Innovation Management Market, By Type (Software, Service), Deployment (Cloud, On-Premise), Application (Product Research & Development Platforms, Marketing, Design & Idea Platforms, Collective Intelligence & Prediction Platforms) – Global Forecast 2023
Overview
Innovation has become essential to the development and growth of businesses and economies worldwide. Market Research Future, a firm which specializes in market reports related to the information and communication technology sector among others, recently published a report on this market. The global innovation management market is expected to grow to approx. USD 1,700 Million by 2023, while growing at 27% CAGR between 2017 and 2023.
Changing work cultures and the need for innovations in products and their quality has led to major developments in this market. Rapid growth experienced in this sector and in economies around the world has influenced the growth trajectory of this market. New work practices and strategies are extremely important and are often, the narrow difference between success and failure on the global stage. Therefore the demand need in this industry has been rising steadily and will continue this pace well into the forecast period.
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Industry Segments
The innovation management market can be segmented on the basis of following:
By Type: Software, services, consulting services, system design & integration services, and training & education services
By Deployment: Cloud, on-premise
By Organization Size: Large enterprises, small and medium enterprises
By Application: Product research & development platforms, marketing, design & idea platforms, collective intelligence & prediction platforms, human resources & freelance platforms
By Vertical: BFSI, Healthcare, education, media & entertainment, IT & telecommunication, retail, government
The retail sector is expected to hold the largest market share and grow at the highest CAGR during the forecast period. By integrating innovation management with retail, there will be new business opportunities to improve and also maximize product distribution.
Detailed Regional Analysis
The regional analysis of Innovation Management market is being covered for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in Innovation Management market in North America attributes to the technical advancements and increasing need for innovative products to satisfy consumer needs in that region.
Global Competitive Analysis
With the entry of new industry players in the segment, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced products. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. The prominent players in Innovation Management market are – Qmarkets (Israel), BrightIdea, Inc. (U.S.), Hype Innovation (Germany), IdeaScale (U.S.), Innosabi GmbH (Germany), Cognistremer (Belgium), Crowdicity Ltd (U.K.)
Latest Industry News:
Aug 2017 Israeli collective intelligence solutions company Qmarkets has raised $5.2 million in a financing round led by LETA Capital, Club 100 Plus, and the State of Connecticut’s Department of Economic and Community Development.The funding follows a record year for Qmarkets with 50% growth in revenue, a 27% increase in the number of customers, and 100% sales growth in the US market. Qmarkets recently marked ten years of operation during which the technology frontrunner originated many of the idea management tools deployed today in leading global enterprises, including an ideation platform for hundreds of thousands of people, company branded innovation campaigns and corporate crowdsourcing tools to engage with internal and external audiences.
Dec 2017 IdeaScale, the leading idea management solution for government, announced its FedRAMP authorization recently. The designation solidifies IdeaScale as the only idea management software solution listed on the FedRAMP marketplace.The government-wide FedRAMP program provides a standardized approach to security assessment, authorization, and continuous monitoring for cloud products and services as a growing number of agencies migrate their existing systems to the cloud. FedRAMP helps government entities buy cloud services with confidence in the security levels of the services and their underlying software.
Feb 2017 EY has announced the acquisition of CogniStreamer, a start-up of Belgian origin offering collaborative innovation project management solutions. This acquisition enables EY to strengthen its "Realized Innovation" service platform, offering its customers the means to develop a truly value-creating innovation, both in intrapreneurship and in open innovation. With this acquisition, EY has sealed its leadership in the digital transformation.
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Innovation Management Market, By Type (Software, Service), Deployment (Cloud, On-Premise), Application (Product Research & Development Platforms, Marketing, Design & Idea Platforms, Collective Intelligence & Prediction Platforms) – Global Forecast 2027OverviewThe data analysts at Market Research Future Reports (MRFR) have revealed that the global innovation management market is projected to value approximately USD 1,700, recording a CAGR of 27% during the assessment period from 2020 to 2027.
The growing demand for innovative products to meet the consumers’ needs is the most pivotal element affecting the global market innovation management market 2020.
The fast pace of development and the economies of the globe has played a pivotal role in market expansion during the review period.
With an amalgamation of retail with innovative management, the market is projected to bloom with several prospects of growth.
On the other hand, the spread of COVID-19 is estimated to change market dynamics significantly.
The data experts at MRFR are analyzing the aftermath of the pandemic coronavirus.
