Production information management (PIM) is a software designed for multiple purpose like storing, standardizing, and managing of the delivery of product data to diverse channels and systems. The system is a centralized software and it is growing rapidly with high surge in the demand for centralized data centers across industries. The global production information management market is all set to acquire 25% CAGR during the forecast period (2017-2023). Market Research Future (MRFR) in their latest report on the same discloses remarkable possibilities for this production information management market’s outstanding expansion.
Several factors like improved data storage system, need for safe & secured access to data, strong security authorization, and others are expected to drive the production information management market forward. Its demand from several industries like BFSI, healthcare, government, retail, manufacturing, IT & telecommunication, healthcare, energy & utilities, transportation & logistics are expected to create strong market potential.
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The global production information management market, as per the discussion of MRFR, is segmented into component, deployment, organization size and end-user. This segmentation provides a closer look at the market and helps in the analysis of the coming year of the market.
Based on the component, the production information management market can be segmented into software and service. The software segment includes single domain and multi-domain. Growing diversity in various industries are propelling the inclusion of the multi-domain segment. The service segment can be segmented into training, consulting & system integration, support, and maintenance. The consulting & system integration segment is having remarkable growth.
Based on the deployment, the production information management market can be segmented into cloud and on-premise. The growing digitalization is expected to increase the intake of cloud technology in the coming years.
Based on the organization size, the production information management market can be segmented into small & medium enterprises (SMEs) and large enterprises. High installation cost at the initial stage prohibits SMEs from having its significant benefits. That is why growth is mostly reserved with the large enterprises.
Based on the vertical, PIM Software Market includes manufacturing, energy & utilities, BFSI, government, retail, healthcare, IT & telecommunication, transportation & logistics, healthcare, and others. The BFSI segment is achieving notably from the market.
Asia Pacific (APAC), North America, Europe, and Rest of the World (RoW) are regions that can be considered for a region-specific analysis of the global production information management market. This segmentation helps in the proper identification of the growth pockets.
North America delivers the maximum punch by accumulating the most amount of revenue for the global production information management market. This is happening in the region due to high integration of the digitalization which has given rise to the demand for centralized master data.
On the other hand, the APAC market is expected to achieve the fastest CAGR during the forecast period. Its growth in the e-commerce and retail industry is also quite substantial. Fast adoption of multi-domain PIM software to gain better performance, quality, and capacity during the forecast period is also expected to boost the regional market.
Several companies are showing great growth in the global production information management market. These companies are SAP AG (Germany), Oracle Corporation (U.S.), Informatica (U.S.), IBM Corporation (U.S.), Riversand Technologies, Inc. (U.S.), Stibo Systems (Denmark), Pimcore (Austria) and others.
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