market (TTM) and growing need for eliminating data inconsistencies across multiple data silos.
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Large enterprises segment to hold a larger market size during the forecast period
The adoption of PIM solutions is high among large enterprises, due to distributed systems, extensive product portfolio, and economies of scale. Data inconsistencies and poor data syndication may lead to the loss of customers. These factors are responsible for the high adoption of PIM solutions among large enterprises.
Media and entertainment industry vertical to grow at the highest CAGR during the forecast period
The growing need for high-performance technologies to improve synchronization and publication of information about product attributes, such as media clips, sound recording, images, and text files, is responsible for the highest CAGR of the media and entertainment segment. PIM solutions can manage both digital as well as non-digital information for better syndication to improve overall customer experience and customer satisfaction which is highly beneficial for enterprises across the media and entertainment industry vertical.
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North America to account for the highest market share during the forecast period
North America has always been at the forefront of adopting advanced technologies and has depicted a high adoption of data management technologies. With this, many companies in North America are increasingly adopting PIM solutions to achieve better collection, cleansing, and enrichment of product content for quickly informing customers and suppliers about new products and product changes. The direct presence of many major PIM vendors in North America has further added to the high adoption of PIM solutions in North America.
The global Product Information Management Market comprises major solution providers, such as IBM (US), SAP (Germany), Oracle (US), Informatica (US), Stibo Systems (Denmark), EnterWorks (US), Akeneo (France), Riversand (US), Contentserv (Switzerland), inRiver (Sweden), Magnitude Software (US), Salsify (US), Plytix (Denmark), Pimcore (Austria), Mobius (India), Catsy (US), Perfion (Denmark), Profisee (US), censhare (Germany), and Vinculum (India). The study includes an in-depth competitive analysis of the key players in the PIM market, along with their company profiles, recent developments, and key market strategies.
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