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At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Product Information Management Market. We are working diligently to help companies take rapid decisions by studying:
- The impact of COVID-19 on the Product Information Management Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
- The rapid shifts in the strategies of the Top 50 companies in the Product Information Management Market
- The shifting short-term priorities of the top 50 companies’ clients and their client’s clients
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The global Product Information Management Market size is expected to grow from USD 7.0 billion in 2019 to USD 11.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. Factors driving the market growth are the growing need to gain real-time visibility into data to reduce Time to Market (TTM) and increasing need for eliminating data inconsistencies across multiple data silos.
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.
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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.
The PIM 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.
The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements, and partnerships and collaborations have been the most dominating strategies adopted by the major players from 2018 to 2019, which helped them strengthen their offerings and increase their customer base.
Informatica (US) has a strong foothold in the PIM market due to its robust offerings. The company adopted various organic growth strategies and continues to enhance its expertise in the market. For instance, in December 2019, Informatica enhanced its Intelligent Data platform with new updates that include five AI-powered advances: 1) improved data cataloging, 2) improved data governance and privacy capabilities, such as automation and data categorization, 3) expanded integration and data management with advanced functionalities, and data quality support, spark data processing, and data ingestion, 4) advanced analytics, and 5) improved Customer Data Platform (CDP). These updates are expected to enhance Informatica’s solutions across its data management solution portfolio.
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IBM (US) is among the leaders in the PIM market, with prominent geographic presence, robust partners, and strong offerings. The company has alliances with many leading companies and adopted various organic growth strategies to maintain a strong foothold in the PIM market. For instance, in June 2019, IBM launched InfoSphere Advanced Data Preparation, a new data preparation solution, which uses ML and predictive models to format, structure, and enrich datasets for analytic processing and standard reporting. The solution features a visualization dashboard to display data preparation processes and progress of tracking data quality and lineage. The dashboard helps users improve their data operation processes.
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