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Product Information Management Market size is slated to cross USD 23 billion by 2035, witnessing around 11% CAGR from 2023 to 2035. In the year 2022, the industry size of lithium hydroxide was USD 10 Billion. Mobilephones and online shopping are creating lucrative opportunities for PIM solutions. To ensure accurate, up-to -date product information is available to customers, businesses need PIM solutions to manage large amounts of product data. Over 2.2 billion people were expected to purchase goods and services online in 2022, as eCommerce sales reached 20% of retail sales worldwide.
Companies are increasingly looking for solutions to store, manage, and distribute product information quickly and efficiently due to the need for accurate and up-to-date product information for marketing, sales, and customer service activities. Product information management solutions provide the necessary infrastructure to help companies meet these demands.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 11% |
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Base Year Market Size (2022) |
~ USD 10 Billion |
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Forecast Year Market Size (2035) |
~ USD 23 Billion |
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Regional Scope |
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Deployment (On-premise, Cloud)
An estimated 54% of the market is set to be captured by the on-premise segment by 2035. There is a growing demand for integrated customer experiences, a growing need for efficient product information management, and an increasing adoption of enterprise-wide solutions for product information management. The need to customize products and services is growing as customers become more informed and demanding. A business's ability to control data and processes is increased with on-premise solutions.
Enterprise Size (Large Enterprises, Small & Medium-Sized Enterprises)
Product information management market from the large enterprises segment is set to gain a significant share of about 53% in the year 2035 benefitting from the increasing trend of digital transformation across the world. Furthermore, enterprises are willing to invest more in PIM solutions due to the growing demand for better customer experience, faster time-to-market, and better operational efficiency. These solutions enable companies to manage their vast amount of product-related data in one central location and ensure that this data is accurate and up to date.
Our in-depth analysis of the market includes the following segments:
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Offering |
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Deployment |
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Enterprise Size |
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End User |
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North America Market Forecast
In North America, the product information management market is predicted to grow by 35% by 2035. In the region, there are many well-established companies with highly developed IT infrastructures that invest heavily in PIM technologies. In the United States, private investment in computers & software is estimated to be worth USD 1270 billion. The region also has an increasing demand for digital products such as e-books, software, and web-based applications, and the need to manage product information across multiple channels, driving the demand for PIM solutions.
Asia Pacific Market Analysis
The Asia Pacific product information management sector to register a share of about 27% by 2035. The region continues to focus on digital transformation initiatives and is becoming more aware of the benefits of PMS. In 2022, 16% of Chinese companies made decisive investments in adopting and scaling digital technologies, indicating steady progress in digital transformation. A report predicts that digital transformation spending in India will amount to USD 84 billion by 2026. The increasing use of digital platforms in the region has necessitated the need to store and manage product information. PMS enables companies to easily organize, store, and access product data.
Author Credits: Abhishek Verma, Hetal Singh
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