Global Innovation Management Market to Surpass US$ 2.6 Billion by 2030, Says The Brainy Insights
NEWARK, N.J., Feb. 22, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global innovation management market is expected to grow from USD 1.1 billion in 2020 to USD 2.6 billion by 2030, at a CAGR of 9% during the forecast period 2021-2030.
The management of innovation processes and change management are combined in innovation management. There are two major elements to innovation management. First, the creation of framework circumstances that encourage the creation of ideas and the implementation of successful innovations within the organisation. The focus here is on actions related to organisational growth. Second, the actual innovation, active search, development, and execution of ideas. This necessitates skills such as creativity and project management. Innovation management is a business discipline that tries to help an organisation develop a long-term innovation process or culture. To transform business, these innovation management projects frequently use a disruptive way of change.
Collaboration of innovation management software with enterprise social platforms and social media platforms will create wide opportunities for market growth in upcoming years.
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One of the primary factors fueling the growth of the innovation management market is the changing work culture in businesses around the world. Rising acceptance of cloud-based solutions by companies and increased need for crowdsourced innovation across sectors such as BFSI, healthcare, education, media & entertainment, technology & telecommunication, retail, and the government is likely to boost the market growth. The market is further influenced by businesses' increased focus on generating new, innovative, and personalized products to meet customer needs.
Key players operating in the global innovation management market are Accenture, BCG, Brightidea, Deloitte, Exago, EY, HYPE, Idea Drop, IdeaScale, Ideawake, Induct, Inno360, InnoCentive, innosabi GmbH, InnovationCast, ITONICS, KPMG, LoopedIn, Medallia, Miro, Nosco, Planbox, Planview, Qmarkets, Rever, Salesforce, SAP, Sideways 6, Sopheon, VIIMA and Yambla among others. To enhance their market position in the global innovation management market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, joint ventures, collaborations, and partnerships.
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- Regalix, a Silicon Valley firm, allied with Qmarkets in 2018 to extend its footprint in South Asia.
The services segment will have a larger market share during the forecast period.
The component segment is divided into services and solutions. During the forecast period, the services segment will contribute more to the growth of the innovation management market.
The business processes segment is anticipated to have a larger market share over the forecast period.
The function segment is divided into business processes and product development. During the forecast period, the business processes segment is anticipated to have a larger market share.
The cloud segment is anticipated to grow at a faster CAGR of over 10% during the forecast period.
The deployment mode segment is divided into cloud and on-premises. The cloud segment is anticipated to grow at a faster CAGR of over 10% during the forecast period. Cloud-based innovation management solutions are critical because they provide a flexible and scalable infrastructure for managing various devices and analysing ideas from employees, consumers, and partners. Though cloud deployment makes it easier to implement innovation management solutions, it also comes with several significant challenges, including legal regulations, security and safety, performance, reliability, transformation complexity, operational control, content governance, and, most importantly, the promised Return on Investment (RoI) benefits.
The healthcare and pharmaceuticals segment is anticipated to grow at the fastest CAGR of around 11% during the forecast period.
The vertical segment is divided into aerospace & defense, banking, financial services, and insurance, healthcare & pharmaceuticals, information technology & telecommunications, retail and e-commerce, government, transportation & logistics, manufacturing, and other verticals. The healthcare and pharmaceuticals segment is anticipated to grow at the fastest CAGR of around 11% during the forecast period.
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Regional Segment Analysis of the Innovation Management Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region emerged as the largest market for the global innovation management market with a 35.7% share and a market value of around 0.39 billion in 2020. The North American region is a lucrative market for innovation management software due to the existence of prominent domestic solution providers, organisations' willingness to invest in technological developments, and widespread adoption of new technologies. Furthermore, the growing need to manage greater operational efficiency and business processes at a low cost is propelling R&D efforts in this region, resulting in a new potential for innovation management software. Moreover, because of the region's high internet penetration, Asia-Pacific is predicted to experience the highest growth over the forecast period.
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About the report:
The global innovation management market is analysed based on value (USD Billion). All the segments have been analysed on global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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