According to a research report “Innovation Management Market by Function (Product Development & Business Processes), Type (Solutions & Services), Deployment Mode, Enterprise Size, Vertical (Healthcare & Pharmaceuticals, IT & Telecommunications), and Region – Global Forecast to 2025”, published by MarketsandMarkets, the global innovation management market size to grow from USD 918 million in 2020 to USD 1,663 million by 2025, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period.
The major growth factors for the market include the increasing demand for crowdsourcing innovation across verticals and changing work culture in enterprises. However, the mindset of leaders towards traditional approaches may restrain the market growth.
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IT and telecommunications vertical to hold the largest market size during the forecast period
The innovation management market is segregated into various verticals, including aerospace and defense, Banking, Financial Services, and Insurance (BFSI), healthcare and pharmaceuticals, government, retail and eCommerce, IT and telecommunications, manufacturing, transportation and logistics, and others (education, media and entertainment,legal, construction, agriculture, energy and utilities, and Non Profit Organizations [NPOs]). These verticals are expected to witness high adoption of innovation management solutions to achieve benefits, such as optimized storage information resources, lower risks, improved enterprise efficiency, and transparency in innovation of enterprises.
Among these verticals, the IT and telecommunications vertical is expected to grow at the highest growth rate, due to the growing need for creative and innovative ideas is considered important for the growth of the IT and telecommunications vertical. Also, new and innovative ideas for this vertical have led telcos from all regions to engage themselves in activities Within or outside their companies.
System integration segment to hold the highest market share during the forecast period
The type segment of the innovation management market is subsegmented into solutions and services. The services segment is further segmented into consulting; system integration; and training, support, and maintenance. Among these services, the system integration segment is expected to hold the highest market share during the forecast period. These services efficiently implement and integrate Innovation management solutions with existing IT infrastructure systems. Moreover, they cater to the integration of essential software to assemble scattered systems of devices that remain effectually linked to IT infrastructures.
Asia Pacific to grow at the highest growth rate during the forecast period
Asia Pacific (APAC) is expected to grow at the highest growth rate in the global innovation management market. Many countries in APAC are increasingly moving toward the digitalization of their processes, resulting in a larger generation of data. There is a rise in competition in the innovation management market, due to the increasing enterprise information by large enterprises as well as Small and Medium-sized Enterprises (SMEs). Innovation management solutions are playing an important role in addressing the demand for storage devices and reducing the cost of IT infrastructure.
The major innovation management vendors operating in the market include Accenture (Ireland), SAP (Germany), Sopheon (US), Planview (US), Qmarkets (Israel), Brightidea (US), Planbox (Canada), HYPE (Germany), IdeaScale (US), innosabi (Germany), Viima (Finland), Exago (Portugal), inno360 (US), KPMG (Netherlands), InnovationCast (Portugal), Nosco (Denmark), Salesforce (US), and InnoCentive (US).
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