The size of the innovation management market is expected to grow from USD 1.0 billion in 2021 to USD 1.7 billion by 2026, at a compound annual growth rate (CAGR) of 10.2%

during the forecast period. Innovation management solutions are rapidly being accepted worldwide by large enterprises and SMEs due to various benefits including the rise of digitalization and the emerging trend of workplace transformation, reduction costs, effective collaborations and reduced time to market for new products.

New York, Oct. 25, 2021 (GLOBE NEWSWIRE) — announces the release of the report “Innovation Management Market with COVID-19 Impact Analysis, by Component, Function, Deployment Mode, Organization Size, Vertical And Region – Global Forecast up to ‘in 2026’ –

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.

Companies’ R&D teams play a major role in the formulation and development of quality products. Thus, product R&D activities are very useful to develop 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 considered in the SME segment. Maximum productivity and reduced costs are crucial factors for these companies, as they have limited budgets to pursue crowdsourcing ideas.

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 allows for 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 scanning.

A dedicated data center is also provided by innovation management solution providers, which boosts in-house integrations and reduces additional third-party integration overhead.

Innovation management solutions and services are adopted by organizations across most verticals as these solutions and services help companies generate new business models and create new products, services and technologies across different verticals through the generation of new ideas.

The IT and telecommunications vertical plays a very important role in the growth of the innovation management market. The vertical is growing rapidly and is considered to be one of the significant verticals in the innovation management market.

The growing need for creative, personalized and innovative ideas is expected to drive the growth of the IT and telecommunications vertical, as new, personalized and innovative ideas have led companies in this vertical from all regions to engage in indoor or outdoor activities. the vertical.

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 most adopted region for 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.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, in-depth primary interviews were conducted with the key people.

The distribution of the profiles of the main participants is as follows:
• By type of company: level I: 39%, level II: 26% and level III: 35%
• By designation: level C: 27%, level D: 39% and other: 34%
• By region: North America: 39%, Europe: 25%, APAC: 19%, Row: 17%

The report profiles the following major vendors:
Accenture (Ireland), SAP (Germany), Sopheon (US), Planview (US), Qmarkets (Israel), Brightidea (US), HYPE (Germany), Planbox (Canada), IdeaScale (US) States), innosabi (Germany), VIIMA (Germany), Exago (Portugal), KPMG (Netherlands), InnovationCast (Portugal), EY (Canada), Nosco (Denmark), Salesforce (United States), InnoCentive (States United States), Medallia (United States), Deloitte (United Kingdom), BCG (United States), Inno360 (United States), Idea Drop (United Kingdom), ITONICS (Germany), Rever (United States ), Induct (Norway), Sideways 6 (UK), Yambla (US), Ideawake (US), LoopedIn (UK) and Miro (US).

Research coverage
The global innovation management market has been segmented by function, component (solutions and services), mode of deployment, organization size, vertical and region. The functional segment of the innovation management market is sub-segmented into product development and business processes.

Based on components, the market is segmented into solutions and services. Services include consulting; Integration system; and training, support and maintenance.

The deployment mode segment is divided into cloud and on-premises. Based on company size, the market is categorized into SMEs and large enterprises.

Verticals considered in the study include aerospace and defense, government, banking, financial services and insurance (BFSI), retail and e-commerce, healthcare and pharmaceuticals , manufacturing, IT and telecommunications, transportation and logistics, and others (energy and utilities, manufacturing, media and entertainment, and education). By region, the market is studied in North America, Europe, APAC, MEA and Latin America.

Key Benefits of Purchasing the Report
The report will assist market leaders/new entrants in the Innovation Management market with information on the closest approximations of revenue figures for the overall Innovation Management market and sub-segments. The report will help stakeholders understand the competitive landscape and acquire more information to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them with insights into key market drivers, restraints, challenges, and opportunities.
Read the full report:

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