The market today see the growing need for agreement and confirmation, mounting demands for operational excellence and data quality, compilation of master data on real-time basis, appearance of unified customer view and client centricity, selling of products through distribution channels and need for centralized system for improved marketing are some of the prominent factors driving the adoption of Ubiquitous product information management (PIM) software and service.
Product Information Management (PIM) means storing information about products. The information is planned as per customer requirement and all this information can be gathered at one place. This allows easier management for online stores selling thousands of products to their customers.
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Ubiquitous PIM Market: Drivers and Challenges
The primary driver for Ubiquitous PIM market is the emergence of online sellers. With this as consumers continue to turn away from physical stores and towards online sellers, the need for product information management has become very important. Another driver for this market is that consumers wish to see the most detailed information of the product or service before they buy, thus being able to compare specifications between different products and make a decision and this is possible with ubiquitous PIM, which does not just provide detailed information but provide it in different languages too.
The major challenge faced by the Ubiquitous PIM market is that it is not in affordable range for each and every sector of the markets it works in. Thus making it out of the reach for these sectors and decreasing revenue generation.
Ubiquitous PIM Market: Segmentation
Segmentation of Ubiquitous PIM Market by Software:
The segmentation of the Ubiquitous PIM by software tells us the domain it on which the software is working on and will be delivered.
- Single Domain
Segmentation of Ubiquitous PIM Market on the basis of Service Type:
The segmentation by service type shows us the services the software is able to deliver to the consumer after the purchase.
- Support and Maintenance
- System Integration
Segmentation of Ubiquitous PIM Market on the basis of Application Area:
The segmentation by application area shows us the existence or the use of the ubiquitous PIM in different verticals of the society.
- Telecom and IT
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There are various players in ubiquitous PIM market, some of the key players are Oracle Corporation, Informatica, Rivers, SAP AG, IBM Corporation, and Technologies, Inc., Stibo Systems, Adam Systems, Agility Multichannel, Pimcore, inRiver, Inc.
In North America value maximize by centralized master and reference data and then ongoing demands to gain meaningful insights from this consolidated master data has firmly driven the master data adoptions. And North America has always been very responsive in adopting new technologies like it has adopted ubiquitous PIM & others like integration of big data and BI tools within product information management solutions.
APAC is estimated to grow at the higher growth rate for the ubiquitous PIM software and service market due to the rising need of compliance and verification and indispensable requirement to have centrally managed data.