It is expected that the Innovation Management Market would increase from US$ 1.1 billion in 2022 to US$ 3.1 billion in 2032. Previously, the market expanded faster, averaging 12.6% year from 2015 to 2021, reaching a peak value of US$ 1 billion in that year.
The majority of multinational corporations have transitioned to digital business models over the past ten years, necessitating a higher level of innovation in inventory management and agile data processing technology. The need for strategic management of technology and innovation solutions in the global market has been further strengthened by the discovery of product idea management as a crucial business function.
For both large and small businesses, continuous innovation for creating new products in response to customer demand is proving to be the most successful business model to stay competitive in the current market. The implementation of the Idea management framework in the digital environment of organizations has significantly aided in the task of facilitating the exchange of ideas and knowledge among various stakeholders.
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Integration of Cloud-based technologies and AI-assisted idea generation methods have also increased the popularity of innovation management processes for managing technology and innovation in business.
The growing focus of start-ups and established business entities on penetrating different regions by launching innovative and new products has created a huge opportunity for the adoption of effective innovation management solutions. It also involves any activity for improving the available products or services through innovation in inventory management for a more open business model.
Key Takeaways
- Over the forecast period of 2022 to 2032, the innovation management market is predicted to witness an absolute growth of US$ 2 Bn from the present value of US$ 1.1. Bn in 2022.
- On the basis of the deployment model, cloud services are getting highly popular among the end-users by virtue of their dynamic and effective innovation management. This segment is expected to witness a growth rate of 10.3% over the forecast timeframe.
- Among the different components essential for setting up an Idea management framework, services are the major segment of the innovation management market in the present times. This segment is predicted to record a CAGR of 10.6% during the forecast period.
- The US is the leading market in terms of total revenue generated through innovation project portfolio management, occupying a share of nearly 35% of the global market. This region is anticipated to grow at the highest rate of 10.6% and is expected to be worth around US$ 1.1 Bn in 2032.
- Asia Pacific geographic region follows North America in terms of growth rate for the innovation management market. The three top-performing countries, namely China, Japan, and South Korea, are expected to be contributing about US$ 500 Mn together by the year 2032.
Competitive Landscape
Some of the prominent players in the global innovation management market are Accenture, SAP SE, Sopheon, Planview, Qmarkets, Brightidea, Planbox, HYPE, IdeaScale, and Innosabi, among others.
With the growth in the number of third party companies for managing technology and innovation in business, the global innovation management market has become highly competitive at present days. Most of the emerging players are getting specialized by targeting particular niche sectors for higher market demand. Health policy innovation and management is one of such popular segments getting increasingly targeted by the prominent players in the innovation management market.
- Planview Company acquired the rights of Apatage in July 2020. Apatage is a first-of-its-kind system for the application of artificial intelligence (Al) and machine learning (ML) for the working and management of portfolios that will offer greater acceptability for Planview in the global market.
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Key Segments
By Component:
- Solution
- Services
By Deployment Type:
- On-Premises
- Cloud
By Function:
- Product Development
- Business Process
By Organizational Size:
- Large Enterprise
- Small & Medium Enterprise
By Vertical:
- BSFI
- Aerospace and Defense
- Healthcare and Pharmaceuticals
- Retail and eCommerce
- Information Technology and Telecommunications
- Government
- Manufacturing
- Transportation and Logistics
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Table of Content
1. Executive Summary | Innovation Management Market
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Demand
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Million)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
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