Product
Information Management Market: Overview
Product
information management (PIM) is a system which helps
companies to store all vital technological and promotional
information related to a software product. Using product information
management, this data is stored and integrated securely. Global
identification, coordination and networking of software product
information is facilitated with the help of PIM. Creation and
management of central database systems is also enabled due to PIM.
Using PIM, extraction of data related to any product is possible
without compromising on the compliance requirements and data quality.
It also reduces the time-to-market for newly launched products. PIM
streamlines the processes for generating, validating and broadcasting
the customer-ready product content.
Product
Information Management Market: Drivers
Rising demand for
centralized data storage of information related to products is
driving the PIM market. Centralized data storage is helping companies
to easily manage and organize all the data related to its products.
Data sources are updated with a single change in the centralized data
storage, saving time and cost required for data management. Also,
compliance and verification requirements are increasing due to the
growing number of threats to information security. PIM provides safe
and secure access to information stored in the centralized database.
Access is granted only after completing verification of all the
security credentials required.
PIM facilitates
quick and easy access to the repository of information, at the same
time strategic data storage techniques help in maintaining the data
quality. Indexing and linking helps in reducing the time required to
complete various processes related to data storage, increasing the
operational efficiency. Marketing and sales of products are important
processes to generate revenue. Furthermore, PIM enables manifestation
of products to achieve client centricity and unified customer view.
PIM provides a centralized system for improving the efficiency of
promotional activities. All the distribution channels are managed
effectively using PIM solutions. Integration of Big Data and business
intelligence applications with cloud storage offers tremendous growth
opportunities to the market. However, lack of awareness about the PIM
is hampering growth of the market. Also, data security concerns are
expected to restrain the market growth.
Product
Information Management Market: Segmentation
The PIM market is
segmented on the basis of service type, mode of deployment, software
type and end-use industry. On the basis of service type the PIM
market is segmented into consulting, system integration and training,
support and maintenance services. Cloud based and on-premise are the
two modes used to deploy PIM solutions. Multi-domain PIM and
single-domain PIM software are available in the market.
Industries primarily
using PIM solutions include retail, healthcare, energy and utilities,
manufacturing, IT and telecom, banking, financial services and
insurance (BFSI), transportation and logistics, media and
entertainment and others. Moreover, on the basis of geography, the
global PIM market is segmented into Europe, North America, Asia
Pacific, Latin America, and the Middle East and Africa.
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Product
Information Management Market: Key Players
Major players in the
PIM market include SAP AG, IBM Corporation, Oracle Corporation.,
Informatica LLC, Riversand Technologies, Inc., Stibo Systems, ADAM
Software NV, Agility Multichannel Ltd., InRiverAB and Pimcore GmbH.
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