Global Innovation Management Market, By Type (Software, Services), Deployment (Cloud, On-Premise), Organization Size (Large Enterprises, Small and Medium Enterprises), Application (Product Research & Development Platforms, Marketing, Design & Idea Platforms, Collective Intelligence & Prediction Platforms, Human Resources & Freelance Platforms), Vertical (BFSI, Healthcare, Education, Media & Entertainment, IT & Telecommunication, Retail, Government) – Industry Trends and Forecast to 2029.
Innovation Management Market Analysis and Size
Companies are looking for a streamlined approach to capture the ideas generated from various brainstorming sessions as their research and development activities grow. Furthermore, the company requires a platform for tracking the ROI generated by innovative ideas. As a result, the market for innovation management is experiencing increased demand.
Data Bridge Market Research analyses that the innovation management market was valued at USD 1.06 billion in 2021 and is expected to reach the value of USD 4.21 billion by 2029, at a CAGR of 18.8% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Innovation Management Market Scope and Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD billion, Volumes in Units, Pricing in USD
Type (Software, Services), Deployment (Cloud, On-Premise), Organization Size (Large Enterprises, Small and Medium Enterprises), Application(Product Research & Development Platforms, Marketing, Design & Idea Platforms, Collective Intelligence & Prediction Platforms, Human Resources & Freelance Platforms), Vertical (BFSI, Healthcare, Education, Media & Entertainment, IT & Telecommunication, Retail, Government)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
Market Players Covered
Brightidea (U.S.), Qmarkets (Israel), Planbox Imaginatik ltd. (U.S.), IdeaScale (U.S.), HYPE Softwaretechnik GmbH.(Germany), Innosabi GmbH (Germany), Medallia Inc. (U.K.), Ernst & Young Global Limited (U.K), Planbox, Inc.(Canada), Exago (Portugal), Inno360, Inc.(U.S.) and SAP SE (Germany) among others
The management of an organization's innovation process, from the initial level of the idea to the final phase of its successful execution, is referred to as innovation management. Formulating options, using an innovative approach, and operations and processes are all part of the process. Technology aids in the creation of innovative business models as well as the development of innovative products, services, and skills.
Global Innovation Management Market Dynamics
- Change in work cultures
The market is primarily being driven by changes in work culture in various organizations. True innovation begins with the culture of the company. The use of innovation management tools by an organization's management is likely to deploy and activate the creative capabilities of the workforce for the company's continuous development. The primary goal of innovation management in an organization is to create an environment conducive to innovation. In determining needs and prospects and transforming them into solutions and customers, the emphasis is on external factors, conditions, and dynamics.
- Product innovations and advancements
With the level of competition increasing, businesses are gaining a competitive advantage through innovation. Companies use innovation to differentiate their products from competitors and to reach a new customer segment. The majority of the industry is shifting its focus from current operations to future opportunities due to the need for change in business strategy. Similarly, as the need for innovation grows, businesses increasingly hold various brainstorming sessions and generate a large volume of ideas. This results in proper management of ideas/innovations on a common platform, further creating a favourable market for innovation management.
- Adoption of cloud technology
Rising cloud-based technology adoption is expected to be one of the major global innovation management market opportunities. Increasing automation and security are two factors that are likely to be improved, allowing the market to thrive during the forecast period. Another major opportunity in this market is the collaboration of innovation management software with enterprise social platforms and social media platforms to attain practical innovations.
- Security risks
On the other hand, enterprises' inability to track reliable ROI from innovation management solutions is expected to impede market growth. Increased security and privacy concerns about enterprise information are expected to challenge the innovation management market during the forecast period.
This innovation management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the innovation management market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Innovation Management Market
Innovation management can benefit robots, rockets, self-driving cars, virtual reality, and artificial intelligence. People innovate every day, at all levels and in all types of businesses. It is the result of brainstorming that consistently addresses consumer issues. Despite the fact that COVID-19 has an impact on all businesses, business innovation has not slowed. The COVID-19 epidemic, on the other hand, had a brief impact on the market for innovation management. The COVID-19 pandemic is still causing havoc on the growth of various businesses. The immediate impact of the situation is changing. While many businesses leave after a while, others remain and offer potential growth opportunities, an innovation management market analysis includes a thorough investigation that covers all requirements. It also considers all known market conditions, such as pre and post Covid-19 research.
- In July 2020 Planview acquired Aptage, a pioneer in the use of artificial intelligence and machine learning in work and portfolio management. Planview's acquisition aimed to integrate AI and ML into their work management and portfolio management offerings.
Global Innovation Management Market Scope
The innovation management market is segmented on the basis of type, deployment, organization size, application, and vertical. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Product Research & Development Platforms
- Design & Idea Platforms
- Collective Intelligence & Prediction Platforms
- Human Resources & Freelance Platforms
- Small and medium enterprises
- Large enterprises
- Media & Entertainment
- IT & Telecommunication
Innovation Management Market Regional Analysis/Insights
The innovation management market is analysed and market size insights and trends are provided by country, type, deployment, organization size, application, and vertical as referenced above.
The countries covered in the innovation management market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is expected to have the largest market share during the forecast period. The presence of strong domestic solution providers, technological advancement, and widespread adoption of technology and internet infrastructure are just a few of the factors driving market expansion.
Asia-Pacific region is expected to be the fastest growing during the forecast period. The growth of this region can be attributed primarily to countries such as China and Japan where there is a huge amount of internet penetration
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Innovation Management Market Share Analysis
The innovation management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to innovation management market.
Some of the major players operating in the innovation management market are:
- Brightidea (U.S.)
- Qmarkets (Israel)
- Planbox Imaginatik ltd. (U.S.)
- IdeaScale (U.S.)
- HYPE Softwaretechnik GmbH.(Germany)
- Innosabi GmbH (Germany)
- Medallia Inc. (U.K.)
- Ernst & Young Global Limited (U.K.)
- Planbox, Inc. (Canada)
- Exago (Portugal)
- Inno360, Inc. (U.S.)
- SAP SE (Germany)