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Product Information Management Market to Grow by USD 10.87 Billion (2024-2028), Driven by Rising E-Commerce Demand, AI-Powered Report Highlights Market Transformation – Technavio

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NEW YORK, Nov. 12, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global product information management market size is estimated to grow by USD 10.87 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 14.37% during the forecast period. Thriving e-commerce industry is driving up demand for PIM solutions is driving market growth, with a trend towards adaption of AI and machine learning skills to improve data management and consumer experience. However, concerns about data security and privacy threats poses a challenge.Key market players include Bluestone Norway, censhare GmbH, Contentserv Swiss GmbH, GS Topco GP LLC, Informatica Inc., International Business Machines Corp., Jasper Commerce Inc., Mobius Knowledge Services P. Ltd., Oracle Corp., Pimcore GmbH, Plytix SLU, Salsify Inc., SAP SE, Stibo Systems, Syndigo LLC, True Commerce Inc., Viamedici Software GmbH, Vinculum Solutions Pvt. Ltd., Akeneo SAS, and Inriver AB.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Deployment (On-premises and Cloud), End-user (Large enterprises and SMEs), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Bluestone Norway, censhare GmbH, Contentserv Swiss GmbH, GS Topco GP LLC, Informatica Inc., International Business Machines Corp., Jasper Commerce Inc., Mobius Knowledge Services P. Ltd., Oracle Corp., Pimcore GmbH, Plytix SLU, Salsify Inc., SAP SE, Stibo Systems, Syndigo LLC, True Commerce Inc., Viamedici Software GmbH, Vinculum Solutions Pvt. Ltd., Akeneo SAS, and Inriver AB

Key Market Trends Fueling Growth

Product Information Management (PIM) is a business solution that helps companies manage and distribute accurate and consistent product information to various channels. A key trend in PIM is data syndication, allowing retailers and wholesalers to access product info in real-time. The eCommerce industry is a major adopter, with omnichannel syndication enabling a seamless shopping experience. Cloud-based solutions offer flexibility and scalability, while automation streamlines data entry. Security frameworks ensure data privacy and protection. Industry verticals from consumer goods to electronics benefit, including retailers, wholesalers, and ecommerce sites. PIM improves customer experience and omnichannel experience, driving online shopping sales. Small companies and ecommerce startups can also benefit from digitalization and data enrichment. Augmented Reality (AR) and visualization tools provide real-scale product representation, enhancing the ecommerce system. PIM integrates with ERP and CRM systems, downstream channels, IT service teams, and marketing channels. A multi-cloud approach or hybrid cloud strategy offers deployment flexibility, while data storage solutions cater to large product catalogs. AI and machine learning enable data enrichment. 

Companies in various sectors, including healthcare, retail, and finance, are enhancing their Product Information Management (PIM) systems with artificial intelligence (AI) and machine learning (ML) technologies. AI-powered PIM solutions automate product classification, detect anomalies, enrich data from reliable sources, grade products, and provide contextual suggestions. These features offer insights into data issues and create a comprehensive view of product data from multiple systems. Moreover, AI-enabled chatbots improve consumer experience, leading to increased sales and profitability. By investing in these advanced technologies, businesses can stay competitive. 

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Market Challenges

Product Information Management (PIM) is essential for businesses in various industry verticals, particularly in the eCommerce sector, to manage and deliver accurate product content to retailers, wholesalers, and downstream channels. Challenges include data syndication for omnichannel sales, ensuring consistency and quality across channels, and securing data from security threats. Cloud-based PIM solutions offer automation, data enrichment, and multi-cloud or hybrid cloud strategies for small companies and eCommerce startups. Data sources include product ingredients, weights, colors, and product specs. Adoption of PIM is crucial for delivering a great customer experience and omnichannel experience, driving online shopping sales. Security frameworks, privacy, and deployment options (cloud or on-premise) are essential considerations. PIM systems integrate with Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) systems, eCommerce systems, and marketing channels. Augmented Reality (AR) and Artificial Intelligence (AI) enhance product visualization on ecommerce sites for laptops, mobile devices, and online buyers.Product Information Management (PIM) systems enable organizations to efficiently collect, manage, and publish product data across multiple channels. However, some businesses are hesitant to adopt new PIM solutions due to concerns over data security and regulatory compliance. The transmission of data from one platform to another and data synchronization are integral parts of PIM. Yet, some firms express apprehensions about potential data breaches due to insufficient information about security standards. Consequently, they prefer vendors who can integrate PIM functionalities into their existing systems. Smaller enterprises, too, have reconsidered their decision to use cloud-based PIM systems due to privacy concerns associated with cloud storage.

