Technavio market research analysts forecast the global catalog management software marketto grow at a CAGR of close to 13% during the forecast period, according to their latest report.
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Technavio has published a new report on the global catalog management software market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global catalog management software marketfor 2017-2021. The report also lists cloud-based and on-premises as the two major deployment segments, of which the cloud-based segment accounted for more than 75% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global catalog management software market:
- Growing affordability of catalog management software
- Increasing demand for improved catalog management
- Growing need to streamline the business process
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Growing affordability of catalog management software
The affordable pricing and planning offered by the providers is fueling the demand for catalog management software. The 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 software and services, healthcare, food and retail, and financial services industries.
"The fees associated with catalog management marketplace model are upfront and fully transparent. A simple monthly per-user subscription fee for buy-side users and no cost for suppliers. This ensures that buyers and sellers can do business on their own terms, not on the terms of the catalog management platform," says Ishmeet Kaur, a lead analyst at Technavio for enterprise application research.
Increasing demand for improved catalog management
Catalogs are an important aspect of any business, as they offer more than just the list of items available for purchase. Catalogs are an essential part of the purchasing process as they provide information regarding the delivery and availability of required items. Catalogs enable customers to realize savings on their purchases.
Catalog management represents a solution for organizations to consolidate data into a single digital marketplace for all customers, suppliers, processes, and policies. Catalog management is like master data management, which can serve a much larger than just the data consolidation.
"Catalog management software is beneficial in matching data, removing duplicates, and ensuring consistency. The real benefit to catalog management is in the utilization of master data. Furthermore, a well-designed and carefully imported catalog will give organizations the flexibility to organize both services and products into strategic categories," says Ishmeet.
Growing need to streamline the business process
Catalog management software allows end-users to manage all their product data in a single system and update catalogs in multiple formats. This results in a shorter production time, more accurate and robust catalogs, and increased sales. In addition, catalog management software helps to simplify the workflow and manage all of the catalog changes regardless of the channel, platform, or location. It also enables to enrich product data and change only the information that needs to be changed. At the same time, it ensures all other data remains the same. This control is crucial when one is looking to update media, pricing, or any other information for the holidays. Thus, catalog management software gives the control of spending, reducing costs, and improve customer service levels.
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