The Catalog Management Systems Market projected to grow at a (CAGR) of 7.0% during the forecast period

“A growing need to present consistent product information for meeting the dynamic requirements of customers is expected to drive the catalog management systems market”

The global catalog management systems market size is expected to grow from USD 846.6 million in 2018 to USD 1,190.0 million by 2023, at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period. The indispensable requirement to have centrally managed product and service data will be a major growth driver of the market. With ever-changing customer requirements, a robust catalog management system helps enterprises in presenting consistent product information to its customers and aim toward providing a positive customer experience. Another factor driving the growth of the catalog management market is increasing number of digital transformation initiatives in the retail and eCommerce industry vertical. However, prevailing data security apprehensions and lack of awareness about the functionalities and benefits related to catalog management systems could hinder the growth of catalog management system market.

 

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Solution segment to hold a larger market size during the forecast period

The solution segment is estimated to hold a larger market size in 2018. Catalog management systems solution helps enterprises save time and money when it comes to organizing and managing product information. An increasing need to streamline selling processes will drive the adoption of catalog management solution across industry verticals. However, the services segment would grow at a higher CAGR, as organizations are focusing on reducing operational costs and providing positive customer experience. Cloud deployment type to grow at a higher CAGR during the forecast period In the catalog management systems market, the cloud deployment model would grow at a higher CAGR during the forecast period. Major factors include enhanced security features, interactive dashboards, ease of flexibility, and better scalability could encourage enterprises across the globe to adopt the cloud deployment. Moreover, the cloud-based deployment model offers higher agility than the on-premises deployment model.

 

Asia Pacific (APAC) to be the fastest growing region during the forecast period

APAC is expected to be the fastest growing region in the global catalog management systems market during the forecast period. Rapid economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive the catalog management systems market in the APAC region. The growing need for cost optimization and effective utilization of IT infrastructures is expected to propel the demand for catalog management systems solution and its associated services.

 

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In the process of determining and verifying the total market size, several segments and subsegments were gathered through secondary research and extensive primary interviews were conducted with key people.

 

The breakdown of the profiles of the primary participants is as follows:

  • By Company: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
  • By Designation: C-level – 35%, Director level – 25%, and Others – 40%
  • By Region: North America – 40%, Europe – 28%, APAC – 25%, RoW – 7%

 

The catalog management systems ecosystem comprises service and solution providers, such as IBM (US), SAP SE (Germany), Oracle (US), CA Technologies (US), Coupa Software (US), ServiceNow (US), Proactis (UK), Fujitsu (Japan), Comarch (Poland), Zycus (US), GEP (US), Insite Software (US), Plytix (Denmark), Vroozi (US), Salsify (US), Mirakl (France), Ericsson (Sweden), SellerCloud (US), Sigma Systems (Canada), Vinculum (India), Claritum (US), eJeeva (US), SunTec (India), cellent (Germany), and Amdocs (US).

 

Related Report:

Cloud Services Brokerage Market by Service Type (Catalog Management Workload Management Operations Management) Platform (Internal Brokerage External Brokerage) Deployment Model Organization Size Vertical and Region - Global Forecast to 2023

Growing adoption of multi-cloud management and hybrid IT is expected to fuel the demand for cloud services brokerage across the globe

The global Cloud Services Brokerage (CSB) market is expected to grow from USD 6.78 billion in 2018 to USD 15.03 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.3% during the forecast period. An increasing adoption of multi-cloud approaches that involve dynamic management of a variety of cloud providers and services is one of the major drivers for the CSB market. However, stringent regulations and difficulty in application portability are expected to limit the growth of these solutions.

Read More: https://watchersofmarkets.com/products/cloud-services-brokerage-market-by-service-type-catalog-management-workload-management-operations-management-platform-internal-brokerage-external-brokerage-deployment-model-organization-size-vertical-and-region-global-forecast-to-2023

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Posted by on Saturday August 11 2018, 5:15 AM EDT. All trademarks acknowledged. Filed under Business & Financial Services, Business Services, Consumer & Retail, Featured Press Release, Manufacturing, Manufacturing & Construction, Technology Hardware & Equipment, Technology, Media, & Telecommunications. Comments and Trackbacks closed. Follow responses: RSS 2.0

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