The Global Innovation Management Market size is expected to reach $2.5 billion by 2030, rising at a market growth of 10.3% CAGR during the forecast period.
Managed services take the burden of managing innovation processes off an organization's shoulders. This allows internal teams to focus on core business activities while the service provider handles the day-to-day operations of innovation management. Therefore, the managed services segment will capture 27% of the share in the market by 2030. Service providers are typically well-equipped to manage risks and security concerns associated with innovation management. They can implement robust data protection and compliance measures, reducing the organization's exposure to potential threats. Some of the factors impacting the market are rapid technological progress fueled by emerging technologies, rising need for crowdsourcing invention, and resource constraints & uncertainty of post innovation outcomes.
Technological advancements foster innovation management by opening up new possibilities and reshaping businesses. New product development is fueled by emerging technology, which provides imaginative solutions. This dynamism allows organizations to adapt quickly to shifting expectations and market demands. Technology also improves procedures, increasing operational effectiveness, lowering costs, and freeing up resources for additional innovation. This quick development enables ground-breaking product development and operational excellence, catapulting businesses to the top of their respective markets. Open innovation is sharing ideas and knowledge among stakeholders, including business partners, enterprise employees, the public, and consumers, to develop products, solutions, and business operations for a better customer experience and more money. Open innovation and crowdsourcing are similar. It moves on to evolving business models, beginning with suggestions for enhancements to goods and services. As a result, demand for innovation management is expected to expand in the coming years.
However, Resource shortages represent a significant barrier in innovation management and may prevent the fulfilment of creative objectives. Innovation activities' scope and potential impact may be constrained by a lack of financing, qualified employees, and committed time. A lack of financial support may restrict the ability to invest in research, development, and experimentation, which could obstruct the investigation of innovative concepts. The difficulty is further exacerbated by a lack of experts who can transform ideas into practical technologies. Therefore, the difficulties associated with resource constraints may hamper the growth of the market in the coming years.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
By services type, the market is bifurcated into professional services and managed services. The professional services segment attained the maximum revenue share in the innovation management market in 2022. Professional services provide organizations with access to experienced consultants and experts who can offer guidance on innovation best practices. These experts bring a wealth of knowledge and can help design customized innovation strategies that align with the organization's specific goals and challenges. Many professional services include training programs to upskill internal teams on innovation methodologies and tools.
Based on function, the market is classified into product development and business processes. In 2022, the product development segment procured the highest revenue share in the innovation management market. The main advantage of product development in innovation management is that it gives product development and market launch outcomes with increased efficiency and shorter lead times. It also helps to eliminate errors, lowers expenses, and expedites protracted design cycles. Due to its significant benefits of increased productivity, improved collaboration, increased speed of delivery to market, enhanced revenue generation, and cost savings, the rapid digitalization of product development is fueling the growth of this segment.
Based on the component, the market is categorized into solutions and services. In 2022, the solutions segment acquired a significant revenue share in the market. The democratization of innovation, ease of accessibility, and information sharing across organizations and individuals to collaborate on innovation-related projects are significant advantages of new software solutions and the rapid adoption of technology advancements. Innovation management solutions assist in resolving issues and boosting productivity, which is driving this segment's revenue growth.
Based on tools, the market is divided into project management platforms, marketing platforms, design platforms, idea management platforms, collective intelligence & prediction platforms, human resource platforms, and others. In 2022, the marketing platforms segment recorded a significant revenue share in the innovation management market. Companies that achieve synergy between innovation management and marketing can develop products faster and strategically place them in the market. Enabling innovation management requires companies to leverage data-driven insights to inform their strategy.
On the basis of vertical, the market is divided into IT & ITeS, BFSI, healthcare & life sciences, retail & ecommerce, energy & utilities, manufacturing, transportation, and others. In 2022, the manufacturing segment recorded a remarkable revenue share in the market. Manufacturing involves a wide range of operations, including innovation management systems. Technology innovation focuses on some manufacturing projects, such as adopting new technologies or installing new machinery in factories. Other tasks can involve altering factory behavioral norms, material and information flows, or work processes.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1.1 Billion |
| Market size forecast in 2030 | USD 2.5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 10.3% from 2023 to 2030 |
| Number of Pages | 359 |
| Number of Table | 590 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Function, Tools, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
|
| Restraints |
|
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America segment generated the largest revenue share in the market. There is a rising demand for innovative management platforms across the region to deliver the product on time and with minimal errors. North America is home to a highly competitive business environment. Organizations in the region recognize that to maintain a competitive edge, they must continually innovate. This has led to a heightened demand for solutions that can help drive creative thinking and product development.
Free Valuable Insights: Global Innovation Management Market size to reach USD 2.5 Billionn by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, Planview, Inc., SAP SE, Salesforce, Inc., Boston Consulting Group, Medallia, Inc. (Thoma Bravo), Deloitte Touche Tohmatsu Limited, HYPE Softwaretechnik GmbH (HYPE Innovation) (Main Capital Partners), IdeaScale, and InnovationCast
By Component
By Function
By Tools
By Vertical
By Geography
The Market size is projected to reach USD 2.5 billion by 2030.
Rapid technological progress fueled by emerging technologies are driving the Market in coming years, however, Resource constraints & uncertainty of post innovation outcomes restraints the growth of the Market.
Accenture PLC, Planview, Inc., SAP SE, Salesforce, Inc., Boston Consulting Group, Medallia, Inc. (Thoma Bravo), Deloitte Touche Tohmatsu Limited, HYPE Softwaretechnik GmbH (HYPE Innovation) (Main Capital Partners), IdeaScale, and InnovationCast
The expected CAGR of this Market is 10.3% from 2023 to 2030.
The Project Management Platforms segment is leading the segment in the Market by Tools in 2022; thereby, achieving a market value of $706.7 million by 2030.
The North America region dominated the Market by Region in 2022; and would continue to be a dominant market till 2030, thereby, achieving a market value of $843.5 million by 2030.
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
