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In Product Information Management Market .pdf


Original filename: In Product Information Management Market.pdf
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In Product Information Management Market North America is the
Largest Market
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.
Explore Report Description At: https://www.psmarketresearch.com/market-analysis/productinformation-management-market
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.
Product information management ensures the data quality with the help of strategic data techniques
and facilitates quick and easy access to the repository of information. The main motive of a product
information management from a technical perspective is to extract, prioritize and manage data from
various sources. The functional perspective of product information management is to transmit the
product information to customers.
PIM is a software solution that effectively manages large number of products across multiple locations
and sales channels. PIM customize the products and align it with the needs and expectations of the
customers, reduces the time to market the product and increase product data quality. The PIM
software consolidates the product data available internally from ERPs, operational support systems,
data warehouses and websites, the data provided by data aggregators such as CNet and Icecat, and
data which is managed and provided by the manufacturers, suppliers or vendors.
Geographically, North America is the largest market for product information management. The
emerging demand to maximize value from the centralized master data and reference data, with
ongoing demands of gaining meaningful insights from this consolidated master data is expected to
further influence the adoption of PIM systems positively in the North American region during the
forecast period. The market in Asia-Pacific is expected to witness potential growth opportunities owing
to the fast adoption of multi-domain PIM software which is expected to enable better services in terms
of performance, quality and capacity during the forecast period.


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