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“The global innovation management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period.”
The report forecasts the global innovation management market size to grow from USD 918 million in 2020 to USD 1,663 million by 2025, at a CAGR of 12.6% during the forecast period. The major growth factors for the market include the increasing demand for crowdsourcing innovation across verticals and changing work culture in enterprises. However, the mindset of leaders towards traditional approaches may restrain the market growth.
Product development segment to hold a larger market size during the forecast period
By function, the innovation management market is subsegmented into product development and business processes. Among functions, the product development segment is expected to grow at a higher growth rate during the forecast period as enterprises are focused on customer-centric product development. Thus, product research and development platforms are very useful for the development of innovative products.
Healthcare and pharmaceuticals vertical to grow at the highest growth rate during the forecast period
The innovation management market is segregated into various verticals, including aerospace and defense, Banking, Financial Services, and Insurance (BFSI), healthcare and pharmaceuticals, government, retail and eCommerce, IT and telecommunications, manufacturing, transportation and logistics, and others (education, media and entertainment, legal, construction, agriculture, energy and utilities, and Non-Profit Organizations [NPO]). These verticals are expected to witness high adoption of innovation management solutions to achieve benefits, such as optimized storage information resources, lower risks, improved enterprise efficiency, and transparency in the innovation process of enterprises. Among these verticals, the healthcare and pharmaceuticals vertical is expected to grow at the highest growth rate. Healthcare and pharmaceutical organizations are focusing on changing their business plans for meeting the needs and expectations of patients and consumers worldwide.
North America to hold the largest market size during the forecast period
The innovation management market by region covers North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to hold the largest market size of the innovation management market. The region has been adopting innovation management solutions. It has been extremely responsive toward adopting the latest technological advancements, such as integrating technologies with Artificial Intelligence (AI), cloud, and mobile technologies with the use of traditional innovation management solutions. The major growth driver for this region is the presence of rigorous government standards and regulations framed for various industries.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the innovation management market.
- By Company Type: Tier I: 18%, Tier II: 44%, and Tier III: 38%
- By Designation: C-Level Executives: 32%, Directors: 36%, and Others: 32%
- By Region: North America: 38%, Europe: 26%, APAC: 18%, MEA: 10%, and Latin America: 8%
The major innovation management vendors operating in the market are Accenture (Ireland), SAP (Germany), Sopheon (US), Planview (US), Qmarkets (Israel), Brightidea (US), Planbox (Canada), HYPE (Germany), IdeaScale (US), innosabi (Germany), Viima (Finland), Exago (Portugal), inno360 (US), KPMG (Netherlands), InnovationCast (Portugal), Nosco (Denmark), Salesforce (US), and InnoCentive (US). The report provides these players’ company profiles, business overviews, product offerings, recent developments, and market strategies.
The global innovation management market has been segmented by function, type (solutions and services), deployment mode, enterprise size, vertical, and region. The function segment is subsegmented into product development and business processes. Based on types, the market is segmented into solutions and services. The services segment is further categorized into consulting; system integration; and training, support, and maintenance. The deployment mode segment is bifurcated into cloud and on-premises. Based on enterprise size, the market is classified into Small and Medium-sized Enterprises (SMEs) and large enterprises. The verticals considered in the study include aerospace and defense, BFSI, healthcare and pharmaceuticals, government, retail and eCommerce, IT and telecommunications, manufacturing, transportation and logistics, and others (education, media and entertainment, legal, construction, agriculture, energy and utilities, and Non-Profit Organizations [NPOs]). The market is also studied across North America, Europe, APAC, MEA, and Latin America.
Key Benefits of Buying the Report
The report would help the market leaders and new entrants in the global innovation management market in the following ways:
- The report segments the market into various subsegments; hence, it covers the market comprehensively. It provides the closest approximation of the revenue numbers for the overall market and its subsegments. The market numbers are further split across verticals and regions.
- It helps understand the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
- It helps stakeholders understand their competitors better and gain more insights to strengthen their positions in the market. The study also presents the positioning of the key market players based on their product offerings and business strategies.