Catalog Management Systems Market | Contrive Datum Insights

Market Overview:

Catalog Management Systems Market size was valued at USD 1.15 Billion in 2022 and is projected to reach USD 8.72 Billion by 2030, growing at a CAGR of 7.6% from 2022 to 2030.

Catalog management is the process of organizing products in the way you want to make sure that data is consistent and of high quality across all sales platforms. For catalog management to work, different catalogs must be set up based on many different characteristics. These catalogs need to be clear and uniform. Managing an online catalog includes product names, descriptions, hierarchies, prices, and other relevant information. Details like color, style, pattern, and fit are part of this, and they must be correct for buyers to be sent to the right product. A catalog management system helps people create and edit catalogs, which helps them figure out how much to charge for the products they sell.

It is used to keep information about products in a structured and organized way, which helps customers and business partners understand what the benefits of the products are. At the moment, brands offer a wide range of new, short-lived products that rely on many different channels. Brands are having a hard time making sure that their product info is correct across all platforms and channels. Catalogs are an important part of businesses because they list the goods for sale and give information about how to get the products and when they will be available. Catalog management can be broken up into systems and services based on their parts.

Businesses can manage their product data in a single system with catalog management software. This makes it possible to create big catalogs with the best layout and style. Catalog management systems make workflow easier and keep track of catalog changes no matter where, when, or how they happen. Catalog management makes it easier to make personalized and seasonal brochures for different industries, which can help them grow. Most of the time, these are used in IT and telecom, retail, and E-commerce. They are also used a lot in BFSI, media and entertainment, travel and lodging, government, healthcare, energy and utilities, and the retail, media, and entertainment industries.

The global catalog management system market is being driven by the growing number of digital transformation projects in the retail and e-commerce sectors. Customers all over the world are tech-savvy and prefer to interact with companies through digital channels like social media, mobile apps, and websites. This industry cares a lot about customer satisfaction, needs, and comments, and it is using digital technology more and more. Also, the retail and e-commerce industries are planning customer interaction channels to meet the needs of consumers around the world who are tech-savvy.

The global catalog management system market is also likely to grow because catalog management software is becoming more cost-effective. The need for better marketing and more centralized methods for selling goods and services is also driving global demand. Modern software and services are being used by both small and large businesses to handle offers and discounts, product details, payment systems, and inventory from one place. Newer technologies like artificial intelligence are likely to make catalog management solutions even better, giving the market for catalog management systems a lot of room to grow.

There are some limits and problems that will slow the growth of the business as a whole. Market progress is being slowed down by things like a lack of skilled workers and a lack of standards and protocols. Also, adding AI solutions and complex integration systems to existing systems is a difficult job that slows growth. There are also worries about security and privacy that slow the growth of the market. Some users' worries about data security make it impossible for this market to grow in a healthy way.

One of the main things that stops people from using catalog management systems is worry about data security. Lack of knowledge about how catalog management systems work and what features they have could also slow the rise of the global catalog management systems market as a whole. But more small and medium-sized businesses (SMEs) are using catalog management systems, and advances in artificial intelligence (AI), analytics, and machine learning (ML) will give the catalog management system market a chance to grow during the next few years.

Key Market News:

• September 2022 - Amberoon's Statum KPI SaaS application has been made available for purchase on the IBM Cloud Catalog, according to the company, which creates Amberoon's Statum KPI SaaS application has been made available for purchase on the IBM Cloud Catalog, according to the company, which creates compliance, performance enhancement, and privacy management solutions for banks and credit unions. They have been made available as integrated billing services through IBM Cloud Catalog, which enables users to set up a service instance. IBM allowed financial service providers from all over the nation to investigate this solution in its catalog and offered the service catalog platform to Amberoon Statum.

compliance, performance enhancement, and privacy management solutions for banks and credit unions. They have been made available as integrated billing services through IBM Cloud Catalog, which enables users to set up a service instance. IBM allowed financial service providers from all over the nation to investigate this solution in its catalog and offered the service catalog platform to Amberoon Statum.

• September 2022 - New features for Acquia DAM, Channel Portals, were released by Acquia. They make it simple for organizations to create and share safe, branded content. With each partner separately, current digital product catalogs are used to boost sales and guarantee that the products are appropriately shown in the market. Current product content is necessary for website content, in-store displays, sales interactions, and email marketing. With the help of Channel Portals, a business user may quickly filter a product catalog to get the details and materials that each group requires in order to promote and sell the products.

