North America Product Information Management (PIM) Market to reach USD 1,924.2 Million by 2031 from USD 1,524.2 Million in 2022, at a CAGR of 10.5% during the forecast period

As of 2017, Canada registered a research and development expenditure comprising 1.585% of its Gross Domestic Product (GDP).

CRIFAX added a report on ‘North America PRODUCT INFORMATION MANAGEMENT Market, 2022-2031’ to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.

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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

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The growth in technological advancements in Information and Communication Technology (ICT) sector and the emergence of Artificial Intelligence (AI) and Internet of Things (IoT) is anticipated to boost the growth of the North America PRODUCT INFORMATION MANAGEMENT market over the forecast period (2019-2027). As of 2018, the number of mobile cellular telephone subscriptions registered in the U.S. was 404,577,397, while at the same time 33,082,000 subscriptions were registered in Canada. Similarly, in 2016, 395,881,497 subscriptions were registered in the U.S. as compared to 30,752,000 subscriptions registered by Canada in the same year. A growth rate of 1.08x was recorded for mobile cellular subscriptions in Canada, while U.S. mobile cellular subscriptions recorded 1.02x between 2016 and 2018. The U.S. Information Technology industry held about 30% of share in tech sector globally in 2018. The region of North America recorded a GDP of USD 22,213.25 billion as of 2018, as against a GDP of USD 16,611.33 billion generated in the year 2010 having a growth rate of 1.34x.

The emergence of 5G technology and its applications across several industries such as healthcare, retail and others is anticipated to drive the growth of the market over the forecast period. About 45% of the population in North American region is estimated to adopt 5G technology by 2023, owing to huge demand for mobile data and video streaming services among the consumers in the region. The revenues derived from export of ICT goods and services in Canada was USD 21.8 billion in 2017 as compared to revenues of USD 21.1 billion generated in 2012. The U.S. was the top importer of ICT goods holding 16.16% of the global share at a value of USD 343,650 million in 2017. Additionally, as per United Nations Conference on Trade & Development (UNCTAD), the annual growth rate for the period 2016-17 was 9%.     

To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the North America PRODUCT INFORMATION MANAGEMENT market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five force model, absolute $ opportunity and anticipated cost structure of the market.

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