Catalog management software is used to maintain product information in an organized and structured manner. The product catalog provides information regarding product functionalities, price, and other essential components. In addition, it provides easy access to product information for business users and makes the classification and categorization of the product simpler. The catalog management software market has high growth prospects owing to rising demand from the retail industry and technological advancement in the catalog management software to deliver better services. In addition, growing demand from the developing economies owing to the rise in IT infratstrure expected to drive the demand for the catalog management software market over the forecasted period.This growth is primarily driven by Rising Demand of Centralized Repository for All Product Information and Growing Need for Product Data Management Systems.
Globally, a noticeable market trend is evident Technological Advancement in the Catalogue Management Software
. Major Players, such as SAP SE (Germany), IBM (United States), Fujitsu Ltd. (Japan), SunTec Web Services Pvt. Ltd. (India), GEP (United States), Coupa Software Inc. (United States), Hubwoo (France) and Salsify (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
1st May 2019, Sigma Systems provider of catalog-driven software products for media, telecommunications, and high-tech companies acquired by Hansen Technologies Limited provider of billing software, data management, and customer care systems.
- Rising Demand of Centralized Repository for All Product Information
- Growing Need for Product Data Management Systems
- Technological Advancement in the Catalogue Management Software
- Increasing Applications in the Retail Industry
- Difficulty in Keeping Product Information Consistent Across All Channels
- Lack of Skilled Technical Professionals
Increasing Demand for Cloud-Based Catalog Management Software and Rising Demand from the Developing Economies Owing to Growth in IT Sector
Updating Multiple Product Catalogs at Different Marketplaces and Lack of Awareness in the Emerging Economies
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