The catalog management software market is expected to grow by USD 423.22 million during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has published a latest market research report titled Global Catalog Management Software Market 2020-2024 (Graphic: Business Wire)
Affordability is one of the prime factors fueling the demand for catalog management software. Moderately priced catalog management software enables end-users to manage the huge database of suppliers, contact information, and other details of products and services, allowing automation of the entire process. These end-users include industries such as software and services, healthcare, food and retail, and financial services. Some of the prominent vendors offering catalog management software at affordable prices include the MyBusinessCatalog, which offers software at $179-$389, and Now In Store, which offers software at $9 per month per user. In addition, the fees associated with the catalog management marketplace model are upfront and transparent, i.e. a simple monthly per-user subscription fee for buy-side users and no cost for suppliers.
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As per Technavio, the increasing demand for product catalog management by e-commerce merchants will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Catalog Management Software Market: Increasing Demand for Product Catalog Management by E-Commerce Merchants
Online product catalogs are important for e-commerce retailers. Creating an exhaustive and information-rich experience helps e-commerce businesses build interest among online visitors. E-commerce merchants can no longer afford to forgo product catalog management because of customers’ increasing demands. E-commerce merchants must meet the expectations of customers in order to stay competitive in fierce competition. E-commerce catalog management lays the foundation for the omnichannel strategy of different retailers. Hence, consistent product information across channels makes omnichannel shopping easier. Customers can search and find the same product at any touchpoint. Thus, the increase in demand for product catalog management by e-commerce merchants will drive the growth of the market during the forecast period.
“The rising demand for service catalogs, and the increasing emergence of analytics in catalog management software will have a positive impact on the growth of the catalog management software market value during the forecast period,” says a senior analyst at Technavio.
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Catalog Management Software Market: Segmentation Analysis
This market research report segments the catalog management software market by deployment (cloud-based and on-premises), end-user (retail, e-commerce, marketing and media, manufacturing, and others), and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the catalog management software market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the rapid increase in data generation across industry verticals such as retail, healthcare, and e-commerce due to increased digital transformation.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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