The marketing of the product is mostly done through product information management to ensure that it reaches the greatest number of consumers. Retailers are primarily using this software to reduce the time needed to promote newly released products through a variety of sales channels, including distributors, e-commerce portals, social media, and others by giving customers accurate product information along with images and other digital media. The need for product information management software is anticipated to increase throughout the anticipated period (2019-2027) as a result of all this helping to shorten the time needed to market the product. For example, an e-commerce company called Verishop said in October 2019 that it has begun deploying product information management software (PIM) solutions to assist start-ups in accelerating the pace at which they introduce new products to the market. One of the main drivers spurring growth in the market for product information management software is the rise in consumer expectations for the quality of data. Sellers must supply customers with complete, high-quality product information in a variety of formats and through a variety of sales channels because consumers are increasingly interested in studying products nowadays before making purchases.
According to Coherent Market Insights, at a predicted CAGR of 23.1% over the projection period, the global market for Product Information Management Software will increase from $3.01 billion in 2022 to $12.91 billion by 2029.
Prominent Companies in the Product Information Management Software Industry
1. Akeneo
The company was founded in 2013 and is based in Nantes, France. In order to enhance the consumer experience, Akeneo, a technology business, creates software for product information management (PIM) and product data intelligence. Akeneo announced activation for retailers like Amazon in March 2023 in addition to new AI-powered capabilities for its Akeneo Product Cloud Solution.
2. Salsify Inc.
The company was founded in 2011 and is located in Federal Street, Boston. An e-commerce software business called Salsify supports brands by giving them tools to monitor and assess inventories, how products are displayed online, and how well they're selling. In December 2022, the business declared that, as part of its global growth to numerous, foreign markets, it has expanded its GDSN data pool to adequately satisfy the requirements of the DACH region.
3. Catsy
The firm was started in 2012 and is based in Chicago, Illinois, United States. Catsy is a communications and advertising firm that focuses in content analytics, syndication, and product content management. Catsy is a leader in the fields of product content administration, syndication, and content analytics, making it simple for firms to use e-commerce to drive growth.
4. Plytix
The company was founded in 2014 and is located in Nordborg, Denmark. The business offers multichannel product information management (PIM). In order to manage and syndicate material at scale, it serves as a single source of truth. Plytix opened an office in Alameda in October 2020 and will continue to support brands' online sales.
5. Syndigo LLC
The business was started in 1979 and is based in Chicago, Illinois, United States. The company offers retailers and brands an integrated platform that makes it possible for brands to efficiently convey key and product qualities to their clients. The business established a strategic alliance with Predica Group, a leading international provider of Azure Cloud services, in March 2022.
6. Pimcore
The company was founded in 2013 and is based in Salzburg, Austria. The business provides business consultancy, training, cloud hosting, and other associated services in addition to data and customer experience management products. The business established a strategic alliance with Predica Group, a leading international provider of Azure Cloud services, in March 2022.
7. inRiver,
The business was started in 2007 and is based in Malmö, Skane Lan, Sweden. The business provides a product information management (PIM) system that aids companies in boosting online sales. Product information management business inRiver provides services that make, update, refresh, maintain, and disseminate product content around the world.
*Definition: The practice of managing the information needed to market and sell items through distribution channels is known as product information management. Manufacturing, retail, and other businesses utilize product information management software to assist them gather, manage, and enhance the product information for the organization.
