Global Innovation Management Market Size By Deployment (Cloud, On-premise), By Type (Solutions, Services), By Organization Size (SMEs, Large Enterprises), By End-User (Aerospace and Defense, BFSI, Healthcare and Pharmaceutical) By Geographic Scope And Forecast

Innovation Management Market Size And Forecast

Innovation Management Market size was valued at USD 1.13 Billion in 2022 and is calculated to reach USD 2.56 Billion by 2030, growing at a CAGR of 10.76% from 2023 to 2030.

Artificial intelligence (AI), virtual reality (VR), self-driving cars, and robots are examples of new technologies that can be aligned with innovation management. The rise of digitization and the industry’s increasing adoption are driving the growth of the Innovation Management Market. The rapid advancement of digital technology is generating massive amounts of data, necessitating the storage of large amounts of data at faster processing speeds. The Global Innovation Management Market report delivers a holistic evaluation. The report thoroughly analyzes key segments, trends, drivers, restraints, competitive landscape, and factors that play a substantial role in the market.

Global Innovation Management Market Definition

Innovation management is the management of an organization’s innovation process, from the initial level of the idea to the final phase of successful execution. The process includes developing options, taking an innovative approach, as well as operations and processes. Technology aids in the development of innovative business models as well as innovative products, services, and skills. Continuous improvement of existing products or services is implied by incremental innovation. For instance, upgrading existing software in response to advanced technological trends and consumer demands.

Even small-scale changes, however, necessitate a clear strategy and plan before implementation and can have a significant impact on customer satisfaction. To achieve this growth, businesses must formalize the innovation process, negotiate with stakeholders, find the right talent, collaborate with cross-functional teams, and integrate innovation into long-term plans. This is where innovation management comes in handy. Innovation encourages ‘out-of-the-box’ thinking. Encourage our workforce to pitch in their creative ideas when developing a strategy to introduce innovation at the workplace.

This gives employees a chance to show off their skills and go above and beyond to add value. Employees will feel a sense of belonging while also feeling valued, which will promote engagement. Simultaneously, when your employees work on something other than their regular projects, it removes the mundane from the equation, increasing their productivity.

Global Innovation Management Market Overview

The market is primarily driven by changes in work culture in various organizations. True innovation starts with a company’s culture. The adoption 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 ongoing growth. The primary goal of innovation management in an organization is to create an environment conducive to innovation. The emphasis is on external factors, conditions, and dynamics in determining needs and prospects and converting them into solutions and customers.

With the level of competition increasing, businesses are gaining a competitive advantage through innovation. Companies use innovation to distinguish their products from competitors and to reach a new customer segment. Due to the need for a change in business strategy, the majority of the industry is shifting its focus from current operations to future opportunities. Similarly, as the need for innovation grows, companies hold more brainstorming sessions and generate a large number of ideas. As a result, ideas/innovations are handled properly on a common platform, resulting in a favorable market for innovation management.

In contrast, enterprises’ failure to track reliable ROI from innovation management solutions is expected to hinder market growth. During the forecast period, the Innovation Management Market is expected to face increased security and privacy concerns regarding enterprise information. Enterprises can increase their consumer base through innovation management by refreshing the market with new and improved products. It is a key competitive advantage factor that enables organizations to stay ahead of competitors before their innovation is implemented in the market. It promotes increased revenue and profit as well as shareholder value. These factors are propelling the global Innovation Management Market forward.

According to UNESCO Institute of Statistics reports, global spending on Research and Development (R&D) has reached US$ 1700 billion in 2022 and is expected to rise in the future. Countries such as the United States, the United Kingdom, China, Japan, India, France, and Canada account for 61% of total R&D expenditure worldwide. The majority of these countries provide tax breaks and subsidies to organizations for R&D programs. As a result, increased demand for innovation management software is expected to drive global innovation management growth. However, the market’s growth is expected to be hampered by a lack of awareness about innovation management. The higher software deployment cost is the primary factor impeding market growth during the forecast period.

Global Innovation Management Market Segmentation Analysis

The Global Innovation Management Market is differentiated based on Deployment, Type, Organization Size, End-User, and Geography.

Innovation Management Market, By Deployment

• Cloud
• On-premise

Based on the Deployment, the Innovation Management market is distinguished into Cloud and On-premise. During the forecast period, the Cloud segment held the largest market share. The growing size of R&D data and the increasing adoption of cloud-based solutions by organizations necessitate the deployment of software in the cloud by innovation management solutions and service providers. To handle such a large amount of data, cloud-based innovation management will be the most effective and cost-effective solution. Around 80% of organizations worldwide will be using cloud-based services by 2022.

Innovation Management Market, By Type

• Solutions
• Services

Based on the Type, the Innovation Management market is distinguished into Solutions and Services. In 2022, the Service type segment held the largest market share. Innovation management consulting services include a variety of services such as business consulting, system integration, training, business alignment management, business support, and maintenance management, all of which are required for any organization prior to deployment.

Innovation management services assist businesses in implementing new technologies to change their traditional infrastructure, business mechanism, decision-making, and business management in order to fuel their organization’s business growth. The innovation management solution enables organizations to exchange relevant ideas, resulting in new business opportunities and organizational growth.

Innovation Management Market, By Organization Size

• SMEs
• Large Enterprises

Based on the Organization Size, the Global Innovation Management Market has been differentiated into SMEs and Large Enterprises. In 2022, the SMEs segment held the largest market share. Organizations in the SMEs sector are expanding due to increased demand for lower management costs, improved employee engagement and productivity, data-driven insights for organizational performance, and the future scalability potential of small and medium-sized enterprises (SMEs). These factors are expected to drive growth in this segment over the forecast period.

Innovation Management Market, By End-User

• Aerospace and Defense
• BFSI
• Healthcare and Pharmaceutical
• Government
• Retail and E-commerce
• IT and Telecommunications
• Others

Based on the End-User, the Global Innovation Management Market has been differentiated into Aerospace and Defense, BFSI, Healthcare and Pharmaceutical, Government, Retail and E-commerce, IT and Telecommunications, and Others. Banks have seen a rush of regulations and the pressure to comply with them as technology has advanced. As a result, banks devote more time and effort to risk mitigation, raising the prospect of penalties for noncompliance.

Innovation Management Market, By Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Based on the Regional Analysis, The Global Innovation Management Market is classified into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2022, North America held the largest market share. The fastest growth in this region can be attributed to the increasing adoption of innovation management solutions and services by various end-user industries such as retail, IT, BFSI, and others. The presence of dominant regional solution providers, as well as organizations’ inclination and adoption of technological advancements, drive product demand in the North American region.

Key Players

The “Global Innovation Management Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Accenture, SAP, Sopheon, Planview, Qmarkets, Brightidea, Planbox, HYPE, IdeaScale, Innosabi, Viima, Exago, inno360, KPMG, InnovationCast, among others.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In May 2022, The Advisory Salesforce Apprentice Programme (ASAP) was launched by KPMG. The Program’s goals include developing exceptional talent from diverse backgrounds, providing participants with access to promising client leads, and fostering an innovative environment in which everyone can succeed.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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