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.
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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.
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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.