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Segment Overview

This product information management market report extensively covers market segmentation by

Deployment1.1 On-premises1.2 CloudEnd-user2.1 Large enterprises2.2 SMEsGeography3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 On-premises- An on-premises Product Information Management (PIM) system is a software solution installed and operated on a company’s own servers, purchased under a license agreement. This setup requires the hiring of specialized personnel for administration and maintenance. The installation process involves evaluating infrastructure requirements, assessing LAN/WAN bandwidth impact, determining access permissions, and obtaining internal approvals. For large-scale deployments or complex infrastructures, a Systems Integrator may be engaged. Access to product information is physical, with users typically requiring on-site presence. Security is a key advantage, as data is stored locally.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The Product Information Management (PIM) market is a dynamic and growing sector that focuses on managing and enriching product data for various industries, particularly the consumer goods sector. PIM systems enable the collection, management, and distribution of accurate and consistent product information to retailers, wholesalers, and eCommerce platforms. These solutions provide omnichannel syndication, ensuring product data is up-to-date and accurate across all sales channels. Cloud-based PIM systems offer automation and data enrichment features, utilizing Artificial Intelligence to analyze and enhance product content, including ingredients, weight, colors, and product specifications. Security frameworks are integral to these solutions, safeguarding sensitive data and ensuring compliance with industry regulations. The eCommerce industry relies on PIM to maintain product data consistency and improve overall quality, driving better customer experiences and increased sales.

Market Research Overview

The Product Information Management (PIM) market is a dynamic and growing sector that enables businesses to effectively manage and distribute accurate and consistent product information across multiple channels and industry verticals. With the eCommerce industry’s increasing dominance, the need for omnichannel syndication of product content, including ingredients, weight, colors, and product specs, has become essential. Cloud-based PIM solutions offer automation and data source adoption, ensuring retailers and wholesalers maintain product information consistency and quality. Small companies and ecommerce startups benefit from these systems, enabling them to compete with larger enterprises. Security frameworks are crucial in PIM, safeguarding data privacy and ensuring compliance. Industry verticals such as Consumer Goods and Retail sectors can leverage PIM for digitalization, improving customer experience and omnichannel experience, driving online shopping sales. PIM solutions support multi-cloud and hybrid cloud strategies, including public cloud, augmented reality (AR) integration, and ecommerce site visualization on laptops, mobile devices, and real scale. Additionally, PIM systems can integrate with Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), product catalogs, downstream channels, IT service teams, marketing channels, and data storage solutions. Data enrichment through artificial intelligence and machine learning further enhances PIM capabilities, catering to various industry sectors and ecommerce systems.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentOn-premisesCloudEnd-userLarge EnterprisesSMEsGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Typeform Delivers New Solutions to Empower B2C Businesses to Better Engage Customers

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Brands can now use video, data enrichment, and AI-powered capabilities to create interactive, hyper-personalized experiences and uncover deeper insights

SAN FRANCISCO, Nov. 14, 2024 /PRNewswire/ — Typeform, the intuitive form builder and conversational data collection platform, today announced new features that provide business-to-consumer (B2C) businesses with the context, clarity, and convenience needed to better engage and understand their customers. Now businesses can further enhance the respondent experience, all while gathering richer, actionable data. 

Today, 70% of consumer decisions are based on emotion, including brand preference.¹ Buyers expect brands to tailor experiences to their personal preferences more than ever, but at the same time, they’re also becoming more cautious about sharing personal information. Typeform’s latest features help brands collect data directly from customers through interactive, personalized experiences they trust, then automatically enhance it with third-party insights to deepen their understanding. This empowers companies to deliver more targeted, data-driven marketing.

