PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1498331
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1498331
US Product Information Management Market is valued approximately USD 290 million in 2023 and is anticipated to grow with a healthy growth rate of more than 11.93% over the forecast period 2024-2032. Product information management (PIM) solutions encompass processes and tools designed to consolidate and oversee a company's product information, ensuring a unified and precise representation of product data. PIM enables businesses to efficiently gather comprehensive data about their products and services by providing a centralized platform. This approach facilitates the maintenance of uniform and high-quality product information across all customer touchpoints, promoting better customer experiences and operational efficiency. PIM simplifies the management of complex product details like size, ingredients, weight, colors, and specifications, catering to the evolving needs of retailers, manufacturers, and wholesalers who require a centralized platform. PIM maintains data consistency and quality while streamlining internal and external marketing processes by consolidating product data from multiple sources into a single repository. This growing adoption of PIM solutions across various industries leads to improved customer experiences and optimized omnichannel strategies. The increasing use of advanced technology by the region's businesses to reduce manual labor and improve processes is a key trend for the growth of the US Product Information Management Market.
The rise in surge in e-commerce activities witnessed a positive influence on the growth of the US Product Information Management Market. According to the United States Census Bureau, the total e-commerce sales for 2023 reached approximately USD 1,118.7 billion, marking a 7.6 percent increase compared to 2022. E-commerce sales constituted 15.4 percent of total sales in 2023, reflecting a growth from 14.7 percent in 2022. The strong presence of key market players in North America is poised to further propel the market's growth. The widespread adoption of this software within the retail and e-commerce sectors is playing a pivotal role in driving e-commerce sales in countries like the U.S. and Canada across the North American region. However, concern related to data security and privacy risks, along with varied data and government regulations across industries and regions is anticipated to stifle market growth between 2022 and 2032.