• December 2021 - Salsify joined forces with Trace One and UNFI Brands. Together, the two businesses are working on creating more than 5,000 grocery products that will do well on digital shelves. They are also trying to shorten the time between when a product is developed and when it is ready for sale. Also, these businesses are making their products available to retail customers and e-commerce websites, which increases sales and improves customer satisfaction.
• September 2021 - ServiceNow joined forces with Infosys, a top IT company, in. Together, these two companies will focus on giving the manufacturing company's clients enterprise-class service management. Additionally, these companies will leverage ServiceNow Operational Technology Management (OTM) and Infosys Industrial Cloud blueprints as part of Infosys Cobalt to help the manufacturing industry digitize factories, floors, and factory operations. 

Market Dynamics:

Drivers: Growing customer desire for products, the use of ML and AI to improve the customer experience.

Growing customer desire for products, the use of ML and AI to improve the customer experience, more people having access to the internet, and more people having smartphones are all things that are expected to drive industry growth and give e-commerce businesses a push toward catalog management systems. Mobile has made it easier for businesses to use mobile apps, social media, and online platforms, which has led to more retail and online shopping through these channels. Satisfying customers has become an important goal for businesses. 

It is believed that newer technologies like artificial intelligence (AI) will greatly improve the capabilities of these systems, giving the market for catalog management systems a lot of room to grow. The GSMA says that mobile devices will hit 81% in 2025, up from 64% in 2019. At the same time, 60% of people are projected to have a mobile phone by the end of the year. As a result, more people in the Asia-Pacific area are getting smartphones, and their rising purchasing power helps the industry grow. Also, the ITU says that around 59% of the world's people will use the internet in 2019.

And by predicting data quality issues, improving data consistency, and providing appropriate solutions to avoid data inconsistencies, ML-enabled catalog management capabilities can help businesses manage regulatory compliance, accelerate data-driven digitization, and improve operational efficiencies. do. Companies like IBM already have catalog management tools that can work with ML. Forecasts show that the need for these systems will grow, which could lead to new catalog management system improvements.

Restraint: Risks to data protection and privacy that are misunderstood

Data needs to be collected and sent from one medium to another for catalog management to work. Catalog management tools also help keep data in sync and make it available across channels. Many businesses think that catalog management solutions could lead to data leaks in their highly abstracted data sets because they don't know enough about security frameworks and how to use them.

Catalog management options aren't used as much as they could be because people are worried about data security. Users don't use these solutions because they are afraid of losing their important master data and reference data if data mistakes happen during compilation or updating. Users think that the safety of their data is at risk and that they won't be held responsible if their data is lost or stolen, and that they won't be able to do anything about it. Also, users worry that their info will no longer be true. Companies prefer vendors who can make changes to their current systems so they can manage their product information and stay in business.

Opportunity: Using AI and ML to make information handling and the customer experience better

In order to grow and stay ahead of their competitors, companies in fields like healthcare, retail, and BFSI have been investing in and using new technologies like AI and ML. AI-powered catalog management allows for the automatic sorting of products, the detection of anomalies, the enrichment of processes by choosing data from trusted sources, the scoring of products, and the making of suggestions based on context. AI-powered catalog management solutions can give customers a better understanding of their goods by automatically figuring out data problems and giving a unified view of the data in multiple systems. Also, chatbots with AI can improve the customer experience and happiness, which can lead to higher sales and profits. ML-enabled catalog management solutions help organizations in managing compliance, driving data-based digital transformation, and achieving better operational efficiency by sensing upcoming data quality issues and suggesting appropriate solutions to improve data matching and avoid data inconsistencies. Companies like IBM have started to offer catalog management systems that use machine learning. It is likely that the need for these kinds of solutions will grow, which could lead to new catalog management solutions.

Challenges: Businesses don't Use the Same Style for their Catalogs

Each business has different catalog needs based on the goods or services it sells. There is no uniform format that all businesses follow. Even though catalog management solutions can clean, combine, and enrich data, companies need to set up a right governance policy that ensures consistency across product catalogs to get standardized data. Also, for better integration with current systems, data from systems with bad information or inconsistent data must be taken into account when these policies are made.

Market Segmentation:

By Type:

• Cloud

The cloud segment is looking forward to taking a higher share of the catalog management systems market as organizations across various regions are adopting cloud for digital transformation rapidly. 

• On-Premises

The on- premises model is adopted specifically by large enterprises as the budget allocation generally is high for installation catalog management software products and services in companies’ equipment compared with SMEs.

By Component:

The market has been subdivided into solution and service on the basis of components. In 2020, the market was dominated by the solution segment, which accounted for over 65% of market revenue. The rising demand for catalogue management systems can be attributed to the increasing demand for these systems among organisations, including SMBs and large corporations. Catalog management reduces the overall cost of service delivery and improves customer satisfaction, employee productivity, and overall business performance.

The service segment is expected to grow at the fastest rate over the forecast period, 13.4% annually. Numerous providers of catalogue management systems will offer managed and professional services, which will contribute significantly to the market's expansion. The increasing demand for cloud-based managed services and the growing reliance of businesses on IT assets to enhance their business productivity are the primary factors driving the growth of the managed services market segment.

