Innovation management is a set of tools that enables managers and engineers to cooperate with a common understanding of processes and goals. This management system refers innovations for business processes, products, and industrial operations. Various organizations are increasingly adopting innovation management software and solutions to innovate or improve their existing products, depending on the specific demand of customers. Moreover, growing demand for open or crowdsourcing innovations and increasing demand for innovative products is expected to increase growth of the innovation management market globally.
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Innovation Management Market Taxonomy
On the basis of vertical, the global innovation management market is segmented into:
• Aerospace & Defense
• Automotive & Manufacturing
• Banking, Financial Services, and Insurance
• Healthcare & Pharmaceuticals
• IT, Media, and Communication Technology
• Public Sector & Education
• Retail & Consumer Goods
• Transportation & Logistics
Among verticals, the retail & consumer goods segment holds a dominant position in the global innovation management market. Increasing adoption of innovation management solutions by retailers to help improve distribution or sales of the product and innovate new business ideas, which helps to improve the customer relations.
On the basis of application, the global innovation management market is segmented into:
• Collective Intelligence & Prediction Platforms
• Human Resource Platforms
• Marketing, Design, and Idea Platforms
• Product Research & Development Platforms
Among applications, the product research & development platforms segment holds a dominant position in the global innovation management market. Increasing demand for advanced product and changing requirement of the customers is influencing companies to adopt innovation management solutions to innovate new product.
On the basis of deployment model, the global innovation management market is segmented into:
• Cloud-based model
• On-premises model
Among deployment model, the cloud-based model is expected witness highest growth during the forecast period, owing to low cost in terms of maintenance, licensing, and deployment, allowing remote location access, in turn, boosting demand for cloud-based innovation management market globally.
On the basis of organization size, the global innovation management market is segmented into:
• Large Enterprises
• Small & Medium Enterprises
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Key companies of global innovation management market
Key companies operating in the global innovation management market include Brightidea, Incorporated, CogniStreamer, Crowdicity Ltd., Exago Inc., Hype Innovation, Inc., Ideascale, Imaginatik PLC, Inno360, Inc., Innosabi GmbH, Planbox, Inc., Qmarkets, SAP SE and Spigit, Inc.
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