Innovation Management Market Highlights:
Market Research Future (MRFR) expects the global innovation management market to touch a valuation of close to USD 1,700 Million by 2023. MRFR also reports that the market has the potential to attain a remarkable CAGR of 27% during the forecast period (2017-2023).
The innovation management market is advancing at a quick rate, thanks to the change in work culture in several organizations. Innovations are deeply influenced by a company’s culture. With the use of innovation management tools, effective management of organizations is expected to trigger the creative knack of the workforce, which leads to steady development of the company. The basic objective of using innovation management in an organization is to nurture an ideal environment that gives rise to innovation. Another important factor that promotes market growth is the rising focus of companies on product development.
The main focus of organizations is on external conditions, factors as well as dynamics in analyzing the needs and prospects, following which these can be altered into solutions for customers. It is used for developing and presenting innovative value propositions in the form of new products, services or processes. Innovation is primarily used to foster efforts of developing new value. This apparently accelerates the demand for Innovation Management Market tool across various organizations all over the world.
The market also benefits from the increasing adoption of cloud-based, which is viewed as a major opportunity that could boost demand for the innovation management market. Mounting automation as well as security can help the market bloom during the review period. Another prominent opportunity recognized in the market includes the integration of innovation management software with enterprise social platforms as well as social media platforms which results in effective innovations.
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Major Key Players:
Top vendors shaping the worldwide innovation management market include Inno360, Inc. (U.S.), Hype Innovation (Germany), Planbox, Inc. (Canada), Innosabi GmbH (Germany), Qmarkets (Israel), Crowdicity Ltd (U.K.), Exago (Portugal), IdeaScale (U.S.), Cognistremer (Belgium), BrightIdea, Inc. (U.S.), to mention a few.
The top markets for innovation management are Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). MRFR expects North America to be the largest market for innovation management during the review period, while APAC is expected to record the fastest growth rate.
The North America market benefits from the mounting demand for open innovation and crowdsourcing innovation among numerous organizations. An additional factor that dictates the growth trajectory of the regional market can be the rising adoption of innovation management solutions as well as software by organizations for improving and innovating their existing products. Besides, the market players in the region understand that new work strategies and practices are important and act as the narrow difference between success and failure at a global level. This can be a substantial factor that can induce market growth in the years ahead.
In APAC, the growing need to crowdsource innovations among several organizations, evolving work cultures and increasing scope for companies, given the development of new and innovative products positively influence the market.
The innovation management market segmentation includes type, deployment, organization size, application and vertical.
- With regard to the type, the segments are software, services, system design & integration services, training & education services and consulting services.
- Depending on the deployment, the market includes cloud and on-premise.
- The types of organization sizes are large enterprises, small and medium enterprises
- With respect to the application, the market is considered for marketing, product research & development platforms, collective intelligence & prediction platforms, design & idea platforms, human resources & freelance platforms.
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