The concept of a platform is nothing new, but in the digital era of smart connected products every hardware-centric company needs to urgently work out a platform strategy. Simply put, while a product is something you sell, a platform is infrastructure that enables interactions between various actors.
Market researcher IDC predicted that more than 50% of large enterprises—and more than 80% of enterprises with advanced digital transformation strategies—would have created or partnered with platforms in some form by the end of 2018. Several Internet and software companies have already created successful connected product platforms and many traditional hardware makers will need to consider whether to plug into these platforms as partners or compete directly.
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Organizations employ catalog management systems for maintaining product and service information in an organized manner to enable channel partners and customers to keep up with information, pricing, and updates related to products or services. The catalog management system market is gaining immense popularity with digital transformation initiatives in e-commerce as well as in the retail sector.The catalog management systems market is anticipated to grow in the forecast period owing to driving factors such as digital transformation across industries for improvising marketing and selling activities. However, the catalog management systems market may get negatively affected due to the associated privacy and security concerns. Nonetheless, the small and medium enterprises offer lucrative opportunities for players operating in the catalog management systems market during the forecast period.
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