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Innovation Management Market Scenario:Market Research Future (MRFR) claims that the global innovation management market has a potential rise by 27% CAGR during the forecast period (2017-2023). The market is likely to garner a valuation of USD 1,700 million due to the surging demand for innovative and new products in the global market.
Innovation Management Market can be described as business processes, products, and innovations in an organization. It is the combination of change management and innovation processes and involves introducing creative and new ideas to respond to external and internal opportunities.
Competitive Dashboard:
The prominent players operating in the global innovation management market comprises BrightIdea, Inc. (U.S.), Qmarkets (Israel), IdeaScale (U.S.), Hype Innovation (Germany), Cognistremer (Belgium), Innosabi GmbH (Germany), Planbox, Inc. (Canada), Crowdicity Ltd (U.K.), Inno360, Inc. (U.S.), and Exago (Portugal).
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Market Potential and Pitfalls:
The innovation management market is anticipated to experience a sturdy growth rate during the review period owing to the changing work culture coupled with the surging demand for innovative products in order to satisfy the needs of the consumer. The rapid growth in the innovation management market has further influenced the growth trajectory. New work strategies and practices are crucial and are often the narrow difference between the failure and success on the global stage. Thus, the demand for innovation management is experiencing a growth curve and is rising steadily across the globe.
The surging demand for open innovation and crowdsourcing innovation from several organizations are presumed to dictate the growth trajectory of the market. Moreover, several organizations are extensively adopting innovation management solutions and software in order to improve and innovate their existing products. This is further estimated to contribute to the growth of the market during the review period. The increased adoption of cloud-based solutions by organizations is estimated to trigger the demand for innovation management across the globe.
On the contrary, the inefficiency of the enterprises to track reliable RoI is predicted to vitiate the market growth across the globe.
Innovation Management Market Segmental Analysis:
The global innovation management market has been segmented on the basis of type, deployment, organization size, application, and vertical.
• By mode of type, the global innovation management market has been segmented into services, software, system design & integration services, consulting services, and training & education services.
• By mode of deployment, the global innovation management market has been segmented into on-premise and cloud. Among these, the cloud-based deployment is anticipated to experience the highest growth rate due to the low cost of maintenance, deployment, and licensing, thus allowing remote location access.
• By mode of organization size, the global innovation management market has been segmented into large enterprises and small and medium enterprises.
• By mode of application, the global innovation management market has been segmented into marketing, design & idea platforms, product research & development platforms, human resources & freelance platforms, and collective intelligence & prediction platforms. Among these, the product research & development platforms segment is likely to occupy a significant share due to the surging demand for advanced product coupled with the changing requirement of the customers which is influencing the companies to adopt innovative management solutions.
• By mode of vertical, the global innovation management market has been segmented into healthcare, BFSI, media & entertainment, education, retail, IT & telecommunication, and government. Among these, the market for retail is considered to gain prominence as the vertical implements advanced technologies with existing infrastructure, thus delivering real-time offers for the customers.
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Regional Insights:
Geographically, the innovation management market has been studied under regions namely, Asia Pacific, Europe, North America, and Rest-of-the-World (RoW).
Considering the global scenario, the North American region has been observed to acquire the largest market share. The growth can be ascribed to the technological advancements coupled with the surging need for innovative products in order to satisfy the need of the consumers. The presence of strong internet infrastructure, strong domestic solution providers, and widespread adoption of the latest technologies are offering the regional market a boost. Moreover, with the need for a better operational efficiency along with business processes at low operating costs, the market is considered to flourish. The Asia Pacific region is likely to expand at the fastest growth rate and is likely to retain its position in the long run.
Industry Updates:
May 07, 2019: Enterprise Investment Scheme and Venture Capital Trust Specialist Calculus Capital has recently invested an amount of £2.5m in software provider Wazoku, which helps the companies to drive meaningful change, innovation, and engagement with the help of its suite of support services and market-leading idea management platform.
Intended Audience:
• Technology investors
• Research/Consultancy firms
• Platform vendors
• Third party providers
• Cloud service providers
• Internet service providers
• Application service providers
• Technology providers
• Technology providers
• Academic and research institutes
• Government associations
Table of Contents
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
Continued…
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List of Tables
Table 1 Innovation Management Market, By Type
Table 2 Innovation Management Market, By Deployment
Table 3 Innovation Management Market, By Organization Size
Continued…
List of Figures
Figure 1 Research Type
Figure 2 Innovation Management Market, By Type (%)
Figure 3 Innovation Management Market, By Deployment (%)
Continued…
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