Global Innovation Management Market (2021 to 2026) - Increase in Need to Make Informed Decisions Among Enterprises Presents Opportunities

DUBLIN, April 20, 2022 /PRNewswire/ -- The "Global Innovation Management Market with COVID-19 Impact Analysis by Component (Solutions & Services), Function (Product Development & Business Processes), Deployment Mode, Organization Size, Vertical, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global innovation management market is expected to grow from USD 1 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 gaining acceptance worldwide by large enterprises and SMEs due to various benefits, including the rise in digitization and emerging trend of workplace transformation, reduced costs, efficient collaborations, and reduced time to market new products.

Innovation management services are expected to hold a higher market share

With the increasing adoption of innovation management solutions across major verticals, the demand for supporting services is also growing. Services play a crucial role in helping enterprises take complete advantage of innovation management solutions. Innovation management services are mainly segmented into consulting; system integration; and training, support, and maintenance. The system integration services provided by innovation management solution providers offer cohesive services to end users comprising large enterprises and SMEs. These services efficiently implement and integrate innovation management solutions with existing IT infrastructure systems. They further cater to the integration of essential software to assemble scattered systems of devices that remain effectually linked to IT infrastructures.

Product development function is gaining traction by end users

Earlier, companies were more focused on product innovation and product enhancement. R&D activities are carried out by enterprises to develop new products, solutions, processes, and services to better customer experience. The R&D teams of enterprises play a major role in the formulation and development of quality products. Thus, product R&D activities are very useful to develop innovative and enhanced products for end users' satisfaction. The increased demand for new and innovative products across the globe from consumers has led to the development of new products by enterprises.

To increase employee productivity and maintain a competitive edge in the market, SMEs are adopting innovation management solutions across the globe

Enterprises with less than 1,000 employees are considered under the SMEs segment. Maximum productivity and reduced costs are crucial factors for these enterprises, as they have limited budgets to keep track of crowdsourced ideas. Hence, these enterprises take advantage of the freely available public cloud storage or limited on-premises innovation management solution. SMEs have a lower volume of enterprise data generated as compared to large enterprises. This saves the overall cost related to the installation of innovation management solutions.

The rising focus on business continuity plans is likely to gain traction during the pandemic

The cloud deployment mode enables flexibility and scalability, along with ease of management. Cloud-based deployment refers to the hosted-type deployment of innovation management solutions. There has been an upward trend in the deployment of the innovation management solution via cloud or dedicated data center infrastructure. The advantages of hosted deployment include reduced physical infrastructure, lower maintenance costs, 247 accessibility, and effective analysis of electronic business content. A dedicated data center is also provided by innovation management solution providers, which boosts in-house integrations and reduces the additional overhead of third-party integration.

Innovation management solutions and services are being adopted by organizations across most verticals as these solutions and services help enterprises 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 one of the important verticals in the innovation management market. The growing need for creative, customized, and innovative ideas is expected to drive the growth of the IT and telecommunications vertical, as new, customized, and innovative ideas have led the companies in this vertical from all regions to engage themselves in activities inside or outside the vertical.

North America to dominate the innovation management market in 2021

North America has been an extremely open and competitive market in terms of the adoption of innovation management solutions across verticals, such as healthcare, IT, aerospace, and manufacturing. It is the topmost region in adopting innovation management solutions. It has been extremely responsive toward adopting the latest technological advancements, such as integration technologies with AI, cloud, and mobile technologies within traditional innovation management solutions. The major growth driver for this region is the rigorous government standards and regulations framed for various industries. The failure to comply may result in fines and other serious penalties. Another major driving factor is the demand for improved operational efficiency that helps organizations archive legacy data and keep only recent and required data in the secondary storage.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in the Innovation Management Market
4.2 Market, by Component
4.3 Market, by Deployment Mode
4.4 Market, by Vertical
4.5 Market Investment Scenario

