Innovation Management Market Forecasts to 2028 - Global Analysis By Component, Deployment Mode, Function, Organization Size, Vertical and By Geography

According to Stratistics MRC, the Global Innovation Management Market is accounted for $1.12 billion in 2022 and is expected to reach $2.23 billion by 2028 growing at a CAGR of 12.2% during the forecast period. The process of managing an organization's innovation method, from the first step of ideation to the last stage of effective implementation is referred to as innovation management. It includes the decisions, actions, and practises associated with developing and implementing an innovation strategy. The goal of innovation management is to promote a sustainable innovation process or culture inside an organisation. These innovative management projects frequently employ a disruptive way of change to revolutionise company. Many organizations use a disciplined and cyclical approach to make innovation management a regular component of business which boosts the innovation management market.

According to a recent survey by innovation technology management tools in September 2021, about 84% of the surveyed respondents across organizations of all sizes understand the adverse impact their service issues and failures have on business operations.

Market Dynamics:

Driver:

Crowdsourcing innovation is becoming more popular across industries

Open innovation is the exchange of ideas or knowledge among stakeholders such as business partners, company workers, the general public, and customers in order to progress goods, services, and business processes for improved customer experience and increased revenue production. Open innovation is akin to crowdsourcing innovation. It begins with product and service enhancement suggestions and progresses to highlight innovation trends towards open business models. Enterprise management teams may forecast ideas that will generate revenue and improve customer experience based on the exchange of ideas. This would also increase brand reliability and help the company remain competitive in the market. With the market being so competitive, businesses are searching for a first-mover advantage, raising the demand for open innovation or crowdsourcing innovation. This is projected to boost the global expansion of the innovation management industry.

Restraint:

Enterprises inability to measure dependable ROI from innovation management systems

Enterprises may improve their company processes by using innovation management systems. However, there are no calculable metrics to evaluate the return on investment (ROI) from the use of these innovation management solutions and services. As a result, organisations that use innovation management systems are unable to create consistent ROI from these solutions. Innovation management systems must be connected with various organisations adopted strategies in order to determine particular Key Performance Indicators (KPIs) that may be used to measure the amount of engagement of stakeholders in innovations, such as workers, consumers, and partners. However, if enterprise decision-makers are unable to relate ideas based on business performance, then innovation management platforms add no value to enterprises' existing processes. As a result, the inability of organisations to monitor dependable ROI from innovation management solutions limits the growth of the innovation management industry.

Opportunity:

Increased enterprise requirement to make informed decisions

The phenomenal rise of technology generates a great volume of data, which raises the demand for data storage and processing speed. The evolution of innovation management systems has nearly paralleled technical growth. Enterprises are making key decisions based on the ideas provided by various innovation management solutions. Initially, ideas were gathered via forms, feedback boxes, or comments; but, with the usage of innovation management systems, businesses have realised that fresh ideas boost productivity, profitability, and can be utilised to make better strategic decisions. The rising requirement to analyse important ideas from many sources has increased the need to extract solutions from raw data in order to make vital judgements.

Threat:

Concerns about security and privacy

Enterprise innovation-related information, particularly projects, R&D activities, business processes, financial data, and transactional data created by businesses, is critical in developing enterprise strategy. As a result, organisations are hesitant to shift sensitive data and business operations to the cloud, preferring on-premises or traditional information management techniques, stifling the growth of the innovation management market. Despite the fact that innovation management systems have advanced in recent years, their information security capabilities constitute a significant obstacle to this sector. Enterprises are particularly concerned about their communication channels, such as emails, mobile communication, and instant messaging, since they have a direct impact on the security and privacy of company data which hamper the growth of the market.

COVID-19 Impact:

Robots, rockets, self-driving vehicles, virtual reality, and artificial intelligence (AI) are examples of emerging technology that can benefit from innovation management. Every day, at all levels and in all types of businesses, people innovate. It is the result of ideation that consistently addresses client issues. Despite the fact that COVID-19 has had an impact on all enterprises across industries, enterprise innovation has not ceased. However, the COVID-19 pandemic had a brief impact on the innovation management market.

The services segment is expected to be the largest during the forecast period

The services segment is estimated to have a lucrative growth, due to the services offered by innovation management consulting firms. These consulting services assist businesses in implementing new technologies that will change their traditional and current infrastructure into smart infrastructure. Corporate consultants assist customers in establishing robust corporate structures and enhancing decision-making. They also assist businesses in developing and implementing various cost-cutting programmes, service delivery models, and optimised business processes.

The cloud segment is expected to have the highest CAGR during the forecast period

The cloud segment is anticipated to witness the highest CAGR growth during the forecast period, due to flexible and scalable architecture for managing various devices and analysing ideas from workers, consumers, and partners. Though cloud deployment makes it easier to implement innovation management solutions, it also introduces new challenges such as legal regulations, security and safety, performance, reliability, transformation complexity, operational control, content governance, and, most importantly, promised Return on Investment (RoI) benefits. Due to obstacles such as the need for high bandwidth, security concerns, and sluggish processing speed, this deployment strategy is expected to achieve limited headway in the innovation management industry.

Region with highest share:

North America is projected to hold the highest market share during the forecast period as it has been a very open and competitive sector in terms of implementing innovation management systems across industries such as healthcare, IT, aerospace, and manufacturing. It is the area that is quickest to implement innovation management practises. It has been open to embracing new technological advances, such as merging mobile, cloud, and AI technologies with traditional innovation management tools.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the increasing demand to handle greater operational efficiency and business processes at a lower cost is driving R&D efforts in this area, creating new opportunities for innovation management software. Government regulations and guidelines for various industries also help to drive market expansion. Noncompliance may result in fines and other harsh punishments. Another motivator is the need for greater operational efficiency, which allows organisations to archive legacy data and preserve just recent and essential data in secondary storage.

Key players in the market

Some of the key players profiled in the Innovation Management Market include Accenture, SAP SE, Planbox, Brightidea, Planview, Sopheon, VIIMA, Exago, KPMG, InnovationCas, Medallia, Idea Drop, HYPE, Qmarkets, IdeaScale, Salseforce, InnoCentive, innosabi and Ideawake

Key Developments:

In April 2023, Accenture has agreed to acquire Einr AS, a Norwegian business consulting company specialized in high volume logistics solutions using SAP® technologies to optimize the flow of products from manufacturers to consumers. The acquisition will further enhance Accenture's SAP capabilities, helping it accelerate supply chain reinvention for organizations

In April 2023, Accenture and Google Cloud Expand Partnership to Accelerate Cybersecurity Resilience Together, they are providing the technology, trusted infrastructure, and security expertise organizations need to build resilient security programs and maintain confidence in their readiness.

In April 2023, SAP Expands in San Francisco, Taking 30,000 SQFT at 135 Townsend However, SAP's expansion is a clear indication that the city still holds appeal as a tech hub, thanks to its ecosystem and access to talent.

Components Covered:

• Software
• Services
• Solution

Deployment Modes Covered:

• Cloud
• On-Premise

Functions Covered:

• Business Processes
• Product Development
• Marketing, Design & Idea Platforms
• Collective Intelligence & Prediction Platforms
• Human Resources & Freelance Platforms

Organization Sizes Covered:

• Large Enterprises
• Small & Medium-Sized Enterprises (SMEs)

Verticals Covered:

• Retail & ECommerce
• Healthcare & Pharmaceuticals
• BFSI
• Manufacturing
• Transportation & Logistics
• IT & Telecommunications
• Other Verticals

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances