At present, brands are offering a wide range of new products that are short-lived and dependent on numerous channels. Brands are finding it difficult to maintain integrity of their product data across all platforms and channels. Catalogs is an important component of businesses as they present a list of products available for sale and information regarding delivery and availability of products. An organized catalog provides shoppers with the product description required for making data-driven buying decisions.
Catalog production is a labor-intensive, time-consuming and costly task. Changing the prices and promoting new items through catalogs while optimizing the catalog space is difficult. Catalog management solutions allow businesses to manage their product data in a single system, resulting in large catalogs with optimized layout and design. Catalog management solutions simplify workflow and manage catalog changes regardless of the channel, location, or platform. Catalog management facilitates creation of personalized and seasonal catalogs for different sectors, thereby creating growth opportunities.
High penetration of mobile devices across the globe has increased the adoption of mobile apps, social media, and digital channels among customers thus increasing the engagement in retail and e-commerce through these channels. Customer satisfaction has become a key objective for companies. Hence, they are strategizing customer engagement channels. SMEs and large enterprises are deploying latest software and services to centrally manage offers/discounts, product details, payment systems, and inventory.
Catalog management solutions create, manage, and maintain all product information in a single central repository. Catalog management software/platforms and services provide a centralized view of the product data required for supply chain optimization and search engine optimization, which drives their adoption across various industries. Latest technologies such as artificial intelligence (AI) are expected to further enhance the catalog management solution capabilities, thereby offering significant growth potential to the catalog management market.
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The global catalog management market can be segmented based on component, end-user industry, organization size, and region. Based on component, the catalog management market can be classified into software/platforms and services. The software segment can be sub-divided into on-premise and cloud. The cloud software sub-segment is expected grow at a highest CAGR over the forecast period. The services segment can be sub-segmented into integration, consulting, and support services.
Based on end-user industry, the catalog management market can be segregated into retail, e-commerce, BFSI, IT & telecom, media & entertainment, and others. The others segment is driven by growth of the travel & hospitality industry. The retail segment is likely to continue to dominate the catalog management market between 2018 and 2026, followed by the e-commerce segment. Based on organization size, the catalog management market has been segmented into small & medium enterprises (SMEs) and large enterprises.
In terms of region, the global catalog management market can be categorized into North America, Asia Pacific, Middle East & Africa, South America, and Europe. The catalog management market in Asia Pacific is expected to be fueled by increase in the adoption of catalog management solutions by a large number of SMEs in the region. Growth of the e-commerce sector in the region is also estimated to drive the catalog management market in the region during the forecast period.
Key players operating in the global catalog management market are SAP SE, IBM Corporation, Fujitsu Limited, Proactis Holdings Plc., SellerCloud, Salsify, Inc., Sigma Systems, Coupa Software Inc., SunTec Web Services Pvt. Ltd, and GEP. The market is highly fragmented with presence of a large number of local and international players. Vendors operating in the market are offering affordable solutions to gain market share. Increase in the digital transformation in retail and e-commerce sectors is paving ways for entry of new players in the catalog management market.