Innovation Management Market Size - By Component (Software, Services), Deployment (Cloud, On-premises), Function (Product Development, Business Process), Application, Enterprise Size, End User, Growth Prospects, Regional Outlook & Global Forecast, 2023 - 2032
Published Date: March - 2025 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationInnovation Management Market Size
Innovation Management Market size was USD 1.6 billion in 2022 and is expected to witness more than 9% CAGR from 2023 to 2032, driven by a rising focus on innovation. Enterprises from different business sectors have come to realize the need for innovation in order to maintain and expand their businesses. As competition gains momentum, companies are making greater investments in innovation management products to promote an environment of creativity, automate idea generation and assessment, and develop new products and services more quickly.
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For example, in October 2023, a French company called Tekshelf launched a pioneering technology aimed at boosting the intelligence of store shelves to maximize inventory management. Not only does this innovative technology concentrate on inventory management, but it also contributes to the fight against food waste. Currently, the technology is being tested at a Carrefour store in the vicinity of Marseille, France.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Innovation Management Market Size in 2022 | USD 1.6 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 9% |
| 2032 Value Projection | USD 3.8 Billion |
| Historical Data for | 2018 - 2022 |
| No. of Pages | 240 |
| Tables, Charts & Figures | 471 |
| Segments covered | Component, Deployment, Application, Enterprise Size, End User |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
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Conversely, most organizations, particularly larger and more conventional ones, tend to experience internal resistance to change. The adoption of innovation management practices and technologies tends to disrupt existing workflows and corporate culture. Employee and management resistance to change can hinder the implementation of innovation management solutions.
COVID-19 Impact
The COVID-19 pandemic had a significant impact on the innovation management market. The unexpected transition to remote work and supply chain disruptions triggered an intensified emphasis on digital solutions and innovation to respond to new business needs. Businesses utilized innovation management tools to facilitate remote working, discover new opportunities in the market, and speed up product development. The pandemic had a deceleration effect on the uptake of innovation management practices by businesses as they aimed to stay resilient and reactive amidst uncharted uncertainty.
Innovation Management Market Trends
Many companies are abandoning the notion of doing everything in-house and are instead collaborating with others outside their organization to generate new and exciting ideas. This includes collaborating with customers, suppliers, startups, and even universities to devise things that nobody has ever conceived before. It's a big brainstorming session with a whole lot of various viewpoints. And it's working! This new approach to business is creating all kinds of breakthroughs and game-altering concepts. For instance, an organization in Israel known as the Israel Innovation Institute launched an initiative called "CatalystIL" in August of 2023. It's sort of like an innovation ecosystem school where companies can go to learn how to be improved at generating and managing new concepts. The program assists them in identifying which problems to solve, the most effective methods of addressing them, and ensuring that their new innovations indeed see the light of day.
The persistent digitalization of business operations is one of the major drivers defining the outlook of the innovation management market between 2023 and 2032. Digital platforms facilitate faster collaboration, idea development, and decision-making based on data. Digital platforms make it easier to organize innovation processes so that businesses can react rapidly to shifting market conditions. Through AI and analytics integration, businesses can identify trends more effectively, determine risks, and allocate resources in an optimized manner, leading eventually to a culture of constant innovation and ensuring market longevity.
For that purpose, in June 2023, Salesforce announced its plans to invest $4 billion in its operations in the United Kingdom over the next five years. This hefty investment strategically targets taking advantage of the strong demand for digital transformation and artificial intelligence. It is a major boost to the technology sector of the UK and follows its previous investment of $2.5 billion back in 2018.
Innovation Management Market Analysis
Find out more about the most significant segments influencing this market
On the basis of component, the size of the software segment ruled over approximately USD 1.1 billion in 2022. Companies acknowledge the importance of innovation in managing to compete and evolve with fast-changing markets. This software simplifies idea generation, teamwork, and project management, creating innovation processes more efficient. Furthermore, digital transformation and remote work trends have brought out the necessity of centralized, cloud-based platforms for innovation management. Even more so, with organizations looking to leverage data and analytics for making better-informed decisions, innovation management software is a must for monitoring progress and assessing the effect of innovation programs.
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According to the size of the enterprise, the innovation management market from large enterprise segment had more than USD 0.6 billion revenue in 2022, owing to the requirement of staying ahead in fast-changing markets that force these organizations to invest in process-oriented innovation. As businesses go global, they need effective collaboration and idea management solutions that can go beyond geographical locations. In addition, the increasing focus on evidence-based decision-making calls for cutting-edge software for monitoring and measuring the effects of programs. These reasons cumulatively drive the need for innovation management software among big companies, which allows them to innovate, expand, and succeed in the modern business environment
Seeking region specific data?
North America innovation management market held 34% of the revenue share in 2022. The region has a thriving ecosystem of established firms and technology startups, supporting innovation culture. Secondly, North American companies place high importance on innovation to remain globally competitive and respond to evolving market conditions. Moreover, government policies and R&D investments further drive innovation. Lastly, the availability of venture capital funding and exposure to state-of-the-art technologies are driving the need for innovation management services in North America.
Innovation Management Market Share
Major companies operating in the innovation management industry are
- Accenture Plc
- Planview
- Questel
- SAP SE
- Sopheon
- Qmarkets
- Brightidea
- Planbox
- HYPE Innovation
- IdeaScale
Accenture and SAP are dominating the innovation management industry. To grow in the market, these companies make plans and act. They run strong marketing campaigns, make their products better, and work hard to reach more customers. They also watch what their competitors are doing and quickly adapt to new trends. They focus on pleasing their customers to stand out and become bigger in the market.
Innovation Management Industry News
- In September 2023, Accenture and Workday have announced an extended partnership aimed at assisting organizations in the transformation of their finance functions, making them more agile, data-centric, and customer-oriented. Together, they are working on creating a set of data-driven, adaptable finance solutions that can be customized and adjusted to meet the evolving needs of clients in the software, technology, retail, and media sectors, enabling them to better adapt to changing business demands.
The innovation management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD billion) from 2018 to 2032, for the following segments
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Market, By Component
- Software
- Services
Market, By Deployment
- Cloud
- On-premises
Market, By Function
- Product Development
- Business Process
Market, By Application
- Product Research & Development Platforms
- Marketing
- Design & Idea Platforms
- Collective Intelligence & Prediction Platforms
- Human Resources & Freelance Platforms
Market, By Enterprise Size
- Small and medium enterprises
- Large enterprises
Market, By End User
- BFSI
- Healthcare
- Education
- Media & Entertainment
- IT & Telecommunication
- Retail
- Government
- Others
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Nordics
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- UAE
- South Africa
- Saudi Arabia
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