New York, June 15, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announced the release of the report “Catalog Management System Global Market Report 2022” – https://www.reportlinker.com/p06285843/?utm_source=GNW
The global catalog management system 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 system market is expected to grow to $ 3.11 billion in 2026 at a CAGR of 2.5%.
The catalog management system market consists of sales catalogs of entities (organizations, sole traders, and partnerships) that allow brand suppliers to deliver product quality data throughout the catalog in required buyer format. The catalog management system aggregates and organizes e-commerce products data into a single, digital point of reference, which includes catalogs for both buyers and merchants.
The main types of catalog management systems are product catalogs and service catalogs. Product catalogs are a type of marketing collateral that contain basic product information to assist consumers in purchasing choices.
These details include product features, dimensions, description, availability, price, weight, color, customer reviews, and more. The various components include solutions, and services and are deployed via on-premise and cloud.
Some business sizes include large enterprises, and small and medium enterprises (SMEs) and are used in various industries such as telecom, IT, travel and hospitality, retail and e-commerce, media and entertainment, and other vertical.
North America will be the largest region in the catalog management market in 2021. Asia Pacific is expected to be the fastest growing region during the forecast period.
The regions covered in the catalog management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increasing 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 keeping the product database structured, organized, and updated across all online sales channels. Because the movement of people was restricted due to lockdowns, there was an increasing demand for online products, which caused the growth of the e-commerce sector to accelerate, resulting in the shift towards catalog management solutions.
For example, according to Springbord, a US-based information service provider, global e-commerce sales reached nearly $ 26.7 trillion in online sales in 2020, with online retail sales rising 32.4% year on year in 2020, and of 39% in Q1 2021. Therefore, the increasing demand for catalog management solutions in the eCommerce industry is driving the growth of the catalog management system market.
Artificial intelligence and automation have emerged as a major trend gaining popularity in catalog management systems. The catalog management system is a process that allows brand suppliers to deliver product quality data throughout the catalog.
Artificial intelligence and automation are techniques and theories used to build computers that can mimic intelligence. The AI and automation of the catalog system enhances product tagging, description, visualization, catalog insights, and other features.
For example, according to Vue.ai, a US-based end-to-end retail automation platform, catalog system AI and automation enhancements have resulted in a 51% increase in accuracy for better search and discovery, a 75% reduction in traditional photoshoot 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 unspecified amount. With this acquisition, Salsify has expanded its commerce experience management network in Australia.
SKUvantage is an Australia-based company offering 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, UK, USA.
Read the full report: https://www.reportlinker.com/p06285843/?utm_source=GNW
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