Dublin, Feb. 23, 2021 (GLOBE NEWSWIRE) -- The "Catalog Management System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Catalog Management System Market is expected to grow at a CAGR of 9% over the forecast period 2021 to 2026. The requirement to have centrally managed product and service data, increasing customer requirements, expanding the number of digital transformation initiatives in the retail, and eCommerce industry verticals are determinants driving the growth of the catalog management market.
A growing need to streamline selling processes will drive the selection of catalog management solutions across business verticals. Nevertheless, the services segment would grow at a higher growth rate, as organizations are focusing on reducing operational costs and providing a positive customer experience.
For instance, according to NTT Data Corporation, in 2018, 88.3% of organizations worldwide revealed that they perceive customer experience (CX) as a competitive differentiator. Whereas in insurance financial services, 96.1% of respondents expressed that customer experience is a competitive differentiator for their organizations.
In the catalog management systems market, the cloud deployment model would grow at a tremendous rate. Significant factors include interactive dashboards, ease of flexibility, enhanced security features, and better scalability that could promote businesses to utilize cloud deployment. For instance, as per VMware data, in 2018, the global cloud systems management software market increased by 33.2% and was valued at around 5.6 billion U.S. dollars as compared previous year.
Customers worldwide are becoming tech-savvy and prefer to engage with businesses via digital channels, such as social media, mobile apps, and websites. Hence, nowadays, this industry vertical is wholly focused on customer satisfaction, requirements, and feedback and is more adoption of digital technologies. Moreover, the eCommerce and retail industry vertical is strategizing customer engagement channels to fulfill the need for technologically advanced consumers.
Key Market Trends
IT & Telecom Vertical to Drive the Market
With the increasing need for smartphones and other data-hungry devices in the digital era, giving customers the right products at the right time continues to be a challenge for CSPs. It can be challenging for CSPs to create, manage, and monetize data offers efficiently. A centralized product catalog assists seize revenue-generating opportunities, reduce time-to-market (TTM), deliver unparalleled Quality of Experience (QoE), retain a profitable subscriber base, reduce churn, and improve brand loyalty.
Catalog Management System helps CSPs design, collaborate, organize, and manage offer life cycles with ease, giving them a competitive edge to launch numerous innovative plans and services. The decreased TTM and capacity to respond instantly to customer demands assure customer happiness, redefine the customer experience, boost ARPU and ROI, and lower operating costs.
For instance, Ericsson Catalog Manager allows customers to rapidly launch and enable new innovative offerings with simple user experience and enterprise product, service & resource catalog capabilities, providing key catalog features such as centralized catalog, graphical designer tool, and scalable run-time access among others.
Alepo's next-gen Digital BSS platform, with a built-in product catalog, is designed to increase revenue and customer loyalty by facilitating a rapid TTM for innovative products and services. The centralized Alepo Product Catalog gives CSPs the flexibility to agilely respond in a continuously evolving market across multiple access technologies with fine-grained prepaid, postpaid, and hybrid plans.
Catalog Management System has led to a catalog drove business processes strategy and the concept of an active/dynamic product catalog in business and IT architecture. According to Infosys Limited, catalog-driven architecture realizes several benefits, such as up to 25% increase in straight-through provisioning, 60-80% reduction of average handling time for order capture, 25-30% reduction of manual handling effort for capturing and executing customer orders, up to 80% improved time-to-market for product enhancements and launches.
Asia Pacific (APAC) to be the Fastest Growing Region of the Market
APAC is foreseen to be the fastest-growing region in the global catalog management systems market during the forecast period. Rapid economic developments, digitalization, globalization, and the increased adoption of cloud-based technologies are expected to drive the APAC region's catalog management systems market. According to Minsheng Securities, the cloud computing market in China has increased from CNY 4.2 billion in 2015 and is expected to reach CNY 69.2 billion by 2021.
The catalog management market in the Asia Pacific is expected to be fueled by an increase in the adoption of catalog management solutions by many SMEs in the region. The growth of the e-commerce sector in the region is also estimated to drive the catalog management market during the forecast period. For instance, as per IBEF & Morgan Stanley, the market value of the e-commerce industry in India was approximately USD 50 billion in 2018. This number was estimated to reach USD 200 billion by 2027.
According to GSMA, In 2019, the smartphone adoption rate reached 64% and is expected to rise to 81% by 2025. Concurrently, the mobile subscriber penetration rate is expected to reach 60% in the same year. Hence, in the Asia-Pacific region, smartphone penetration is increasing, and increasing disposable income intensifies market growth.
The burgeoning need for cost optimization and effective utilization of IT & Telecom infrastructures is expected to propel the demand for catalog management systems solution and its associated services. For instance, according to China Telecom, in 2019, China Telecom had generated a revenue of approximately 375.73 billion yuan, and according to Brand Finance, the brand value of China Telecom came to a total of 20.06 billion U.S. dollars in 2020.
The Catalog Management System Market is moderately competitive, with a large number of local and international companies. Vendors working in the market are giving affordable solutions to gain market share. An improvement in the digital transformation in retail and e-commerce sectors is flagging ways for the entry of new players in the market. Important players operating in the global catalog management market are SAP SE, IBM Corporation, Oracle Corporation, ServiceNow Inc., Proactis Holdings Plc., and Coupa Software Inc., among others.
June 2020 - Coupa Software Inc., announced that it has acquired BELLIN Group, a leading provider of treasury management software (TMS). With a long history in the treasury, BELLIN's cloud-based TMS platform improves visibility and control over cash and optimizes treasury processes. The acquisition will extend Coupa's value within the treasury, payments, and working capital processes, strengthening Coupa's position as a comprehensive and indispensable platform for managing business spend.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
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Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness Porter's Five Forces Analysis
4.2.1 Bargaining Power of Buyers/Consumers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Digital Transformation Initiatives
5.1.2 Necessity of Centralized Systems for Improved Marketing and Selling
5.2 Market Restraints
5.2.1 Privacy and Security Concerns
5.3 Industry Value Chain Analysis
5.4 Assessment of Impact of Covid-19 on the Industry
6 MARKET SEGMENTATION
6.1 By Type
6.1.1 Service Catalogs
6.1.2 Product Catalogs
6.2 By Deployment Type
6.3 By Industry Vertical
6.3.1 IT & Telecom
6.3.2 Retail & eCommerce
6.3.4 Media & Entertainment
6.3.5 Travel & Hospitality
6.3.6 Other Industry Verticals
6.4.1 North America
6.4.3 Asia Pacific
6.4.4 Latin America
6.4.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 IBM Corporation
7.1.2 Oracle Corporation
7.1.3 SAP SE
7.1.4 Coupa Software Inc.
7.1.5 ServiceNow Inc.
7.1.6 Proactis Holdings Plc
7.1.7 Fujitsu Limited
7.1.8 Broadcom Corporation
7.1.9 Comarch SA
7.1.10 Zycus Inc
7.1.11 GEP Worldwide
7.1.12 Telefonaktiebolaget LM Ericsson
7.1.13 Salsify Inc.
7.1.14 Insite Software Solutions, Inc.
7.1.16 Vroozi, Inc.
7.1.17 Sellercloud Inc.
7.1.18 Plytix.com ApS
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ekx3xh
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