“Businesses can’t thrive on surface-level insights,” said Aleks Bass, Chief Product Officer, Typeform. “Our latest innovations give you the ability to dig deeper into truly knowing your customers by providing dynamic data collection experiences that encourage quality responses. Whether boosting conversions with a personalized product recommendation quiz or gathering feedback through video surveys, the common denominator is that your customers enjoy the experience.”

The offerings were unveiled at Typeforum 2024, Typeform’s first-ever virtual product spotlight event, designed to showcase the latest innovations from the company. Newly released features include: 

Enhanced Video Capabilities: Typeform now allows customers to respond with video, providing businesses deeper insights through voice and expressions, not just text. This builds on Typeform’s existing feature that enables creators to record, edit, and embed personalized videos into forms, boosting engagement and conversions. Typeform research found that 65% of marketers believe video is an effective tool for engaging and interacting with customers in ways that feel more human and create connection and loyalty.²Clarify with AI: Typeform’s Clarify with AI acts as a virtual interviewer, prompting follow-up questions based on customer responses. When a customer is asked about their experience and answers vaguely, like “good,” the AI encourages more detailed feedback, asking, “Good, how? What stood out?” For customers, it feels like a personalized conversation. For brands, it delivers more insights. Automated B2C Data Enrichment: Earlier this year, Typeform introduced automated B2B data enrichment, making it easier than ever to understand customers at a deeper level without needing to ask additional questions. Now, consumer-level enrichment is available in the Typeform platform. With just a personal email address, companies can pull in key data points from trusted third-party sources, providing a more complete picture of who’s on the other side of the screen.AI-powered Qualitative Analysis: With this feature, businesses can instantly analyze large volumes of text and video responses to surface key themes and insights, saving hours of manual work. Data Quality Tools: Invisible reCAPTCHA ensures data integrity by blocking bots and automated submissions, allowing only genuine responses to be collected. This safeguard enhances data reliability, helping teams make accurate, data-driven decisions.Klaviyo Integration: Typeform will soon be launching a new integration with Klaviyo, designed for B2C and direct-to-consumer (DTC) marketers. It will ensure that every insight gathered flows seamlessly into Klaviyo. Manual data transfers are eliminated as segments automatically update with Typeform data, enabling hyper-targeted campaigns customized to each customer’s unique profile. This integration combines Typeform’s interactive data collection with Klaviyo’s automation, facilitating more natural, personalized customer connections while driving business growth.

“We built a powerful product recommendation quiz not just to help our customers, but to generate invaluable data that allows us to better segment and engage them with relevant marketing,” said Addison Wennar, Digital Communications Manager, OGEE. “With the holiday shopping season approaching, these insights will be key. Typeform already delivers the highest response rates for us, and I’m excited to see how the new features will amplify that impact.”

The features are available today in Typeform for Growth plans. Watch the Typeforum 2024 recordings and learn how to use Typeform to better understand and engage customers here

About Typeform
Typeform is a distinctly intuitive form builder that helps over 150,000 customers collect and validate the data they need to grow their businesses. Designed with striking visuals, a conversational flow, and powerful data capabilities, Typeform empowers brands to give and get more with each form. Typeform drives more than 500 million responses each year and integrates with essential tools including Zapier, HubSpot, and Slack. For more information, visit www.typeform.com.

1         Pendell, R. (2024, October 15). Customer brand preference and decisions: Gallup’s 70/30 principle. Gallup.com. https://www.gallup.com/workplace/398954/customer-brand-preference-decisions-gallup-principle.aspx#:~:text=70%25%20of%20decisions%20are%20based,Making%20Process:%20Rational%20or%20Emotional?

2          Data from a survey of 105 Typeform customers conducted on September 30, 2024.

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SOURCE Typeform S.L.

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Electronic Drives and Controls Celebrates Impressive Growth and Strong Demand for Industrial Automation Solutions

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EDC has announced 39% revenue growth over the past year and a strengthened presence in the metals converting and composites industries. The company has also maintained key certifications, including CSIA, UL508A, Rockwell Automation, Siemens, and Ignition.

PARSIPPANY, N.J., Nov. 14, 2024 /PRNewswire-PRWeb/ — Electronic Drives and Controls, Inc. (EDC), a leading control system integrator and field service company for industrial automation and drive technology, today announced that the company has experienced a year of growth and success, achieving a 39% increase in revenue year-over-year. To meet the growing demand for automation and drive solutions, EDC has expanded its team, hiring Ricky Arcky as human resources manager and Tyler Schaberick as systems engineer. EDC attributes this growth to maintaining industry certifications, digital marketing efforts, a dedicated team, and strong, long-term partnerships.

