PUBLISHER: Grand View Research | PRODUCT CODE: 1474935
PUBLISHER: Grand View Research | PRODUCT CODE: 1474935
The global product information management market size is anticipated to reach USD 32.84 billion by 2030 and it is projected to grow at a CAGR of 16.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The globalization of markets drives the demand for product information management (PIM) solutions. As businesses grow into new regions and target international customers, they encounter diverse languages, currencies, and regulatory requirements. PIM solutions offer the flexibility to customize and localize product information for different markets while ensuring compliance with local regulations and maintaining consistency across channels, thus fueling market growth.
The accelerated shift to online shopping during lockdowns and social distancing measures increased demand for PIM solutions during the pandemic. With more businesses embracing e-commerce to reach customers and maintain sales, there was a growing need for robust PIM platforms to manage and distribute product information across digital channels. This surge in e-commerce activity drove the adoption of PIM solutions as businesses seek to enhance their online presence and deliver convincing product experiences to consumers.
The market trends include the increasing demand for enhanced integration and interoperability of PIM solutions with other business systems and technologies. As businesses seek to streamline their operations and improve efficiency, there is a growing demand for PIM platforms that integrate seamlessly with enterprise resource planning (ERP) systems, customer relationship management (CRM) software, e-commerce platforms, and other applications. Integrated PIM solutions enable businesses to synchronize product data across various systems, automate data workflows, and leverage data insights more effectively, driving productivity and competitiveness.
Moreover, the increasing importance of omnichannel commerce fuels the adoption of PIM solutions. With customers expecting a seamless shopping experience across multiple channels, including websites, mobile apps, social media platforms, and brick-and-mortar stores, businesses need to ensure consistency and coherence in product information across all touchpoints. PIM platforms enable enterprises to centralize and synchronize product data, facilitating seamless integration and coordination across different channels and delivering a cohesive omnichannel experience to their customers.