The global product information management (PIM) market is driven by the increasing need for centralized system. Centralized data storage enables companies to organize and manage all the data related to its product in an efficient manner. Product information management provides secure and safe access to the information stored in the centralized database. Access to any information is provided to the user only after the completion of all the required verification of security credentials. Some of the other factors driving the growth of the product information management market are development of new business areas in the organization and increasing demand for data quality and operational excellence.
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Procurement systems and platforms such as online marketplaces are based upon electronic catalogs. Product information systems enable covering descriptive product information in the form of content into a catalog management solution, where the products are managed and grouped for specific target markets. Among the various end users, it is estimated that PIM market in the banking, financial services and insurance (BFSI) industry is expected to witness high growth during the forecast period.
Product information management provides a centralized system for improving the efficiency of promotional activities. The distribution channels of business organizations are efficiently managed using product information management systems. The integration of business intelligence applications and big data with cloud storage and consolidation of integrated vendor offerings are expected to create huge growth opportunities for the PIM providers during the forecast period. However, the restraint hampering the growth of the global market are lack of awareness, data inaccuracy and lack of expertise having complete knowledge to operate the product information management system.
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Some of the key players of global product information management market are IBM Corp., Oracle Corp., Red Hat, Inc., Software AG, Pegasystems Inc., Open Text Corp., and BP Logix.
Global Product Information Management Market Segmentation:
By Software Type:
- Single domain
By Service Type:
- Consulting and System Integration
- Training and Support and Maintenance
By User Type:
- Small and Medium Enterprises
- Large Enterprises
- IT and telecom
- North America
- Rest of the World
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