Innovation Management Market Overview
The innovation management market size is expected to grow from USD 1.1 billion in 2021 to USD 3.2 billion by 2030, at a CAGR of 14.20% during the forecast period of 2022-2030. The growth of the market is driven by the increasing need for organizations to improve their innovation capabilities in order to stay ahead of the competition, the rising adoption of digital technologies, and the growing focus on open innovation.
Key Companies in the Innovation Management Market
Some of the key players in the innovation management industry include:
- IBM Corporation
- SAP SE
- Oracle Corporation
- Microsoft Corporation
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The innovation management market is segmented by solution, service, deployment type, organization size, vertical, and region.
By solution, the market is segmented into ideation, collaboration, evaluation, and execution. The ideation segment is expected to grow at the highest CAGR during the forecast period. This is due to the increasing need for organizations to generate new ideas and concepts for innovation.
By service, the market is segmented into consulting, system integration, and training and support. The consulting segment is expected to hold the largest market share during the forecast period. This is due to the increasing demand for help from experts in implementing and managing innovation management solutions.
By deployment type, the market is segmented into on-premises and cloud. The cloud segment is expected to grow at the highest CAGR during the forecast period. This is due to the increasing adoption of cloud-based solutions due to their scalability, flexibility, and cost-effectiveness.
By organization size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises segment is expected to hold the largest market share during the forecast period. This is due to the increasing need for large enterprises to innovate in order to stay ahead of the competition.
By vertical, the market is segmented into BFSI, healthcare, IT and telecom, manufacturing, retail, and others. The BFSI vertical is expected to hold the largest market share during the forecast period. This is due to the increasing need for banks and other financial institutions to innovate in order to meet the changing needs of their customers.
Top Impacting Factors
The following are some of the top impacting factors of the innovation management market:
- Rising need for organizations to improve their innovation capabilities
- Rising adoption of digital technologies
- Growing focus on open innovation
- Increasing competition
- Changing customer demands
- Regulatory compliance
The following are some of the key strategies adopted by the players in the innovation management market:
- Acquisitions and mergers
- Partnerships and collaborations
- Product and service innovation
- Expansion into new markets
- Focus on customer satisfaction
- Development of innovative solutions
The innovation management market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold the largest market share during the forecast period. This is due to the increasing adoption of innovation management solutions by organizations in the region.
Industry Latest News
- In July 2023, IBM announced the launch of its new innovation management solution, IBM Watson Innovation Suite. The solution is designed to help organizations improve their innovation capabilities by providing them with a platform to manage the entire innovation process, from ideation to execution.
- In June 2023, SAP announced the acquisition of Qualtrics. Qualtrics is a leading provider of customer experience management (CEM) solutions. The acquisition will help SAP to expand its innovation management capabilities by providing it with a platform to collect and analyze customer feedback.
- In May 2023, Microsoft announced the launch of its new innovation management solution, Microsoft Viva Insights. The solution is designed to help employees share their ideas and insights with their colleagues and managers.
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