Innovation Management Market

Global Innovation Management Market Size (2024 to 2029)

The global innovation management market is predicted to reach USD 1.70 billion in 2024 and USD 3.12 billion by 2029, growing at a CAGR of 13% during the forecast period.

Innovation management is a fusion of change management and innovation process management, which refers to organizational innovation, products, and business processes. It comprises devices that enable engineers and managers to function with a mutual understanding and objectives. In addition, it also enables the organization to respond to internal or external opportunities and to use its creativity to introduce new processes, ideas, and products. Although not governed by research and development, it comprehends workers at different levels who can contribute to activities like marketing, product innovation, and business creation. Innovation management, as its name suggests, plays a crucial role in the innovation process of any enterprise, from the initial idea to the final outcome. It covers the formulation of elections, operations, and processes and the application of an innovation process. Innovation management helps create innovative business replicas and generates innovative products, equipment, and skills planned for the changing market. Proper innovation management also improves customer satisfaction and employee engagement.

Global Innovation Management Market Drivers:

The global innovation management market is mainly driven by the change in work culture in various organizations. The real innovations start with the corporate culture. Through the use of innovation management tools, the management of an organization is likely to implement and activate the creative capacities of the workforce for the continuous development of the company. The main objective of managing innovation in an organization is to cultivate an appropriate environment to stimulate innovation. Another important factor that stimulates the global market for innovation management is the growing interest of companies in the development of new innovative products. Innovation management attempts to renew the importance of the organization for those who work. Emphasis is placed on external factors, conditions, and dynamics to determine needs and prospects and modify them for solutions and customers. Its objective is to develop and present innovative value propositions in the form of new processes, products, or services. Innovation is entirely allocentric, absorbed from the outside to help others. Its main concern is to encourage efforts to develop new values.

The innovation management market is divided into several vertical sectors, including aerospace and defense, banking, financial and insurance services (BFSI), healthcare and pharmaceuticals, government, retail and electronic commerce, IT and telecommunications, manufacturing, transportation and logistics, and others (education, media, and entertainment, legal, construction, agriculture, energy and utilities, and nonprofit benefit [NPO] organizations). These verticals are expected to experience strong adoption of innovation management solutions to deliver benefits such as optimized storage information resources, lower risk, better business efficiency, and transparency of the business innovation process. The implementation of innovation management solutions in large enterprises is a trend lately because of the generation of huge volumes of data, which is credited to the geographic presence and incrementing customer base. The demand for innovation management solutions is increasing. These solutions optimize storage information resources, reduce risk, improve business efficiency, and maintain transparency in businesses. Evaluating the feasibility and practicality of the ideas proposed is one of the main difficult factors in innovation management in the global market. Often, the goal of creating new technologies depends on the resources we have. Evaluating the feasibility of the proposed ideas is sometimes difficult.

GLOBAL INNOVATION MANAGEMENT MARKET REPORT COVERAGE:

This research report on the global innovation management market has been segmented and sub-segmented based on the function, type, deployment mode, organization size, vertical, and region.

Global Innovation Management Market - By Function:

• Freelancers and Human Resource Platforms            

• Product Research and Development Platforms      

• Design, Marketing, and Idea Platforms        

• Collective Forecasting and Intelligence Platforms  

Based on this function, the market has expanded to freelancers and human resource platforms, product research and development platforms, design, marketing, and idea platforms, as well as collective forecasting and intelligence platforms. The product research and development segment is considered to register the lion’s share in the global market during the anticipated period because of the rising call for innovative products according to the changing needs of customers.

Global Innovation Management Market - By Type:

• Solutions  

• Services    

The type of innovation management market is divided into software and services.

Global Innovation Management Market - By Deployment Mode:

• Cloud         

• On-Premise         

Depending on the mode of implementation, the market is segregated in the cloud and on-site.

Global Innovation Management Market - By Organization Size:

• large          

• SMEs         

In addition, based on the organizational structure, the market includes small and medium-sized enterprises and large enterprises. Of these, the large business segment is predicted to have the most substantial market size over the forecast period.

Global Innovation Management Market - By Vertical:

• BFSI            

• Retail         

• Aerospace and Defense    

• Logistics and Transportation            

• Healthcare & Pharmaceuticals        

• IT & Telecommunications 

In addition, depending on the sector, the market is segmented into BFSI, retail, aerospace and defense, logistics and transportation, healthcare & pharmaceuticals, & telecommunications. The retail sector accounted for the largest share during the review period. The presence of strong national solution providers, technological advancements, and widespread adoption of Internet technology and infrastructure are the few factors responsible for the growth of the market.

Global Innovation Management Market - By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

The global market is studied in the prominent regions of North America, Europe, Asia-Pacific, the Middle East, Africa, and Latin America. North America is expected to have the largest share over the forecast period due to the presence of key players and the introduction of novel technologies in different verticals.

KEY MARKET PARTICIPANTS:

The major companies operating in the global innovation management market include Brightidea, Inc. (United States), Qmarkets (Israel), Imaginatik PLC (United States), Ideascale (United States), Hype Innovation Inc. (Germany), Innosabi GmbH (Germany), Crowdicity Ltd. (United Kingdom), Cognistreamer (Belgium), Planbox, Inc. (Canada), Exago (Portugal), Spigit, Inc. (United States), Inno360, Inc. (United States) and SAP SE (Germany), among others.

RECENT HAPPENINGS IN THE MARKET:

• In November 2018, DuPont Sustainable Solutions (DSS) published the introduction of DuPont's latest innovation management consulting exercise. This has the specific objective of allowing B2B customers to access more profitable and higher value-added products and business strategies. This launch is touted to transform policies by altering the existing culture, processes, and capacities to witness development with added value.

• In January 2016, eZassi confirmed the advent of a new open innovation challenge, namely Encase Delivery Technologies. With unique online idea capture software, the company can provide a new amount of online security and efficiency to ensure parties have a greater ability to locate and possibly combine them with something new and exciting. This new launch made the company a market leader and expanded the company's offerings, which in turn increased the company's customer base.

• In April 2020, LEAD Innovation, a company specializing in business innovation in Austria, selected Qmarkets' "LEAD Proactive" platform, which served as a hub for companies during the COVID-19 crisis and provided ideas to help other companies overcome their unique challenges. The company offers its clients innovative ideas to overcome the challenges associated with COVID-19.