[320 Pages] The innovation management market is projected to have a significant CAGR of 10.7% during the period of 2022 to 2032.
The Innovation Management Market is predicted to grow from US$ 1.1 Billion in 2022 to US$ 3.1 Billion in 2032. Previously, the market grew at a faster rate of 12.6% per year from 2015 to 2021, culminating in a market worth US$ 1 Billion in 2021.
Firms' increased focus on developing new, innovative, and personalized products, as well as consumer demand for new and inventive items to fulfill their expectations, are driving the innovation management market.
Due to a variety of benefits, such as the rise in digitization and the emerging trend of workplace transformation, reduced costs, efficient collaborations, and reduced time to market new products, innovation management solutions are rapidly gaining acceptance by large enterprises and SMEs around the world.
| Attributes | Details |
|---|---|
| Innovation Management Market CAGR (2022 to 2032) | 10.7% |
| Innovation Management Market Size (2022) | US$ 1.1 Billion |
| Innovation Management Market Size (2032) | US$ 3.1 Billion |
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Robots, rockets, self-driving cars, virtual reality, and artificial intelligence can all benefit from innovation management. Every day, at all levels, and in all types of businesses, people innovate. It is the result of ideation that consistently addresses consumer problems. Despite the fact that COVID-19 has had an impact on all businesses across industries, business innovation has not slowed.
The COVID-19 epidemic, on the other hand, had a brief influence on the innovation management market. The COVID-19 pandemic continues to disrupt the growth of various enterprises. The situation's immediate impact is shifting.
While many businesses drop out after a while, others stick around and offer potential growth opportunities, an innovation management market analysis contains a top-to-bottom investigation that covers all requirements. It also takes into account all predictable market conditions, such as pre-and post-Covid-19 research.
Open innovation is the sharing of ideas and knowledge among stakeholders, such as enterprise employees, business partners, the general public, and customers, in order to improve products, services, and business processes for a better customer experience and increased income.
Open innovation is comparable to crowd-sourcing innovation. It begins with product and service enhancement suggestions and progresses to open business model innovation. It establishes a strong connection between stakeholders, such as businesses, their staff, and their customers.
Enterprise management teams can predict ideas that can generate revenue and improve the customer experience based on the exchange of ideas. This would also help the company maintain its market competitiveness by increasing brand reliability. The ideas generated by crowd-sourcing can help businesses improve their operational efficiency.
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Enterprises can improve their business processes by deploying innovation management systems. However, it has been shown that there are no quantifiable criteria for evaluating the return on investment (ROI) generated by the utilization of these innovation management products and services.
As a result, businesses that use innovation management solutions are unable to deliver consistent returns on investment. Innovation management systems must be integrated with various organizations' adopted strategies in order to determine particular Key Performance Indicators (KPIs) that can be used to track the level of stakeholder participation in innovations, such as consumers, partners, and employees.
To track and ascribe business value generated by innovations, companies must examine the appropriate KPIs in accordance with top-level management.
Almost every organization has undergone a digital transformation. The rapid advancement of technology has resulted in the development of a vast volume of data, which has increased the need for data storage and processing speed.
Innovation management systems have progressed practically in lockstep with technical advancement. Enterprises are making key decisions based on the ideas generated by various innovation management tools. The sectors could quickly increase their growth in the innovation management market if they take advantage of these enticing chances.
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Despite the fact that innovation management solutions have improved in recent years, the market's information security capabilities remain a serious concern. Enterprises are highly cautious about their communication channels, such as emails, instant messaging, and mobile communication, as they have a direct impact on the security and privacy of company data.
The majority of clients are unaware of the long-term benefits of expanding the innovation management market. As a result, it demonstrates their unwillingness to contribute a larger sum during the initial agreement.
The innovation management market is segmented into function, component, organizational size, deployment type, verticals, and region.
Depending on the size of the organization, when compared to SMEs, large companies are more likely to use innovation management solutions. The rapid use of cloud-based innovation management solutions by SMEs around the world has grown.
With a predicted CAGR of 10.6%, services are the leading segment in the innovation management market. Consulting, system integration, and training, support, and maintenance are the three categories of innovation management services. Business consulting, maturity value consulting, business value consulting, business discovery, business alignment management, and business architecture management are some of the pre-deployment services offered by innovation management consulting services.
These consulting services assist businesses in using new technologies in order to transform their existing and traditional infrastructure into smart infrastructure.
In the global innovation management market, the cloud deployment category had the majority revenue share, with a predicted CAGR of 10.3%.
Cloud-based innovation management solutions are essential, as they provide a scalable and adaptable infrastructure for managing many devices and analyzing ideas from employees, customers, and partners.
