Research Nester assesses the growth and market size of the global product information management market which is anticipated to be on account of the increasing demand for accurate product data and up-to-date product information across various industries, such as retail, manufacturing, healthcare
Research Nester’s recent market research analysis on “Product Information Management Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global product information management market in terms of market segmentation by offering, deployment, enterprise size, end user and by region.
Ever-Increasing Growth of Data Generation to Promote Global Market Share of Product Information Management
The growing generation of data is expected to drive the growth of the global product information management market. The amount of data generated in 2020 was about 115 zettabytes. By 2025, the amount of data generated will be over 180 zettabytes. As technology advances, businesses are collecting more and more data on their products and services. This requires a system to store and manage this data in an organized manner, which is where product information management comes in. It provides a single source of truth for product data, allowing businesses to make informed decisions based on this data.
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Some of the major growth factors and challenges that are associated with the growth of the global product information management market are:
Growth Drivers:
• A growing need for product data analysis and monitoring
• Continuous growth in the retail sector
Challenges:
A major hurdle to the growth of the global product information management market is the threat of data security and privacy breaches. In the digital age, data security, and privacy are becoming increasingly important. Consumers are more aware of their data being collected and shared, and as a result, they are more likely to be wary of companies that lack a strong security infrastructure. This can lead to a decrease in consumer confidence and trust, which can negatively impact the global market size of product information management.
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Product information management is segmented by deployment into on-premises and cloud. The on-premise segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period because on-premise solutions are seen as more secure and reliable, as the data is stored in the company's servers. Additionally, on-premise solutions can be customized to suit the needs of the company, while cloud solutions are often more limited in terms of customization. Furthermore, companies prefer to have control over their data and the ability to manage it in-house, thus leading to an increase in the adoption of on-premise solutions.
Among the regions, North America has the highest revenue forecasts for product information management by 2035. According to forecasts, this growth will occur because North America has the most sophisticated and advanced technology infrastructure compared to other regions, which makes it easier for businesses to implement digital transformation initiatives and invest in product information management systems. Moreover, the region has the most developed economy in the world and the highest number of businesses that have implemented product information management solutions.
This report also provides the existing competitive scenario of some of the key players of Akeneo, Informatica LLC, Riversand Technologies, Inc., SAP SE, Salsify Inc., Pimcore, IBM Corporation, Aprimo, Magnitude Software, and Driver.
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