The innovation management market in the APAC region is likely to see the “next big boom” owing to the increasing use of innovation management solutions.
NEWARK, USA, April 22, 2022 /EINPresswire.com/ — 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 . 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 fueling the growth of the market. The market is further influenced by the increased focus of companies on creating new, innovative and personalized products as well as the growing interest in new and inventive items to meet customer needs.
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The services segment is expected to account for the largest market share in the innovation management market over the forecast period.
The component segment is divided into services and solutions. The services segment is expected to account for the largest market share in the innovation management market over the forecast period. In the R&D of innovative new products and business processes, innovation management solutions and services play a vital role. Consulting, systems integration and support, training and maintenance are the three different forms of innovation management services.
The business process segment is expected to hold the largest market share.
The function segment is divided into business processes and product development. During the forecast period, the business process segment is expected to hold the largest market share. Generating ideas through innovation management systems for business processes would improve overall business performance, which in turn would help businesses increase revenue. Using an innovation management solution, all ideas developed and processed based on consumer requirements are converted into products. Moderators can anticipate product ideas that will provide the best returns to businesses based on the ideas generated.
The cloud segment is expected to grow at the fastest 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 the fastest CAGR of more than 10% during the forecast period. The growing volume of R&D data and growing acceptance of cloud-based solutions by organizations makes it easier to install software in the cloud for innovation management solution providers. In 2019, nearly 80% of businesses worldwide are adopting cloud-based services in one way or another. By 2020, it is expected that 60% of enterprise software will be cloud-based.
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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, other verticals . The healthcare and pharmaceuticals segment is expected to grow at the fastest CAGR of around 11% during the forecast period. Through the use of innovation management systems, the healthcare and pharmaceutical industry is undergoing transformation. Due to changing patient/consumer demand and digitalization, the vertical landscape has changed dramatically in recent years. Pharmaceutical and healthcare companies are rethinking their strategies to meet the expectations and needs of consumers and patients around the world. In the healthcare and pharmaceutical industries, the adoption of innovation management systems is improving patient care and streamlining many medical operations.
Regional Segmentation Analysis:
The market is analyzed based on five regions, namely North America, Europe, Asia-Pacific, South America, Middle East and Africa. Due to high internet penetration in the region, Asia-Pacific is expected to witness the highest growth during the forecast period.
Major market players are Accenture, BCG, Brightidea, Deloitte, Exago, EY, HYPE, Idea Drop, IdeaScale, Ideawake, Induct, Inno360, InnoCentive, innosabi, InnovationCast, ITONICS, KPMG, LoopedIn, Medallia, Miro, Nosco, Planbox , Planview, Qmarkets, Rever, Salesforce, SAP, Sideways 6, Sopheon, VIIMA and Yambla among others.
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