In a recent published report, Kenneth Research has updated the market report for Production Information Management Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Production Information Management Market products.
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The Production Information Management MARKET is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
PIM (Product Information Management) is a centralized software tool that stores, standardizes, and manages the delivery of product data to different channels and systems. A PIM tool is used to store product details including product descriptions, Stock Keeping Unit (SKU) numbers, pricing & product images and PDF documents.The key players in the global production information management market are Oracle Corporation (U.S.), SAP AG (Germany), IBM Corporation (U.S.), Informatica (U.S.) and others. Oracle has introduced a product information management solution for the retail industry.
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Retailers are in need of a centralized data storage system to manage confidential information that includes the data associated with the product & its suppliers and the delivery location of the product. With the availability of this solution, retailers can merge important information from multiple applications and streamline business data into a single storage device. The solution improves retailers’ business operations and allows them to share valuable content across the enterprise and with their trading partners.
The key factors driving the market include the increasing need for the centralized data storage system. Centralized data storage help enterprises to organize and manage all the data related to its product. Product information management provides secure and safe access to the information stored in the centralized database. It comprises a strong security authorization that allows access to any information by the user only after the completion of all the required verification of security credentials.Global production information management market is estimated to grow at CAGR of approximately 25% during the forecast period of 2017-2023.
Source: MRFR Analysis
Key Players
Some of the prominent players in the global production information management market are Oracle Corporation (U.S.), SAP AG (Germany), IBM Corporation (U.S.), Informatica (U.S.), Stibo Systems (Denmark), Riversand Technologies, Inc. (U.S.), Pimcore (Austria) are among others.
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Segments
The global production information management market is segmented into component, deployment, organization size and end-user. The component segment is bifurcated into software and service. The software segment consists of single domain and multi-domain. The service segment comprises consulting & system integration, training, support and maintenance. The deployment segment is sub-segmented into cloud and on-premise. Whereas, the organization size segment consists of small & medium enterprises and large enterprises. The vertical segment consists of BFSI, government, retail, healthcare, IT & telecommunication, manufacturing, energy & utilities, healthcare, transportation & logistics, and others.
Regional Analysis
The global PIM market is studied in Asia Pacific, North America, Europe, and Rest of the World. North America accounts for the highest share in the global production information management market. The increasing industry demand to maximize value from the centralized master data, and to gain meaningful insights from this consolidated master data is boosting the market growth in the region. Asia Pacific market is anticipated to be the fastest growing geography due to the rising advancement in the e-commerce and retail industry. Other aspects such as fast adoption of multi-domain PIM software are expected to promote valuable services in terms of performance, quality, and capacity during the forecast period.
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Intended Audience
Technology Investors
Research/Consultancy Firms
Software Providers
System Integrators
Cloud-based PIM Service Providers
SMBs and Large Enterprises
Venture Capitalists
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