Valley Cottage, NY -- (SBWIRE) -- 12/20/2017 -- Based on the analysis carried out by Future Market Insights, the global product information management software market is anticipated to exhibit stellar growth during the period of forecast, 2017-2027. The product information management market witnessed a continuous growth path since past couple of years and is likely to retain its status quo in the years to follow. According to this extensive research report, the global product information management market is expected to grow at a stellar CAGR of 21.0% throughout the period of assessment. In 2017, it was valued at around US$ 1.8 Bn and is poised to reflect a value of above US$ 12 Bn by the end of 2027. This above 6.5x increase in revenue can be attributed to rising number of products along with increasing importance of minimizing errors related to product information. Moreover, rising focus on reducing time to market and enhancing sales efficiency has also contributed to the growth of the global product information management market.

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Retail sector to lead the global market for product information management software tools

Retail segment in the industry category is anticipated to dominate the global market in the years to follow. The retail sector highly contributed to the growth of the global product information management market by reflecting higher revenue generation since 2016. The retail segment was valued at around US$ 389 Mn in 2017 and is estimated to reach a huge value more than US$2.5 Bn by the end of 2027. This segment is projected to grow at a healthy pace to register a high CAGR of 21.9% during the period of assessment.

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Manufacturing sector to show extremely high growth potential in product information management market

Manufacturing segment by industry is likely to offer high growth opportunities for the expansion of product information management market in the years to follow. This segment is expected to grow at high CAGR of 22.7% during the period of assessment to reach a valuation of about US$ 2.5 Bn by the end of the year of assessment. In 2017, it was viewed at around US$ 300 Mn. It is the second largest segment in terms of market value and growth rate.

On the other hand, BFSI industry segment is expected to show a y-o-y of 17.4% by 2027 end and is is expected to grow at a 21.6% CAGR throughout the assessment period. This segment is valued at about US$ 280 Mn in 2017.

Regional Outlook on Industry Segments

The global product information management market is soaring across key regions in the globe. In North America, the retail segment is the largest followed by manufacturing segment that is estimated to reach value more than US$ 580 Mn by the end of assessment year. In Western Europe region, the healthcare industry segment is projected to grow at the highest pace during the forecast period followed by manufacturing segment. In Asia Pacific excluding Japan (APEJ) region manufacturing segment is expected to be the largest and the most lucrative in the years to follow. It is projected to grow at a high CAGR of 25.0% throughout the period of forecast to reach an estimate of around US$ 675 Mn by end of the assessment year.