By Region:

North America dominated the market with a market share of over 45.0% in 2020. Growing footprint of industry players such as Oracle Corporation, Salsify, SAP SE and Amdocs and growing number of SMEs are expected to drive the market growth in this region.

The Asia Pacific market for catalog management systems is expected to expand at a CAGR of 15.4% from 2021 to 2028. Regional market growth can be attributed to the growing preference for technologically advanced solutions among various enterprises in Asia Pacific countries such as India and China. Additionally, increasing IT spending in the region is expected to contribute to the growing adoption of catalog management systems, supporting the regional market growth.

Scope of Report:

Market Key Players:

IBM, SAP, Oracle, Salsify, Coupa Software, ServiceNow, Proactis, Broadcom, Fujitsu, Comarch, Zycus, GEP, Ericsson, Amdocs, Episerver, SunTec

1. IBM 

The International Business Machines Corporation, also known as Big Blue, is an American multinational technology company with its headquarters in Armonk, New York, and operations in more than 175 countries.

They provide these services Cloud, Research, Watson, Experience Design, Industry solutions, Mobile, Cognitive, Security, Systems services, Analytics, Consulting, Commerce, Resiliency services, Financing, and IT infrastructure

2. Oracle

Oracle Corporation is a multinational American information technology company with headquarters in Austin, Texas. Oracle was the world's third-largest software company by revenue and market capitalization in 2020.

Their specialities are enterprise, EPM, BEA, Hyperion, Retek, Utilities, On-Demand, software, applications, database, middleware, BPM, solutions for communications industry, fusion, business intelligence, Primavera, PeopleSoft, server & storage systems, ERP, CRM, CRM On Demand, JDE, and Siebel.

3. Fujitsu

Fujitsu is the leading Japanese global information and communication technology company, offering a wide range of technology products, solutions and services. They build new possibilities by connecting people, technology and ideas, creating a more sustainable world where anyone can advance their dreams.

Their specialities are ICT, Cloud computing, System Integration, Software, Hardware, Notebooks, Computers, Tablets, IT Services, Servers, Infrastructure, Internet of Things, Digital Transformation, Artificial Intelligence, IT Security, Mobile Workplace, and Hybrid IT

4. Zycus

Zycus is a pioneer in Cognitive Procurement software and has been the partner of choice for the world's largest corporations for the past two decades. Gartner, Forrester, and other analysts have consistently recognised Zycus for its Source to Pay integrated suite. Zycus' S2P software is powered by the revolutionary Merlin AI Suite. Merlin AI takes over tactical tasks and enables procurement and AP officers to concentrate on strategic projects; provides data-driven actionable insights for quicker and smarter decisions; and its conversational AI provides end-users with a B2C-like user experience.

Their specialities are Source-to-Pay Procurement Software Suite, Spend Analysis, Strategic Sourcing, Contract Management, Supplier Management, Financial Savings Management, Spend Management, eProcurement and eInvoicing, eSourcing, Project Management, Request Management, AI, Digital Transformation, B2B software, Procurement, eProcurement, Source to Pay, Procure to Pay, Procurement Software, and Supply Chain

5. Ericsson

Their objective To establish connections that render the inconceivable possible. Their vision: A world in which limitless connectivity enhances lives, revolutionises business, and ushers in a sustainable future. Their values Integrity, perseverance, professionalism, and respect.

They provide 5G, Internet of Things, Mobile broadband, Communication services, Managed services, Fixed broadband, LTE, 3G, 4G, OSS, BSS, Cloud, Network, Telecom, ICT, IT, IP, Technology For Good, Sustainability, IoT, Intelligent Transport Systems, AI, and R&D

Major Market Segments Covered in Catalog Management Systems Industry Research:

By Type:

• Cloud

• On-Premises

By Component:

• Solution
• Service

By Application:

• IT & Telecom
• Retail & eCommerce
• BFSI
• Others

By Organization Size:

• Small and Medium-Sized Enterprises
• Large Enterprises

By Region:

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Conclusion:

Catalog Management Systems Market size was valued at USD 1.15 Billion in 2022 and is projected to reach USD 8.72 Billion by 2030, growing at a CAGR of 7.6% from 2022 to 2030.

Catalog management is the process of organising products to ensure that data across all sales platforms is consistent and of high quality. For catalogue management to be effective, distinct catalogues must be created based on a variety of characteristics. These catalogues must be lucid and consistent. The management of an online catalogue includes product names, descriptions, hierarchies, prices, and other pertinent data. This includes details such as colour, design, pattern, and fit, which must be accurate for buyers to be directed to the correct product. A catalogue management system enables users to construct and edit catalogues, which assists them in determining how much to charge for their products.