USD 3.2 Billion
Innovation Management Market Size, Share, Growth Analysis, By Offering(Solutions, Services (Professional Services (Consulting, System Integration, Training), By Function(Product Development, and Business Processes), By Innovation Management Tools(Project Management Platforms, Marketing Platforms, Design Platforms, Idea Management Platforms), By Vertical(IT & ITeS, Telecom, Banking, Financial Services), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45F2152 |
Region:
Global |
Published Date: October, 2024
Pages:
202
|Tables:
89
|Figures:
71
Innovation Management Market Insights
Global Innovation Management Market size was valued at around USD 1.28 billion in 2022 and is expected to rise from USD 1.41 billion in 2023 to reach a value of USD 3.19 billion by 2031, at a CAGR of 10.7% over the forecast period (2024–2031).
Innovation Management helps organizations enhance employee experience, yield higher profit and reduce costs. Innovation management is implemented to manage the entire innovation process of an organization from basic stage of idea generation through end level stages for implementing the process. It encompasses creative strategies, decisions, functions and systems. Open innovation requires collaborative interaction of information, knowledge, or concept between enterprise workers, business partners and customers to improve products, business operations and services for greater revenues from sales and the delivery of a superior customer experience. These benefits are likely to gain traction in the end-use industries which is expected to foster the growth of innovation management market.
Innovation management can be connected to new technologies such as artificial intelligence (AI), virtual reality (VR), self-driving cars & robots. Digital technology has grown enormously which translates into data generation and also requires larger storage capacity needed at much higher processing speed. The rising digitization has driven end users to demand more innovative and inventive management solutions. All these innovative technologies were incorporated into the business models of organizations with high accuracy to hasten their productivity. Therefore, the rise in adoption of digital technologies is expected to drive the innovation management market growth.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Function
Fastest Growth
Function
Growth Rate
15% CAGR
Global Innovation Management Market ($ Bn)
Country Share for North America Region (%)
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Innovation Management Market Segmental Analysis
Global Innovation Management Market is segmented by Offering, Function, Innovation Management Tools, Vertical, and region. Based on Offering, the market is segmented into Solutions, Services (Professional Services (Consulting, System Integration, Training, Support, & Maintenance), Managed Services. Based on Function, the market is segmented into Product Development, and Business Processes. Based on Innovation Management Tools, the market is segmented into Project Management Platforms, Marketing Platforms, Design Platforms, Idea Management Platforms, Collective Intelligence & Prediction Platforms, Human Resources Platforms, and Other Tools. Based on Vertical, the market is segmented into IT & ITeS, Telecom, Banking, Financial Services, & Insurance (BFSI), Healthcare & Life Sciences, Aerospace & Defense, Retail & eCommerce, Energy & Utilities, Manufacturing, Transportation & Logistics, and Other Verticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Deployment Mode
The cloud segment is dominating the market with the largest revenue share in the innovation management market. Companies avoid investing in hefty hardware and software to support infrastructure through cloud-based solutions. For small and medium-sized businesses, this equates to substantial cost savings. Cloud providers also take care of maintenance and updates, lifting another tech weight off the shoulders of internal teams. As a result, organizations can scale up and down the storage utilized, and processing power needed at any time as their innovation requirements change. It gives companies freedom to meet varying demands for innovations without incurring excessive sunk costs.
The on-premises segment is expected to witness the highest CAGR throughout the innovation management market forecast period. On-premises deployments allow for the control of data security and privacy, ideal for companies with highly sensitive data or those who need to comply with strict regulatory requirements. This allows businesses to keep their innovation data on firewalls they own, minimizing any fears related to breaches or other forms of unwanted access. Additionally, on-premises solutions can provide adaptation methods to business needs and work processes. These procedures can be important for companies with customized innovation processes or complex integration needs with existing legacy systems that cloud-hosted solutions might not accommodate easily.
Analysis by Function
The business processes segment is dominating the market with the maximum revenue share. Innovation management tools allow existing business processes to be analyzed in a data-driven way. Organizations can identify bottlenecks, inefficiencies and improvement opportunities in the data. Innovations allow businesses to work in a more simplified way and respond better to market demands. Similarly, even the innovation management tools can bring together all those teams engaged in a business process. This facilitates the sharing of best practices and enables cross-functional synergies to identify more innovative solutions to process challenges.
The product development segment is witnessing the fastest growth during the innovation management market forecast period. The best innovation management solutions help capture, assess and prioritize an ongoing flow of product ideas. This is to make certain that team efforts are concentrated on the ideas with highest viability for market success. In addition, innovation management platforms allow early user feedback via surveys or user testing with prototype tasks. This provides the potential to iterate on designs and concepts at breakneck speed before reaching product market fit in real life user scenarios, increasing the chances of achieving market viability in later iterations of products.
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Innovation Management Market Regional Insights
North America accounted for the largest innovation management market share in 2023. North American businesses typically are more willing to adopt new ideas and test new solutions. It is this acceptance that provides fertile ground where innovation management can flourish. Also, the North American region acts as an early adopter to new technologies and innovation management solutions. It is enabling them to benefit from these advances sooner than those in other parts of the world. Hubs such as Silicon Valley create a dense and concentrated environment of innovative startups, established technology companies, venture capitalists, and research institutions. This adoptive ecosystem promotes collaboration, exchanging knowledge and ideas which is expected to boost the market demand.
