Catalog management makes sure that the quality of product data and its configurability to the buyer is in required format. It is a dynamic process that enables suppliers to quickly broadcast product and price changes, and introduce new items. It is the process of suppliers enabling electronic product content to be made available to organizations in order for them to procure goods electronically, where the product content can be hosted by either the supplier or the buyer.
Catalog management software, or product catalog management software, organizes and consolidates e-commerce product data into a single, digital point of reference for both merchant and buyer. The software maintains and stores product information for an e-commerce business. The global market size is predicted to increase from USD 856.6 million in 2018 to USD 1,190.0 million by 2023, at a compound annual growth rate of 7.02% over the next few years.
Main growth factors for the market include the digital transformation initiatives that are responsible for the boom of retail and ecommerce industry, and improved IT systems to meet customer’s dynamic requirements. Important industry availing the services of catalog management include Financial Services, Banking, and Insurance (BFSI); retail and eCommerce; and Information Technology (IT) and telecom.
The market is divided into deployment type, industry vertical, component, organization size, and region. The solution division is expected to dominate the market in 2018, while the services segment is expected to grow at a higher CAGR in the coming years. Catalog management solution and services are increasing popularity, as they empower enterprises to meet their cataloging requirements in a cost-effective manner.
Among deployments, the cloud deployment type is predicted to gain traction in the future, as it offers the agility of on-demand resource deployment and consumption. Organizations choose the cloud deployment model, as it offers ease of access along with reduced capital and operational expenses.
The Small and Medium-sized Enterprises (SMEs) division is predicted to grow at a higher CAGR in the coming years. The increasing need to reduce operational costs and streamline selling processes would drive the adoption rate of catalog management solution and services.
Industry verticals such as retail and eCommerce, IT and telecom, BFSI, media and entertainment, travel and hospitality, and others (government, healthcare, and energy and utilities) are quickly adopting catalog management solution and services to optimize their selling processes. The IT and telecom industry is expected to hold the largest market size, while the retail and eCommerce industry would present prospective opportunities for catalog management systems vendors in the future.
Current Market Situation for Catalog Management Systems Market
Important geographic regions in the catalog management systems market are North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is predicted to hold the largest market size due to the presence of large vendors in the region and being the most advanced regions in terms of technology adoption and IT infrastructure optimization.
Catalog management systems assists organizations in their cataloging and selling processes. Some of the organizations are still unaware of their functionalities, and end up buying catalog management systems not meant for them. There are predominant data security apprehensions, as product and service data is stored in catalog management systems. These could be restraining factors for the growth of catalog management systems market.
Recent advancements in the catalog management
- Collaborative Catalogue Management Service – CCMS
CCMS is a complete collaborative catalogue management system that supports catalogue-based procurement. Suppliers are able to create product/service catalogues linked to contracts. CCMS provides version control and approval processes for catalogues to be validated by the buyers before becoming available for requisitioning, which may be customized.
- The First Data Catalog Designed for Collaboration | Alation
- Catalogue Management by Esize and Catalogue Management by Intrigosis
Thus, catalog management provides a wide range of applications to different industries of the world to optimize their business processes.