Global Catalog Management System Market Report 2022
The major players in the catalog management system market are IBM, SAP, Oracle, Salsify, Coupa Software, ServiceNow, Proactis, Broadcom, Fujitsu, Comarch, Zycus, GEP, Ericsson, Amdocs, Episerver, Hansen Technologies, Vinculum, Claritum, eJeeva, SunTec, Plytix, Mirakl, Sellercloud, Vroozi, CatBase, Akeneo, nChannel, Contalog and Sales Layer.
New York, June 15, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the “Catalog Management System Global Market Report 2022” – https://www.reportlinker.com/p06285843/?utm_source=GNW
The global catalog management systems market is expected to grow from $2.7 billion in 2021 to $2.81 billion in 2022 at a compound annual growth rate (CAGR) of 4.3%. The catalog management systems market is expected to reach $3.11 billion in 2026 with a CAGR of 2.5%.
The catalog management systems market includes catalog sales by entities (organizations, independent marketers, and partnerships) that enable branded vendors to deliver quality product data across a comprehensive catalog in the format required by the buyer. The catalog management system consolidates and structures e-commerce product data into a single digital reference point, which includes catalogs for the buyer and the merchant.
The main types of catalog management systems are product catalogs and service catalogs. Product catalogs are a kind of marketing material that contains key product information to help consumers make a buying choice.
These details include product features, dimensions, descriptions, availability, price, weight, color, customer reviews, and more. The different components include solutions and services and are deployed on premises and in the cloud.
The different business sizes include large enterprises and small and medium-sized enterprises (SMEs) and are used in various industries such as telecommunications, IT, travel and hospitality, retail and e-commerce, media and entertainment, and other verticals.
North America was the largest region in the catalog management market in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period.
Regions covered in Catalog Management System market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle- East and Africa.
The growing demand from the e-commerce industry for catalog management solutions is expected to drive the growth of the catalog management system market in the future. Catalogs are a list of items, organized into different groups for different purposes.
Catalog management refers to the process of maintaining the structure, organization and updating of the product database across all online sales channels. With the movement of people being restricted due to lockdowns, there has been an increase in demand for online products, which has led to a growth in the e-commerce sector. accelerate, leading to an evolution towards catalog management solutions.
For example, according to Springbord, a US-based information services provider, global e-commerce sales accounted for nearly $26.7 trillion in online sales in 2020, with online retail sales increasing. by 32.4% year-on-year in 2020, and by 39% in the first quarter of 2021. Hence, the growing demand for catalog management solutions in the e-commerce industry is driving the growth of the market for catalog management systems.
Artificial intelligence and automation have become a key trend that is gaining popularity in catalog management systems. The catalog management system is a process that allows brand suppliers to provide quality product data on a complete catalog.
Artificial intelligence and automation are approaches and theories used to build computers capable of simulating intelligence. Catalog system AI and automation improves tagging, description, visualization, catalog information and other features.
For example, according to Vue.ai, a US-based end-to-end retail automation platform, the catalog system’s AI and automation improvements led to a 51% increase precision for better search and discovery, a 75% reduction in traditional photo shoot costs, a 40% increase in conversion rate, and a 30% increase in unique product views in 2021.
In October 2021, Salsify, a US-based software company, acquired SKUvantage for an undisclosed amount. With this acquisition, Salsify expands its sales experience management network to Australia.
SKUvantage is an Australia-based company that offers the Commerce Experience Management (CommerceXM) platform.
The countries covered in the Catalog Management System market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea South, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06285843/?utm_source=GNW
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