Though cloud deployment makes it easier to implement innovation management solutions, it also comes with a number of significant challenges, including legal regulations, security and safety, operational control, reliability, transformation complexity, performance, content governance, and, most importantly, the promised Return on Investment (RoI) benefits.
| Regions | CAGR (2022 to 2032) |
|---|---|
| United States of America | 10.6% |
| United Kingdom | 10% |
| China | 10.3% |
| Japan | 9.9% |
| South Korea | 9.5% |
North America is estimated to account for the largest share of the market, with a projected CAGR of 10.6%. At the same time, the Asia-Pacific region is expected to grow at the fastest rate during the forecast period. The considerable growth in the innovation management market in North America may be attributed to technological advancements and the growing demand for innovative products to meet customer needs.
According to the FMI report, individual market-affecting factors and changes in regulation in the domestic market are also discussed in the national portion of the research, which have an impact on the market's current and future trends. Downstream and upstream value chain analysis, technological trends, and case studies are just a few of the data pieces used to anticipate market scenarios for individual countries.
The development of innovative and efficient goods is the primary focus of players in the innovation management market. Research shows how the competitors are taking advantage of the opportunities present in the innovation management market.
Market companies continue to seek market expansion through a variety of important consolidations and acquisitions, advancement, developing interests in inventive work, and financially sound item portfolios. Some of the recent developments in the innovation management market are:
The Innovation Management Market is projected to have a CAGR of 10.7% in 2032.
North America is the leading region, with an anticipated CAGR of 10.6% by 2032.
Cloud leads the market with the projected CAGR of 10.3% by 2032.
The Innovation Management Market is predicted to grow US$ 3.1 Billion by 2032.
Services lead the market with the projected CAGR of 10.6% by 2032.
1. Executive Summary | Innovation Management Market 1.1. Global Market Outlook 1.2. Summary of Statistics 1.3. Key Market Characteristics & Attributes 1.4. FMI Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Risks and Trends Assessment 3.1. Risk Assessment 3.1.1. COVID-19 Crisis and Impact on Demand 3.1.2. COVID-19 Impact Benchmark with Previous Crisis 3.1.3. Impact on Market Value (US$ Million) 3.1.4. Assessment by Key Countries 3.1.5. Assessment by Key Market Segments 3.1.6. Action Points and Recommendation for Suppliers 3.2. Key Trends Impacting the Market 3.3. Formulation and Product Development Trends 4. Market Background 4.1. Market, by Key Countries 4.2. Market Opportunity Assessment (US$ Million) 4.2.1. Total Available Market 4.2.2. Serviceable Addressable Market 4.2.3. Serviceable Obtainable Market 4.3. Market Scenario Forecast 4.3.1. Demand in Optimistic Scenario 4.3.2. Demand in Likely Scenario 4.3.3. Demand in Conservative Scenario 4.4. Investment Feasibility Analysis 4.4.1. Investment in Established Markets 4.4.1.1. In Short Term 4.4.1.2. In Long Term 4.4.2. Investment in Emerging Markets 4.4.2.1. In Short Term 4.4.2.2. In Long Term 4.5. Forecast Factors - Relevance & Impact 4.5.1. Top Companies Historical Growth 4.5.2. Growth in Automation, By Country 4.5.3. Adoption Rate, By Country 4.6. Market Dynamics 4.6.1. Market Driving Factors and Impact Assessment 4.6.2. Prominent Market Challenges and Impact Assessment 4.6.3. Market Opportunities 4.6.4. Prominent Trends in the Global Market & Their Impact Assessment 5. Key Success Factors 5.1. Manufacturers’ Focus on Low Penetration High Growth Markets 5.2. Banking on with Segments High Incremental Opportunity 5.3. Peer Benchmarking 6. Global Market Demand Analysis 2015 to 2021 and Forecast, 2022 to 2032 6.1. Historical Market Analysis, 2015 to 2021 6.2. Current and Future Market Projections, 2022 to 2032 6.3. Y-o-Y Growth Trend Analysis 7. Global Market Value Analysis 2015 to 2021 and Forecast, 2022 to 2032 7.1. Historical Market Value (US$ Million) Analysis, 2015 to 2021 7.2. Current and Future Market Value (US$ Million) Projections, 2022 to 2032 7.2.1. Y-o-Y Growth Trend Analysis 7.2.2. Absolute $ Opportunity Analysis 8. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Component 8.1. Introduction / Key Findings 8.2. Historical Market Value (US$ Million) and Analysis By Component, 2015 to 2021 8.3. Current and Future Market Value (US$ Million) and Analysis and Forecast By Component, 2022 to 2032 8.3.1. Solutions 8.3.2. Services 8.3.2.1. Consulting Services 8.3.2.2. System Integration Services 8.3.2.3. Training, Support, and Maintenance Services 8.4. Market Attractiveness Analysis By Component 9. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Organization Size 9.1. Introduction / Key Findings 9.2. Historical Market Value (US$ Million) and Analysis By Organization Size, 2015 to 2021 9.3. Current and Future Market Value (US$ Million) and Analysis and Forecast By Organization Size, 2022 to 2032 9.3.1. Large Enterprises 9.3.2. Small and Medium-Sized Enterprises 9.4. Market Attractiveness Analysis By Organization Size 10. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Deployment Mode 10.1. Introduction / Key Findings 10.2. Historical Market Value (US$ Million) and AnalysisBy Deployment Mode, 2015 to 2021 10.3. Current and Future Market Value (US$ Million) and Analysis and ForecastBy Deployment Mode, 2022 to 2032 10.3.1. On-premises 10.3.2. Cloud 10.4. Market Attractiveness AnalysisBy Deployment Mode 11. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Vertical 11.1. Introduction / Key Findings 11.2. Historical Market Value (US$ Million) and Analysis By Vertical, 2015 to 2021 11.3. Current and Future Market Value (US$ Million) and Analysis and Forecast By Vertical, 2022 to 2032 11.3.1. BFSI 11.3.2. Aerospace and Defense 11.3.3. Healthcare and Pharmaceuticals 11.3.4. Retail and eCommerce 11.3.5. Information Technology and Telecommunications 11.3.6. Government 11.3.7. Manufacturing 11.3.8. Transportation and Logistics 11.3.9. Others 11.4. Market Attractiveness Analysis By Vertical 12. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Function 12.1. Introduction / Key Findings 12.2. Historical Market Value (US$ Million) and Analysis By Function, 2015 to 2021 12.3. Current and Future Market Value (US$ Million) and Analysis and Forecast By Function, 2022 to 2032 12.3.1. Product Development 12.3.2. Business Processes 12.4. Market Attractiveness Analysis By Function 13. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Region 13.1. Introduction 13.2. Historical Market Value (US$ Million) and Analysis By Region, 2015 to 2021 13.3. Current Market Size (US$ Million) & Analysis and Forecast By Region, 2022 to 2032 13.3.1. North America 13.3.2. Latin America 13.3.3. Europe 13.3.4. Asia Pacific 13.3.5. Middle East and Africa (MEA) 13.4. Market Attractiveness Analysis By Region 14. North America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 14.1. Introduction 14.2. Pricing Analysis 14.3. Historical Market Value (US$ Million) and Trend Analysis By Market Taxonomy, 2015 to 2021 14.4. Market Value (US$ Million) & Forecast By Market Taxonomy, 2022 to 2032 14.4.1. By Country 14.4.1.1. United States of America 14.4.1.2. Canada 14.4.1.3. Rest of North America 14.4.2. By Deployment Mode 14.4.3. By Component 14.4.4. By Organization Size 14.4.5. By Vertical 14.4.6. By Function 14.5. Market Attractiveness Analysis 14.5.1. By Country 14.5.2. By Deployment Mode 14.5.3. By Component 14.5.4. By Organization Size 14.5.5. By Vertical 14.5.6. By Function 15. Latin America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 15.1. Introduction 15.2. Pricing Analysis 15.3. Historical Market Value (US$ Million) and Trend Analysis By Market Taxonomy, 2015 to 2021 15.4. Market Value (US$ Million) & Forecast By Market Taxonomy, 2022 to 2032 15.4.1. By Country 15.4.1.1. Brazil 15.4.1.2. Mexico 15.4.1.3. Rest of Latin America 15.4.2. By Deployment Mode 15.4.3. By Component 15.4.4. By Organization Size 