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

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.