Product Information Management Market Key Companies, Business Growth and Industry Analysis Research
The report talks about the shift in demands and emerging trends that are expected to drive the growth of the Product Information Management market. The rising demand for the Product Information Management market is expected to drive the demand for Product Information Management market, thereby bolstering the growth of the industry. Moreover, the report also studies the impact of the COVID-19 pandemic on the market.
Global Product Information Management Market report encompasses vital aspects of the global Product Information Management business sphere. The study offers full coverage of the assessment of the technological developments, factors influencing the growth of the industry, current and emerging trends witnessed in the global and regional markets, key statistical data, forecast estimation, and key manufacturers and suppliers of the Product Information Management industry.
The global product information management market size reached USD 9.54 Billion in 2020, and is expected to register a CAGR of 12.5% during the forecast period. Market revenue growth is primarily driven by rising need to provide enhanced consumer experience, shifting of consumer preference from physical stores towards online sales channels and e-Commerce, which has resulted in increasing need for deployment of product information management systems. Increasing demand for detailed information about products among consumers is a key factor contributing to growth of the product information management market. Consumers will be able to compare specifications and product details between different products and make decisions with the help of the system. Application of product information management systems across major verticals such as healthcare organizations, retail companies, transportation and logistics, media & entertainment, and IT & telecommunications is a key factor contributing to growth of the product information management market. Advantages offered by product information management systems include enhanced data quality, faster market approach, improved client satisfaction, elimination of data silos, and enabling of omnichannel retail. These advantages support companies in making business seamless, increases sales opportunities, and minimizes overall business costs.
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The analysis is done on the basis of the authentic and relevant information obtained from in-depth primary and secondary research. Additionally, the factors expected to drive or restrain the growth of the market are studied extensively in the report.