Catalog Management Systems Market worth $1.9 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 24, 2021 /PRNewswire/ -- According to the new market research report "Catalog Management Systems Market with COVID-19 Impact by Type (Product Catalogs and Service Catalogs), Component, Deployment Type, Organization Size (Large Enterprises and SMEs), Vertical, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period, to reach USD 1.9 billion by 2026 from USD 1.2 billion in 2020.
Key factors that are expected to drive the growth of the market are the rising consumer demand for products, growing internet access, and rising penetration of smartphones demand which is acting as a catalyst for catalog management solutions from the e-commerce industries. Indispensable requirement of data hubs for better data syndication and compelling need for eliminating data inconsistencies across multiple data silos. These factors are driving the demand for catalog management systems.
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Services segment to hold a larger market size during the forecast period
Based on services, the Catalog Management Systems Market is segmented into two categories: professional and managed services. These services assist enterprises in managing and ensuring the smooth functioning of product information. Enterprises need active support from skilled professionals to minimize their downtime during the pre-and post-installation of solutions. These services provide the necessary support to uphold the efficiency of business processes, increase enterprise growth, and reduce unwanted operational expenses.
SMEs segment to grow at the highest CAGR during the forecast period
SMEs are defined as organizations with an employee strength ranging from 1 to 1,000. SMEs have a low marketing budget and often lack the resources and capabilities for effective marketing orchestration. These enterprises face greater challenges of limited budget as compared to large enterprises and require better methods to resolve complexities for improving the cost optimization of their business processes. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period, due to rising adoption of cloud-based catalog management systems. Cloud-based software and services offers benefits such as reliability, scalability, user-friendly capabilities, easy integration, increased agility, and improved efficiency which are expected to encourage SMEs to adopt cloud-based catalog management system solutions and services at a rapid pace.
Retail and eCommerce industry vertical to grow at the highest CAGR during the forecast period
Retail and e-commerce is one of the fastest-growing verticals with respect to the adoption of advanced technologies and services due to the enormous volume of product data. Digital transformation initiatives have led to the boom in the retail and eCommerce vertical to meet customers' dynamic requirements. Today, customers demand rich and consistent product information; therefore, catalog manager ensures the quality of product data across all the sales channels. It includes how merchants organize, standardize, and publish their product data using each sales channel. Whether the product data is created in-house or is from third parties such as suppliers, organizations need to manage its accuracy.
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North America to account for the highest market share during the forecast period
The Catalog Management Systems Market is segmented into five regions: North America, Europe, APAC, MEA, and Latin America. The catalog management system report provides insights into these regional markets in terms of market size, growth rates, future trends, market drivers, and COVID-19 impact. North America is expected to hold the highest market share in the overall Catalog Management Systems Market during the forecast period. Following North America, Europe is expected to hold the second-highest market share during the forecast period. High need to provide rich and consistent product information to ensure the quality of product data across all the sales channels is expected to drive the North American and European markets. APAC and Latin America are also expected to witness high growth rates during the forecast period.
The Catalog Management Systems Market comprises major providers, such as IBM (US), SAP (Germany), Oracle (US), Salsify (US), Coupa Software (US), ServiceNow (US), Proactis (England), Broadcom (US), Fujitsu (Japan), Comarch (Poland), Zycus (US), GEP (US), Ericsson (Sweden), Amdocs (US), Episerver (US), Hansen Technologies (Australia), Vinculum (India), Claritum (UK), eJeeva (US), SunTec (India), Plytix (Denmark), Mirakl (France), Sellercloud (US), Vroozi (US), CatBase (UK), Akeneo (France), nChannel (US), Contalog (India), and Sales Layer (Spain). The study includes an in-depth competitive analysis of key players in the Catalog Management Systems Market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
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