15.4.5. By Vertical 15.4.6. By Function 15.5. Market Attractiveness Analysis 15.5.1. By Country 15.5.2. By Deployment Mode 15.5.3. By Component 15.5.4. By Organization Size 15.5.5. By Vertical 15.5.6. By Function 16. Europe Market Analysis 2015 to 2021 and Forecast 2022 to 2032 16.1. Introduction 16.2. Pricing Analysis 16.3. Historical Market Value (US$ Million) and Trend Analysis By Market Taxonomy, 2015 to 2021 16.4. Market Value (US$ Million) & Forecast By Market Taxonomy, 2022 to 2032 16.4.1. By Country 16.4.1.1. Germany 16.4.1.2. France 16.4.1.3. United Kingdom 16.4.1.4. Italy 16.4.1.5. Russia 16.4.1.6. Rest of Europe 16.4.2. By Deployment Mode 16.4.3. By Component 16.4.4. By Organization Size 16.4.5. By Vertical 16.4.6. By Function 16.5. Market Attractiveness Analysis 16.5.1. By Country 16.5.2. By Deployment Mode 16.5.3. By Component 16.5.4. By Organization Size 16.5.5. By Vertical 16.5.6. By Function 17. Asia Pacific Market Analysis 2015 to 2021 and Forecast 2022 to 2032 17.1. Introduction 17.2. Pricing Analysis 17.3. Historical Market Value (US$ Million) and Trend Analysis By Market Taxonomy, 2015 to 2021 17.4. Market Value (US$ Million) & Forecast By Market Taxonomy, 2022 to 2032 17.4.1. By Country 17.4.1.1. China 17.4.1.2. Japan 17.4.1.3. South Korea 17.4.1.4. Rest of Asia Pacific 17.4.2. By Deployment Mode 17.4.3. By Component 17.4.4. By Organization Size 17.4.5. By Vertical 17.4.6. By Function 17.5. Market Attractiveness Analysis 17.5.1. By Country 17.5.2. By Deployment Mode 17.5.3. By Component 17.5.4. By Organization Size 17.5.5. By Vertical 17.5.6. By Function 18. Middle East and Africa Market Analysis 2015 to 2021 and Forecast 2022 to 2032 18.1. Introduction 18.2. Pricing Analysis 18.3. Historical Market Value (US$ Million) and Trend Analysis By Market Taxonomy, 2015 to 2021 18.4. Market Value (US$ Million) & Forecast By Market Taxonomy, 2022 to 2032 18.4.1. By Country 18.4.1.1. GCC Countries 18.4.1.2. South Africa 18.4.1.3. Turkey 18.4.1.4. Rest of Middle East and Africa 18.4.2. By Deployment Mode 18.4.3. By Component 18.4.4. By Organization Size 18.4.5. By Vertical 18.4.6. By Function 18.5. Market Attractiveness Analysis 18.5.1. By Country 18.5.2. By Deployment Mode 18.5.3. By Component 18.5.4. By Organization Size 18.5.5. By Vertical 18.5.6. By Function 19. Key Countries Market Analysis 2015 to 2021 and Forecast 2022 to 2032 19.1. Introduction 19.1.1. Market Value Proportion Analysis, By Key Countries 19.1.2. Global Vs. Country Growth Comparison 19.2. US Market Analysis 19.2.1. Value Proportion Analysis by Market Taxonomy 19.2.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.2.2.1. By Deployment Mode 19.2.2.2. By Component 19.2.2.3. By Organization Size 19.2.2.4. By Vertical 19.2.2.5. By Function 19.3. Canada Market Analysis 19.3.1. Value Proportion Analysis by Market Taxonomy 19.3.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.3.2.1. By Deployment Mode 19.3.2.2. By Component 19.3.2.3. By Organization Size 19.3.2.4. By Vertical 19.3.2.5. By Function 19.4. Mexico Market Analysis 19.4.1. Value Proportion Analysis by Market Taxonomy 19.4.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.4.2.1. By Deployment Mode 19.4.2.2. By Component 19.4.2.3. By Organization Size 19.4.2.4. By Vertical 19.4.2.5. By Function 19.5. Brazil Market Analysis 19.5.1. Value Proportion Analysis by Market Taxonomy 19.5.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.5.2.1. By Deployment Mode 19.5.2.2. By Component 19.5.2.3. By Organization Size 19.5.2.4. By Vertical 19.5.2.5. By Function 19.6. Germany Market Analysis 19.6.1. Value Proportion Analysis by Market Taxonomy 19.6.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.6.2.1. By Deployment Mode 19.6.2.2. By Component 19.6.2.3. By Organization Size 19.6.2.4. By Vertical 19.6.2.5. By Function 19.7. France Market Analysis 19.7.1. Value Proportion Analysis by Market Taxonomy 19.7.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.7.2.1. By Deployment Mode 19.7.2.2. By Component 19.7.2.3. By Organization Size 19.7.2.4. By Vertical 19.7.2.5. By Function 19.8. Italy Market Analysis 19.8.1. Value Proportion Analysis by Market Taxonomy 19.8.