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients.”

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients,” said Chuck Dillard, Vice President of EDC. “Our recent hires and increased project load reflect our strategy to grow both wider and deeper with our existing clients, as well as entering new industries.”

“We’ve put in years of preparation and invested heavily in digital marketing to get the word out about our services, knowing that growth was inevitable,” Dillard added. “Our team has worked tirelessly and the results speak for themselves: clients continue to return to us because of our technical expertise and the strong results we deliver.”

EDC’s expertise in coating & laminating, wire and cable, PLC programming and upgrades, as well as drive service, has allowed the company to strengthen its presence in the metals converting industry, securing new and expanded projects across multiple client plants. EDC has also successfully completed upgrades for a new client in the composites industry, widening the portfolio of industries it caters to.

In addition to recent growth, EDC remains committed to maintaining the highest industry standards through its CSIA certification, which ensures adherence to best practices in control system integration. Several certifications, including UL508A recertification and certifications from Rockwell Automation, Siemens, and Ignition, further emphasize EDC’s dedication to safety, technical proficiency, and continuous improvement.

About Electronic Drives and Controls, Inc.
Founded in 1968, Electronic Drives and Controls, Inc. (EDC) is a CSIA Certified control system integrator with deep domain expertise in the coating and laminating, and converting industries. The company’s large field service team specializes in AC and DC drives, PLCs and factory automation. Family owned and operated for more than 50 years, EDC’s team of engineers and technicians has a vast experience integrating new control systems and breathing life into older equipment. EDC has the engineering capability to design, build, start-up and service projects from the sophisticated to the simple and the service support team on call 24/7/365 to keep it all running at peak efficiency from day one and for years to come. In addition to the company’s certification as a Siemens Solution Partner and a Rockwell Automation Recognized System Integrator, EDC is a factory authorized/factory trained service center for over 40 drive brands. For more information, visit the company’s website, LinkedIn, Twitter, Facebook, and YouTube.

Media Contact

Georgia Whalen, Rivergate Marketing, (978) 697-2664, Gwhalen@rivergatemarketing.com, www.electronicdrives.com/home/

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SOURCE Electronic Drives and Controls, Inc. (EDC)

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Allstate Financial Services Selects Covr to Provide Life Insurance, Long-Term Care, and Disability Insurance Solutions

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Covr’s Digitally Enabled Insurance Platform Will Simplify the Buying Process

HARTFORD, Conn., Nov. 14, 2024 /PRNewswire/ — Covr, a leading digital insurance provider, has partnered with Allstate Financial Services, LLC to offer a streamlined suite of life, long-term care (LTC), and disability income insurance solutions through Covr’s digital platform. This partnership provides Allstate Financial Services customers with a simple, connected experience, featuring an intuitive, paperless process that makes it easier than ever to purchase insurance tailored to their diverse needs.

Covr’s platform offers an easy-to-use, self-guided experience to efficiently compare and recommend insurance products. Additionally, Allstate Financial Services will offer a range of products through Covr’s platform, including guaranteed issue life insurance through Gerber Life and disability insurance through Assurity, Ameritas, MassMutual, Mutual of Omaha and Principal. Traditional long-term care will also be available through Mutual of Omaha.

“We are extremely pleased to add Allstate’s network of 7,000+ representatives to our insurance platform,” said Michael Kalen, CEO of Covr. “Their business owners and individual customer base fits perfectly with our portfolio of simplified life, LTC, and disability income solutions for agents and their customers.”

“We’re committed to expanding solutions that better meet our customers’ protection needs,” said Scott Delaney, President and CEO, Allstate Financial Services. “With Covr’s digital platform, our representatives can deliver a more connected experience and offer a broader range of insurance options tailored to each customer’s unique needs.”

Allstate representatives will collaborate closely with Covr’s sales team to ensure ongoing support. Allstate Financial Services will also benefit from Covr’s top-tier case management services, providing end-to-end support throughout the entire insurance process.

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SOURCE Covr Financial Technologies

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