Global Innovation Management Industry Expected To Hit $1.7 Billion By 2026 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Innovation Management Market with COVID-19 Impact Analysis by Component (Solutions and Services), Function (Product Development and Business Processes), Deployment Mode, Organization Size, Vertical, and Region – Forecasts until 2026″ report has been added to from ResearchAndMarkets.com offer.

The global innovation management market is expected to grow from USD 1 billion in 2021 to USD 1.7 billion by 2026, at a compound annual growth rate (CAGR) of 10.2% during the forecast period. forecast.

Innovation Management Services Expected to Hold Higher Market Share

With the growing adoption of innovation management solutions across major verticals, the demand for support services is also increasing. Services play a crucial role in helping companies take full advantage of innovation management solutions. Innovation management services are primarily segmented into consulting; Integration system; and training, support and maintenance.

Systems integration services provided by innovation management solution providers offer consistent services to end users including large enterprises and SMBs. These services effectively implement and integrate innovation management solutions with existing IT infrastructure systems. They further enable the integration of essential software to assemble dispersed systems of devices that remain effectively linked to IT infrastructures.

Product development function is gaining traction with end users

Previously, companies focused more on product innovation and improvement. R&D activities are carried out by companies to develop new products, solutions, processes and services to improve the customer experience. Company R&D teams play a major role in the formulation and development of quality products. Thus, product R&D activities are very helpful in developing innovative and improved products for the satisfaction of end users. The growing demand for new and innovative products across the world from consumers has led to the development of new products by companies.

To increase employee productivity and maintain a competitive edge in the marketplace, SMBs are adopting innovation management solutions across the globe

Companies with less than 1,000 employees are classified in the SME segment. Maximum productivity and reduced costs are crucial factors for these companies, as they have limited budgets to follow the ideas of crowdsourcing. Therefore, these companies take advantage of freely available public cloud storage or a limited on-premises innovation management solution. SMBs generate less enterprise data than large enterprises. This saves the overall cost of installing innovation management solutions.

Growing focus on business continuity plans set to gain traction during pandemic

The cloud deployment mode provides flexibility and scalability, as well as ease of management. Cloud-based deployment refers to the hosted type deployment of innovation management solutions. There has been an upward trend in deploying innovation management solution via cloud or dedicated data center infrastructure. Benefits of hosted deployment include reduced physical infrastructure, lower maintenance costs, 24/7 accessibility, and efficient e-business content crawling. A dedicated data center is also provided by innovation management solution providers, which boosts in-house integrations and reduces additional third-party integration overhead.

North America will dominate the innovation management market in 2021

North America has been an extremely open and competitive market in terms of adoption of innovation management solutions across verticals, such as healthcare, IT, aerospace, and manufacturing. It is the first region to adopt innovation management solutions. He has been extremely responsive in adopting the latest technological advancements, such as integration technologies with AI, cloud and mobile technologies in traditional innovation management solutions. The major driver of growth in this region is the stringent government standards and regulations set for various industries. Failure to comply may result in fines and other serious penalties. Another driving factor is the demand for improved operational efficiency that helps organizations archive legacy data and retain only recent and necessary data in secondary storage.

Market dynamics

Drivers

  • Increased demand for crowdsourcing innovation across all verticals

  • Changing the work culture in companies

  • Growing corporate focus on developing new, innovative and personalized products

  • Increased adoption of cloud-based innovation management solutions

Constraints

  • Business inefficiency to track reliable ROI of innovation management solutions

  • Leaders’ mindset toward traditional approaches

Opportunities

  • Impact of disruptive technologies to increase adoption of innovation management solutions

  • Emerging Potential Markets to Offer High Growth Opportunities

  • Increased need to make informed decisions among businesses

  • Increased adoption of innovation management solutions by SMEs

Challenges

  • Security and Privacy Concerns About Company Information

Companies cited

  • Accenture

  • Boston Consulting Group

  • brilliant idea

  • Deloitte

  • exago

  • EY

  • EXCITEMENT

  • Drop idea

  • IdeaScale

  • ideawake

  • Install

  • Inno360

  • Innocent

  • Innosabi

  • InnovationDistribution

  • ITONICS

  • KPMG

  • Endlessly

  • Medals

  • Miro

  • nosco

  • Planbox

  • plan view

  • Qmarkets

  • Reverse

  • Selling power

  • SAP SE

  • aside 6

  • Sopheon

  • Viima

  • Yambla

For more information on this report, visit https://www.researchandmarkets.com/r/ngodzn


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