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.8.2.1. By Deployment Mode 19.8.2.2. By Component 19.8.2.3. By Organization Size 19.8.2.4. By Vertical 19.8.2.5. By Function 19.9. Russia Market Analysis 19.9.1. Value Proportion Analysis by Market Taxonomy 19.9.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.9.2.1. By Deployment Mode 19.9.2.2. By Component 19.9.2.3. By Organization Size 19.9.2.4. By Vertical 19.9.2.5. By Function 19.10. UK Market Analysis 19.10.1. Value Proportion Analysis by Market Taxonomy 19.10.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.10.2.1. By Deployment Mode 19.10.2.2. By Component 19.10.2.3. By Organization Size 19.10.2.4. By Vertical 19.10.2.5. By Function 19.11. China Market Analysis 19.11.1. Value Proportion Analysis by Market Taxonomy 19.11.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.11.2.1. By Deployment Mode 19.11.2.2. By Component 19.11.2.3. By Organization Size 19.11.2.4. By Vertical 19.11.2.5. By Function 19.12. Japan Market Analysis 19.12.1. Value Proportion Analysis by Market Taxonomy 19.12.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.12.2.1. By Deployment Mode 19.12.2.2. By Component 19.12.2.3. By Organization Size 19.12.2.4. By Vertical 19.12.2.5. By Function 19.13. South Korea Market Analysis 19.13.1. Value Proportion Analysis by Market Taxonomy 19.13.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.13.2.1. By Deployment Mode 19.13.2.2. By Component 19.13.2.3. By Organization Size 19.13.2.4. By Vertical 19.13.2.5. By Function 19.14. GCC Countries Market Analysis 19.14.1. Value Proportion Analysis by Market Taxonomy 19.14.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.14.2.1. By Deployment Mode 19.14.2.2. By Component 19.14.2.3. By Organization Size 19.14.2.4. By Vertical 19.14.2.5. By Function 19.15. South Africa Market Analysis 19.15.1. Value Proportion Analysis by Market Taxonomy 19.15.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.15.2.1. By Deployment Mode 19.15.2.2. By Component 19.15.2.3. By Organization Size 19.15.2.4. By Vertical 19.15.2.5. By Function 19.16. Turkey Market Analysis 19.16.1. Value Proportion Analysis by Market Taxonomy 19.16.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.16.2.1. By Deployment Mode 19.16.2.2. By Component 19.16.2.3. By Organization Size 19.16.2.4. By Vertical 19.16.2.5. By Function 19.16.3. Competition Landscape and Player Concentration in the Country 20. Market Structure Analysis 20.1. Market Analysis by Tier of Companies 20.2. Market Concentration 20.3. Market Share Analysis of Top Players 20.4. Market Presence Analysis 20.4.1. By Regional Footprint of Players 20.4.2. Product Footprint by Players 21. Competition Analysis 21.1. Competition Dashboard 21.2. Competition Benchmarking 21.3. Competition Deep Dive 21.3.1. Accenture 21.3.1.1. Overview 21.3.1.2. Product Portfolio 21.3.1.3. Sales Footprint 21.3.1.4. Strategy Overview 21.3.2. SAP SE 21.3.2.1. Overview 21.3.2.2. Product Portfolio 21.3.2.3. Sales Footprint 21.3.2.4. Strategy Overview 21.3.3. Sopheon 21.3.3.1. Overview 21.3.3.2. Product Portfolio 21.3.3.3. Sales Footprint 21.3.3.4. Strategy Overview 21.3.4. Planview 21.3.4.1. Overview 21.3.4.2. Product Portfolio 21.3.4.3. Sales Footprint 21.3.4.4. Strategy Overview 21.3.5. Qmarkets 21.3.5.1. Overview 21.3.5.2. Product Portfolio 21.3.5.3. Sales Footprint 21.3.5.4. Strategy Overview 21.3.6. Brightidea 21.3.6.1. Overview 21.3.6.2. Product Portfolio 21.3.6.3. Sales Footprint 21.3.6.4. Strategy Overview 21.3.7. Planbox 21.3.7.1. Overview 21.3.7.2. Product Portfolio 21.3.7.3. Sales Footprint 21.3.7.4. Strategy Overview 21.3.8. HYPE 21.3.8.1. Overview 21.3.8.2. Product Portfolio 21.3.8.3. Sales Footprint 21.3.8.4. Strategy Overview 21.3.9. IdeaScale 21.3.9.1. Overview 21.3.9.2. Product Portfolio 21.3.9.3. Sales Footprint 21.3.9.4. Strategy Overview 21.3.10. Innosabi 21.3.10.1. Overview 21.3.10.2. Product Portfolio 21.3.10.3. Sales Footprint 21.3.10.4. Strategy Overview 22. Assumptions and Acronyms Used 23. Research Methodology
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Innovation Management Market
