Innovation Management Market to Be Worth USD 1.7 Billion by 2026
Innovation Management Market by Component (Solutions and Services), Function (Product Development and Business Processes), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2026
Northbrook, IL 60062 -- (SBWire) -- 09/02/2022 --Innovation Management Market size expected to grow from USD 1.0 billion in 2021 to USD 1.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period.
Innovation management solutions majorly focus on adding value to customers, employees, citizens, students, and faculty, among others. Innovative ideas, experience, and knowledge sharing not only result in value addition to organizations but also bring a sense of engagement among employees and customers of organizations, thereby promoting efficiency, workplace innovation, and continuous improvement. Enterprise innovation management has time to take a broader view.
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Solutions segment is expected to grow at a higher rate during the forecast period
The benefits of innovation management platforms are patented crowd science and innovation tools that turn ideas into scalable and innovative outcomes for end users. Enterprises across the globe are making efforts to carry out innovations in their existing product portfolios and business processes to increase their market shares and enhance their brand names. The increased demand for innovative products across the globe is driving enterprises to develop new products for meeting customer requirements.
Business processes function is expected to grow at a higher rate during the forecast period
On the basis of functions, the innovation management market has been divided into product development and business processes. This chapter provides information on the functions of innovation management solutions and services in various enterprises across the world. The innovation management solutions and services are deployed by enterprises to streamline their product development and business processes, thereby resulting in their enhanced performance and growth. These innovation management solutions and services result in the development of new and innovative products, enhanced quality of products and services offered by enterprises, and improved workflows across business processes such as sales and marketing, legal, and Human Resource (HR).
On-premises deployment mode to hold higher market share
On-premise deployment is the most reliable deployment type when it comes to innovation management, owing to the criticality and confidentiality involved in analyzing ideas from employees, partners, and customers. Most enterprises prefer confidential data to lie on servers and mainframes physically installed within their premises to minimize the cost of troubleshooting the system in case of a single point of failure as well as security concerns associated with the private data of consumers. This deployment mode is considered trustworthy because the data is not migrated to the cloud, and the confidentiality and privacy of the data are preserved.
SMEs are adopting innovation management solutions at a higher rate
Based on organization size, the innovation management market is segmented into SMEs and large enterprises. The study of the innovation management market, in terms of organization size, is important as it has a direct impact on the adoption of innovation management solutions across the globe. The adoption of innovation management solutions in large enterprises is relatively higher as compared to SMEs. The rapid growth of cloud-based innovation management solutions has increased the adoption of innovation management solutions among SMEs globally. The ease of deployment, cost-effectiveness, and the presence of multiple innovation management solution providers are factors driving SMEs to adopt these solutions.
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IT and Telecom vertical is expected to hold a higher market share
The growing need for creative, customized, and innovative ideas is expected to drive the growth of the IT and telecommunications vertical, as new, customized, and innovative ideas have led the companies in this vertical from all regions to engage themselves in activities inside or outside the vertical. Social media platforms provide new channels for gathering, sharing, monitoring, and analyzing information in a cost-effective way. Hence, the IT and telecommunication vertical has made market intelligence for innovation accessible and easy for users so that they can integrate it with their own innovation management solution.
North America to dominate the innovation management market in 2021
The need for product and service innovation and enhancement is significantly increasing in various industry sectors to maintain the positions of enterprises in a competitive market. The rising R&D investments for innovations in various industry sectors, including IT and healthcare, is also another major driving factor for the increase in the adoption of innovation management solutions in this region. The collaboration of innovative solutions with social media for effective innovations provides the opportunity to enhance the adoption of innovation management solutions in North America. Cloud-based innovation management is expected to attract more customers due to the increased scalability of content and a lower total cost of ownership.
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The report profiles the following key vendors:
Accenture (Ireland), SAP (Germany), Sopheon (US), Planview (US), Qmarkets (Israel), Brightidea (US), HYPE (Germany), Planbox (Canada), IdeaScale (US), innosabi (Germany), VIIMA (Germany), Exago (Portugal), KPMG (Netherlands), InnovationCast (Portugal), EY (Canada), Nosco (Denmark), Salesforce (US), InnoCentive (US), Medallia (US), Deloitte (UK), BCG (US), Inno360 (US), Idea Drop (UK), ITONICS (Germany), Rever (US), Induct (Norway), Sideways 6 (UK), Yambla (US), Ideawake (US), LoopedIn (UK), and Miro (US).
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