(Wireless-NewsWire.Com, December 18, 2019 ) According to research report "Product Information Management Market by Software(Single Domain, Multi-Domain), Service Type (Consulting and System Integration, Training, Support and Maintenance), Deployment ,User Type, Industry, Region - Global Forecast to 2021", The market is estimated to grow from USD 5.11 Billion in 2016 to USD 15.78 Billion by 2021, at an estimated CAGR of 25.3%.
The new business avenues include better customer relationship, reduction in IT infrastructure maintenance cost, improved time-to-market, and symbiotically analyzed business segments within the organizations present across the globe. The rising demand compliance and verification and need for operational excellence and data quality are driving the PIM market.
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The biggest challenge for PIM is the diversified governmental regulations and policies present across domestic and international borders, which continually are subjected to variation. The vendors in the PIM market are continuously innovating and remodeling their present revenue model and technology to develop more proficient and advanced software.
Increase demands for cloud-based deployment of PIM solution
With the increasing complexity pertaining to maintaining and managing this data, organizations are widely considering cloud-based deployments for implementing the central repository for their master data. Since master data and its sub-set reference master data are extremely crucial for ensuring business continuity among organizations, the large enterprises and SMBs are deploying cloud-based PIM solutions chiefly for the flexibility and freedom in usage it offers.
With cloud-based PIM solutions, organizations can easily minimize their upfront costs, manage data quality, increase their Return on Investment (RoI), and elevate their customer base. Hence, large enterprises are gradually shifting to cloud-based PIM solutions.
The North American region is expected to dominate the Product Information Management market during the forecast period (2016–2021)
North America has been an extremely open market towards PIM solutions. The indispensable need to maximize value from the centralized master and reference data followed by the ongoing demands to gain meaningful insights from this consolidated master data has categorically driven the master data adoptions in North America. Furthermore, this region has been extremely responsive towards adopting the latest technological advancements such as integration of big data and BI tools within PIM solutions.
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Some of the key players of the PIM market are Oracle Corporation, SAP AG, IBM Corporation, Informatica, Stibo Systems, Riversand Technologies, Inc., and Pimcore among others.
PIM market has been segmented into following types. Software type of PIM includes single domain and multi-domain. Deployment models of PIM are segmented into cloud and on-premises. Service type of PIM includes consulting & system Integration and training, support, and maintenance. User types are segmented into Small and Medium Enterprises (SMEs), and large enterprises. Industries are further classified into Banking, Financial Services and Insurance (BFSI); media and entertainment; healthcare; it and telecommunication; retail; manufacturing; government; transportation and logistics and others. Furthermore, the report classifies the market according to the regions of North America, Europe, APAC, MEA, and Latin America.
Mr. Shelly Singh