The product information management (PIM) means the proper management of product information. It refers to technologies that are focused to manage information regarding products with a high emphasis on the data that is needed to market and sell the products with one or more distribution channels. The global product information management market is expected to grow with the CAGR of approximately 25.5% during the forecast period (2016-2023). Adoption of product information system is primarily driven by following factors:
- Increasing demand for cloud-based solutions
- Application across major verticals
- Increasing demand for centralized data storage
- Technological advancements
Application across major verticals is the major driving factor for the market. The product information management has applications across retail, healthcare, BFSI, transportation & logistics, IT & telecom etc. In healthcare & pharmaceutical sector, increasing number of drug approvals has attributed towards the growth of PIM solutions as they need. The new drug approvals by FDA were reached to 51 in 2015. This total comprises 45 drugs which has been approved by FDA’s Centre for Drug Evaluation and Research (CDER), as well as 6 recombinant therapies which has been approved by the Centre for Biologics Evaluation and Research (CBER). The later include four drugs to cure blood coagulation disorders (i.e., hemophilia), and a preventive vaccine on behalf of meningococcal meningitis type B and a therapeutic vaccine for melanoma. Twenty approvals (i.e.39%) went to biological drugs which are up from 35% in 2014. For medical devices, during fiscal year 2015, FDA has approved 98% of PMA (Pre-market approvals) application requests which comprise high-risk medical devices i.e. up from 86% in 2014.The FDA UDI (Unique Device Identification) regulation in the United States made it compulsory for medical device firms and pharmaceutical companies to give applicable product information to the FDA. Thus, such regulation pushes manufacturers to use PIM solutions to maintain proper information regarding products. Moreover, EU Food Regulation mandates for firms to provide consumers access to product information i.e. ingredients and instructions, nutritional value prior to buying pre-packed food products through distance and online sales, which is expected to drive the market growth in PIM market in manufacturing sector.
Furthermore, increasing demand for cloud based solutions and increasing demand for centralized data storage are also contributed to the growth of product information management market. However, data security concerns and low awareness regarding PIM solutions are the major restraints for the market. Global identification and networking of software product information can be facilitated with the PIM support. PIM restructures the procedure for generating, validating as well as broadcasting the customer-ready product content. PIM allows manifestation of products to achieve client centricity as well as unified customer view. It offers a centralized system for developing the effectiveness of promotional activities. All distribution channels can be managed effectively by using PIM solutions. The integration of business intelligence and big data applications with cloud storage provides significant growth opportunities in the market.
Source: OBRC Analysis
The global product information management market is segmented into on deployment, service type and industry. The deployment type is further segmented into the following:
- Cloud based PIM
- On Premise PIM
The service type is further segmented into the following:
- Training
- Support and Maintenance
- Consulting & System Integration
The Industry verticals is further segmented into the following:
- Retail
- Government
- BFSI
- Transportation & Logistics
- Healthcare
- Manufacturing
- Media & Entertainment
- IT & Telecom
- Energy & Utilities
Industry segment is further classified into retail, government, BFSI, transportation & logistics, healthcare, manufacturing, media & entertainment, IT & telecom and energy & utilities. The demand for PIM solutions in retail sector is increasing as it is necessary for retailers who need a central repository to properly manage vital information, comprising the relationship between the product and its suppliers and product and the locations under which it is carried.
Geographically, the global product information management market has been segmented on the basis of four major region, which include:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of World
Based on geography, North America is leading the product information management market. Increasing demand for cloud based solution across various verticals such as retail, BFSI, IT & Telecom; manufacturing etc. is expected to propel the market growth in the region. North America has been tremendously adopting the latest technological innovations i.e. integration of big data and BI tools under product information management solutions. APAC is expected to show potential growth during the forecast period (2016-2023) owing to increasing small & medium enterprises as well as growth in e-commerce sector in the region.
Aggregate product Information management systems are largely trending in the market. These systems aggregate and manages product content across numerous business applications. User companies face many challenges across the market that includes addressing multiple internal systems such as spreadsheets, ERP, PLM, formulary and others. Aggregate PIM provide companies with an ability to integrate their existing systems to the required format that includes XML, CSV, flat files and others.
The major players of the global product information market are as follows:
- IBM
- Microsoft
- Oracle
- Pimcore
- Enterworks
Detailed analysis of these companies provided in this report comprises Overview, SCOT Analysis, Product Portfolio, Strategic Initiative and Strategic Analysis.
Mergers & acquisition, product launches and partnership etc. are the crucial strategies used by the major players to increase market share and gain competitive advantage. On May 2016, Enterworks has announced the launch of Next generation PIM platform “EnterWorks ENABLE 8.2” to enhance user experience. According to Enterworks, with the addition to increased ease-of-use for technical and business users, the developments to the platform has enable 40% speedy download of complex data more than 10 million rows.
Why to buy the report:
This report will provide you:
- Provide you the business strategies adopted by market player such as On May 2016, Enterworks has announced the launch of Next generation PIM platform EnterWorks ENABLE 8.2” to enhance user experience.
- Provide in detail the different segments such as on deployment, service type and industry which are affecting the global product information management market.
- Provide you the patent analysis of the product information management market.
- Identify, understand, and the strength, opportunities, challenges and threat of the product information management market.
- Provide revenues of major players of the market such as IBM and Microsoft.
- Provide you various the regulatory policies which are affecting the global product information management market.
How we are different from others:
At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global product information management market offers the longest chain of market segmentation covering major market segmentation based on deployment, service type and industry. Our report on global Product information management market offers the longest chain of market segmentation covering major market segmentation based on products and end users. The report tracks the major market trends in the global Product Information management market such as verification and compliance procedures, enhancing demand of centralized database management and upgradation in operational efficiency and business intelligence and so on. For each market segments covered in global product information management market report, we provide opportunity matrix, and DROC analysis, that enable the clear growth assessment across each market segment. The report discusses competitive landscape of the product information management industry, with giving extensive strategy analysis of more than 15 companies. Moreover, the report discusses various models such as 360-degree analysis, See Saw analysis, and Porter five force model and so on. For the high-level analysis in the report we provide a comparative analysis of historic and current year data.
Key Findings of the global smart security market.
- Application across major verticals is the major driving factor for the market.
- North America is anticipated to account the largest revenue share in 2016.
- APAC is expected to show potential growth in the product information management market during forecast period.
- Increasing government support.
- Industry Verticals segment is the dominating market due to enhancing business intelligence and rising usage of smart devices which includes wearables.
- Product Launch and Collaboration is the key strategy adopted by the various market players of global Product information management market.
