Global Innovation Management Market to Surpass US$2.6 Billion by 2030, According to The Brainy Insights

NEWARK, New Jersey, February 22, 2022 /PRNewswire/ — According to the report published by The Brainy Insights, the innovation management market should go from $1.1 billion in 2020 for $2.6 billion by 2030 at a CAGR of 9% over the forecast period 2021-2030.

Innovation process management and change management are combined in innovation management. Innovation management has two major elements. First, the creation of framework circumstances that encourage the creation of ideas and the implementation of successful innovations within the organization. The focus here is on actions related to organizational growth. Second, actual innovation, the active research, development and execution of ideas. This requires skills such as creativity and project management. Innovation management is a business discipline that attempts to help an organization develop a long-term innovation process or culture. To transform companies, these innovation management projects frequently use a disruptive mode of change.

The collaboration of innovation management software with enterprise social platforms and social media platforms will create vast opportunities for market growth in the coming years.

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One of the major factors fueling the growth of the innovation management market is the changing work culture in companies across the globe. The growing acceptance of cloud-based solutions by enterprises and the increased need for participatory innovation in sectors such as BFSI, healthcare, education, media and entertainment, technology and telecommunications, retail retail and government are likely to drive the growth of the market. The market is further influenced by the increased focus of companies on creating new, innovative and customized products to meet customer needs.

The major 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 strengthen their position in the global innovation management market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, joint ventures, collaborations, and partnerships.

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  • Regalix, a Silicon Valley company, partnered with Qmarkets in 2018 to expand its presence in South Asia.

The service 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 service segment will further contribute to the growth of the innovation management market.

The business process segment is expected to have a larger market share during the forecast period.

The function segment is divided into business processes and product development. During the forecast period, the business process segment is expected to have a larger market share.

The cloud segment is expected to grow at a faster CAGR of more than 10% during the forecast period.

The deployment mode segment is divided into cloud and on-premises. The cloud segment is expected to grow at a faster CAGR of more than 10% during the forecast period. Cloud-based innovation management solutions are essential because they provide a flexible and scalable infrastructure to manage various devices and analyze ideas from employees, consumers and partners. While cloud deployment makes it easier to implement innovation management solutions, it also comes with several significant challenges, including legal regulations, safety and security, performance, reliability, complexity of transformation, operational control, content governance and, most importantly, the promised return on investment. Benefits of investment (RoI).

The healthcare and pharmaceuticals segment is expected to grow at the fastest CAGR of around 11% during the forecast period.

The vertical segment is divided into aerospace and defense, banking, financial services and insurance, healthcare and pharmaceuticals, information technology and telecommunications, retail and e-commerce, government, transportation and logistics, manufacturing and other verticals . The healthcare and pharmaceuticals segment is expected to grow at the fastest CAGR of around 11% during the forecast period.

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Regional Segment Analysis of Innovation Management Market

  • North America (WE, Canada, Mexico)
  • Europe (Germany, FranceUK, Italy, SpainRest of Europe)
  • Asia Pacific (ChinaJapan India, rest of APAC)
  • South America (Brazil and rest of South America)
  • Middle East and Africa (UNITED ARAB EMIRATES, South Africarest of the MEA)

North America The region has emerged as the largest market for the global innovation management market with a share of 35.7% 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 large national solution providers, the willingness of organizations to invest in technological developments, and the widespread adoption of new technologies. Additionally, the growing need to manage greater operational efficiency and lower cost business processes is propelling R&D efforts in this region, resulting in new potential for innovation management software. Additionally, due to the high internet penetration in the region, Asia Pacific is expected to witness the highest growth during the forecast period.

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About the report:

The global innovation management market is analyzed on the basis of value (USD billion). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position analysis, distribution and marketing channel analysis.

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The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer requirements, whether they are looking to expand or planning to launch a new product in the global market.

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