DUBLIN--(BUSINESS WIRE)--The "Global 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 - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global catalog management systems market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period, to reach USD 1.94 billion by 2026 from USD 1.17 billion in 2021.
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.
The COVID-19 Impact on the global catalog management systems tools market
The pandemic has had a positive impact on the catalog management systems market. COVID-19 has led to digital transformation across multiple industries, including retail and eCommerce, telecom, and media and entertainment. These solutions provide a quick snapshot of products in a channel, and capture and upload data and map it to customer needs. They also help in validating, enriching, and augmenting the data in real-time and automate the creation of catalog information using data from multiple sources to improve product assortment and achieve faster syndication of product data across channels.
The services segment is expected to grow at a higher CAGR 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.
Retail and eCommerce industry vertical to hold the highest market share in 2021
Retail and ecommerce 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.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific has witnessed the advanced and dynamic adoption of new technologies and is projected to record the highest CAGR during the forecast period. In addition, the IT spending across organizations in the region is gradually increasing, which is projected to lead to a surge in the adoption of catalog management software solutions. China, India, Japan, and Australia and New Zealand (ANZ) are the leading countries in terms of the adoption of catalog management software solutions and services in the region.
While the expenditure on technology solutions in APAC has increased, a setback is witnessed due to the recent COVID-19 pandemic. The COVID-19 pandemic makes it more urgent for business leaders across APAC to increase their rate of cloud adoption and digital transformation, thereby embracing great market opportunities for catalog management system vendors across the region.
However, the current pandemic has forced the retail vertical across APAC to shift toward digital innovation and eCommerce, thereby driving huge market opportunities for catalog management system vendors.
- Attractive Opportunities in the Catalog Management Systems Market:Increasing Need of Catalog Management Systems for Tackling High Demand from Ecommerce to Drive the Market Growth
- North America: Market, by Vertical and Country: Retail and Ecommerce Vertical and United States to Account for Large Shares in North American Market in 2021
- Asia-Pacific: Market, by Component and Country: Solutions Segment and Rest of Asia-Pacific to Account for Large Shares in Asia-Pacific Market in 2021
Market Overview and Industry Trends
- Rising Demand for Catalog Management Solutions from the Ecommerce Industry
- Growing Need to Gain Real-Time Visibility into Data to Reduce TTM
- Indispensable Requirement of Data Hubs for Better Data Syndication
- Compelling Need for Eliminating Data Inconsistencies Across Multiple Data Silos
- Misapprehensions Related to Data Security and Privacy Risks
- Incorporation of AI and Ml Capabilities to Improve Information Management and Customer Experience
- Rising Investments in Automation to Enable Quicker Decisions
- Absence of the Standardized Catalog Format Among Enterprises
Case Study Analysis
- Case Study 1: Non-Stop Dogwear
- Case Study 2: KT Corporation
- Case Study 3: Floor My Place
Porter's Five Forces Analysis
COVID-19-Driven Market Dynamics
- Artificial Intelligence and Automation
- Robotic Process Automation
- Machine Learning and Natural Language Processing
Value Chain Analysis
Regulatory Implications and Industry Standards
- General Data Protection Regulation
- International Organization for Standardization/ International Electrotechnical Commission 27000 Standards
- Cloud Security Alliance Controls
- System and Organization Control Reports
- System and Organization Control
- Payment Card Industry Data Security Standard
Revenue Shift - YC/YCC Shift
- Coupa Software
- Hansen Technologies
- Catalog Bar
- Sales Layer
For more information about this report visit https://www.researchandmarkets.com/r/dq6ehu