According to innovation management market analysis, Asia Pacific is predicted to become the fastest-growing sector over the forecast period. This is because of the increasing innovations and research activities among small & large enterprises across the region. The growing adoption of advanced technologies, accompanied by high demand for innovation management software to assist regional companies with the development process, is also driving the market. Hence, the market in this area is a high growing rapidly. In addition to that, the boom in economies in APAC lays a foundation for innovation. Increasing disposable incomes increase investment in new products and services, which drives the need for companies to be innovative and meet the needs of changing consumers.
Global Innovation Management Market By Geography
- Largest
- Fastest
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Innovation Management Market Dynamics
Drivers
Innovation Driven Corporate Workforce
- As the competition progresses, businesses are gaining an edge with innovations. Through innovation companies can differentiate their product from the competition and gain access to a new consumer segment. With the need to change the business strategy almost all of the industry is shifting their focus from current operations to future opportunities. As a result, this leads in managing the ideas/ innovations on same platform and creates a market favorable system for innovation management.
Growing Demand for Data Driven Decision Making
- Demand for innovation management is anticipated to be stimulated due the potential of innovation management in providing efficient resource allocation, cost efficiency and aiding with optimum business strategies while considering return on investment (ROI) on the projects implemented by the enterprises. It is expected that the software will contribute precisely to getting compatible innovation strategies with providing data-driven insights.
Restraints
Low Clarity on Return of Investment
- The foremost factor hindering adoption of these services is absence of any specific metrics for return on investment (ROI) derived from using such services, which in turn lowers objective measures against revenue growth of the market. On account of using innovation management solutions, companies only earn sporadic returns carrying their investments. Hence, this is also responsible for its low priority resulting in a lower purchase of the products and services provided by the company.
High Initial Cost and Concerns Regarding Data Security
- The management of unique innovation is a very secretive process where the company cannot afford to circulate it outside without a proper confidentiality agreement as that will result in huge financial loss for them. Equally, the cost of software deployment also comes to consideration while managing innovation. This might add to the R&D expense. But since the end-users most of the time do not get a good knowledge about innovation management software long-term benefit, they will not want to place a larger amount during initial setup.
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Innovation Management Market Competitive Landscape
The innovation management industry will further grow as major market players are investing a huge amount in R&D to expand their product line. They are using up several fundamental strategies in plan to expand their global reach, such as product launch, agreement, merger and acquisition, and growing investment on product market development. Industry competitors need to provide cost-effective products in order to maintain and grow a foothold within an ever-cost competitive, mature market industry. The innovation management market is partially consolidated by key players such as BrightIdea Inc., Qmarkets, IdeaScale, Hype Innovation, to name a few.
Top Player’s Company Profiles
- Accenture
- Planview
- SAP
- Questel
- Insightsoftware
- KPMG
- Deloitte
- Miro
- Salesforce
- EY (Ernst & Young)
- Medallia
- Boston Consulting Group (BCG)
- Sopheon
- Qmarkets
- Brightidea
- Hype Innovation
- Planbox
- Ideascale
- Innovationcast
- Nosco
- Wazoku
- Inno360
- Itonics
- Rever
- Induct
- Sideways 6
- Yambla
- Ideawake
- Loopedin
Recent Development
- In December 2023, Wazoku announced its acquisition of PosterLab the research and development partnership platform as part of their expansion plans into Germany.
- Kearney, a consulting company, announced in July 2023 the acquisition of Silicon Foundry, an advisory firm focused on greening innovative capacity and strategic transformation.
- In January 2022, KPMG introduced the Advisory Salesforce Apprentice Program (ASAP) The goal of the program is to identify and cultivate exceptional talent from diverse backgrounds, offer promising client leads to participants, and provide an enabling environment with ample opportunity for innovation, development, accommodation and success.
Innovation Management Key Market Trends
- Implementation of Cloud Computing: Growing use of cloud-based technologies is predicted to be one of the prominent global innovation management market opportunities. The market trends during the forecast period will be driven by increasing automation and security that can be improved. Another big opportunity in this space lies at the intersection of innovation management software with enterprise social platforms and social media platforms.
- Growing Digitalization: Rapid developments in digital technology are causing huge amounts of data to be generated, thereby necessitating storage of large data at a greater processing rate. The demand for innovation management solutions has increased from the end users as they are adopting digital technologies across various sectors more often. Hence, the innovation management market growth is expected to be driven by the adoption of digital technologies.
Innovation Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, with growing competition, companies are heavily investing in innovation management solutions to cultivate a culture of creativity, simplify the process of ideation and its assessment, and expedite new product and service delivery. Changing methods to an agile way of working can be hard for organizations, particularly larger and more traditional companies where there is sometimes internal opposition to any kind of change. Innovation management practices and technologies can, however, disrupt existing workflows and even corporate culture. This is one of the main reasons due to which employees and management might resist implementing innovation management solutions in the organization.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.28 billion |
| Market size value in 2031 | USD 3.19 billion |
| Growth Rate | 10.7% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Innovation Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Innovation Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Innovation Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Innovation Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Innovation Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Innovation Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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