Innovation Management Market by Type (Software, Services), Service, Deployment Mode, Organization Size, Application (Product Research & Development Platforms, Marketing, Design, and Idea Platforms), Vertical, and Region - Global Forecast to 2022
“Increasing demand for open innovation or crowdsourcing innovations from various organizations is expected to drive the innovation management market”
The innovation management market is projected to grow from an estimated USD 421.6 million in 2017 to USD 1,519.2 million by 2022, at a Compound Annual Growth Rate (CAGR) of 29.2% during the period, 2017–2022. The major drivers in the innovation management include changing work cultures in different organizations, increasing demand for open or crowdsourcing innovations from various organizations, and increasing focus of companies on the development of new and innovative products.
On cloud deployment is expected to be the fastest-growing market during the forecast period
The market for the services segment is expected to grow at the highest CAGR during the forecast period. Service providers help in implementing intelligent platforms for the efficient operation and maintenance of any enterprise. The market for on cloud deployment is expected to grow at the highest CAGR during the forecast period. The increase in the demand for on cloud is due to cost controls in terms of deployment, licensing, maintenance, enforcement of security compliance and audit features, and enhanced speed workflow in organizations. The market for small & medium enterprises is expected to grow at the highest CAGR during the forecast period. SMEs are increasingly adopting innovation management solutions to develop innovative products to meet the changing requirements of their customers and face the competition in the market.
The collective intelligence & prediction platforms market is projected to grow at the highest CAGR during the forecast period
The collective intelligence & prediction platforms segment market is projected to grow at the highest CAGR during the forecast period. This segment is associated with the use of crowdsourcing innovations to generate ideas. The healthcare & pharmaceuticals vertical segment is expected to grow at the highest CAGR during the forecast period. The landscape of the industry has changed drastically over the past few years, majorly driven by changes in consumer/patient demands and digitalization. These changes have challenged hospitals, pharmaceutical companies, and other healthcare businesses to think and act strategically about shaping their companies to meet the requirements of patients.
North America is expected to lead the market during the forecast period
North America is expected to lead the innovation management market as it is expected to benefit from technological advancements and internet infrastructure, widespread adoption of new technology, and the presence of domestic solution providers. The need for better operational efficiency and business processes at a low operating cost is expected to drive the innovation management market. In addition, the presence of key players in the innovation management market is also expected to be a major factor driving the market in the region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up profiles of primary discussion participants are given below:
• By Company Type: Tier-1 (17%), Tier-2 (33%), and Tier-3 (50%)
• By Designation: C-Level (37%), Director Level (42%), and Others (21%)
• By Region: North America (44%), Europe (33%), Asia-Pacific (18 %), and the Rest of the World (RoW) (5%)
The various key innovation management vendors profiled in the report are as follows:
1. Qmarkets (Israel)
2. BrightIdea, Inc. (U.S.)
3. Imaginatik Plc (U.S.)
4. Hype Innovation (Germany)
5. IdeaScale (U.S.)
6. Innosabi GmbH (Germany)
7. Cognistremer (Belgium)
8. Crowdicity Ltd (U.K.)
9. Planbox, Inc. (Canada)
10. Spigit, Inc. (U.S.)
11. Exago (Portugal)
12. Inno360, Inc. (U.S.)
13. SAP SE (Germany)
The global innovation management market has been segmented on the basis of type, deployment mode, organization size, application, vertical, and region. A detailed analysis of the regions provides insights into the potential future business opportunities in different regions. In addition to this, product portfolio analysis, value chain analysis, and strategic benchmarking are some of the other MarketsandMarkets analyses included in the report.
Reasons to Buy the Report
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the innovation management market comprehensively and provides the closest approximations of the revenues for the overall market and the subsegments, across different regions.
2. The report will help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help the stakeholders better understand the competitors and gain more insights to better their positions in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.