- June 17, 2021
-- According to BlueWeave Consulting, the global product information management (PIM) market worth USD 8.5 billion in 2020, and is further projected to reach USD 17.9 billion by 2027, growing at a CAGR of 11.2% during 2021-2027 (forecast period). Product Information Management (PIM) provides a quick snapshot of the products in a channel, and captures and uploads data, and maps it to the customer needs while validating, enriching, and augmenting the data in real-time and automate the creation of product information using data from multiple sources to help improve product assortment and achieve faster syndication of product data across channels. Thus, the benefits associated PIM solution helps businesses to reduce time and offer automation to update product information on the eCommerce platform.Misapprehensions about data security and privacy risks are acting as a major restraint for the market
For instance, recently in October 2020, Pfizer had suffered a data breach due to email addresses, home addresses, full names, and other HIPAA related information from unsecured cloud storage. Another, major reason that company is reluctant to adopt a cloud-based solution is system integration complexities. Hence, security and other compliance have been the organization of the primary concern across the globe are reluctant to adopt new solutions that involve data handling or shifting from one platform to another. PIM involves data collection and transmission from one channel to another. The synchronization and publishing of the data across channels have been also involved with the PIM system.Varied data and government regulations across industries and regions are hampering the market growth
Data security concerns have been growing rapidly and it is very crucial to protect individual data. Thus, the government organization and associations have created numerous regulations and guidelines across all industry verticals. Companies across industries and countries have varied regulations with which PIM companies, as well as industry participants, need to comply. For instance, in countries like India, Government e-Marketplace (GeM) controlled by the Ministry of Commerce and Industry mandated for sellers to enter the Country of Origin while registering all new products on GeM. In the US, also medical device manufacturers need to comply with the Global Unique Identification Database a database administered by the Food and Drug Administration for better product assortment and global identification.
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