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increase in Demand for Crowdsourcing Innovation Across Verticals
5.2.1.2 Changing Work Culture in Enterprises
5.2.1.3 Growing Focus of Enterprises on the Development of New, Innovative, and Personalized Products
5.2.1.4 Increasing Adoption of Cloud-based Innovation Management Solutions
5.2.2 Restraints
5.2.2.1 Inefficiency of Enterprises to Track Reliable Roi from Innovation Management Solutions
5.2.2.2 Mindset of Leaders Toward Traditional Approaches
5.2.3 Opportunities
5.2.3.1 Impact of Disruptive Technologies to Increase the Adoption of Innovation Management Solutions
5.2.3.2 Emerging Potential Markets to Provide High-Growth Opportunities
5.2.3.3 Increase in Need to Make Informed Decisions Among Enterprises
5.2.3.4 Rise in Adoption of Innovation Management Solutions by SMEs
5.2.4 Challenges
5.2.4.1 Security and Privacy Concerns Over Enterprise Information
5.3 Development of Innovation
5.4 Case Study Analysis
5.5 Regulatory Policies
5.6 Supply Chain Analysis
5.7 Technology Analysis
5.8 Patent Analysis
5.9 Ecosystem
5.10 Porter's Five Forces Analysis
5.11 Impact of COVID-19 on the Innovation Management Market
5.12 Pricing Analysis
5.13 Trends/Disruptions Impacting Buyers

6 Innovation Management Market, by Component
6.1 Introduction
6.1.1 Component: Market Drivers
6.1.2 Component: COVID-19 Impact
6.2 Solutions
6.3 Services
6.4 Consulting
6.5 System Integration
6.6 Training, Support, and Maintenance

7 Innovation Management Market, by Function
7.1 Introduction
7.1.1 Function: Market Drivers
7.1.2 Function: COVID-19 Impact
7.2 Product Development
7.3 Business Processes

8 Innovation Management Market, by Deployment Mode
8.1 Introduction
8.1.1 Deployment Mode: Market Drivers
8.1.2 Deployment Mode: COVID-19 Impact
8.2 On-Premises
8.3 Cloud

9 Innovation Management Market, by Organization Size
9.1 Introduction
9.1.1 Organization Size: Market Drivers
9.1.2 Organization Size: COVID-19 Impact
9.2 Large Enterprises
9.3 Small and Medium Enterprises

10 Innovation Management Market, by Vertical
10.1 Introduction
10.1.1 Vertical: Market Drivers
10.1.2 Verticals: COVID-19 Impact
10.2 Banking, Financial Services, and Insurance
10.3 Aerospace and Defense
10.4 Healthcare and Pharmaceuticals
10.5 Retail and Ecommerce
10.6 Information Technology and Telecommunications
10.7 Government
10.8 Manufacturing
10.9 Transportation and Logistics
10.10 Other Verticals

11 Innovation Management Market, by Region

12 Competitive Landscape
12.1 Introduction
12.2 Market Ranking
12.3 Market Share of Top Vendors
12.4 Historical Revenue Analysis of Top Vendors
12.5 Company Evaluation Quadrant
12.5.1 Stars
12.5.2 Emerging Leaders
12.5.3 Pervasive Players
12.5.4 Participants
12.6 Startup/SME Evaluation Quadrant
12.6.1 Responsive Vendors
12.6.2 Progressive Vendors
12.6.3 Dynamic Vendors
12.6.4 Starting Blocks
12.7 Competitive Scenario

13 Company Profiles
13.1 Major Players
13.1.1 Accenture
13.1.2 SAP SE
13.1.3 Sopheon
13.1.4 Planview
13.1.5 Qmarkets
13.1.6 Brightidea
13.1.7 Planbox
13.1.8 HYPE
13.1.9 IdeaScale
13.1.10 Innosabi
13.1.11 Viima
13.1.12 Exago
13.1.13 KPMG
13.1.14 InnovationCast
13.1.15 Nosco
13.1.16 Salesforce
13.1.17 InnoCentive
13.1.18 Medallia
13.1.19 EY
13.1.20 Deloitte
13.1.21 Boston Consulting Group
13.2 Startup/SMEs
13.2.1 Idea Drop
13.2.2 Inno360
13.2.3 ITONICS
13.2.4 Rever
13.2.5 Induct
13.2.6 Sideways 6
13.2.7 Yambla
13.2.8 Ideawake
13.2.9 LoopedIn
13.2.10 Miro

14 Adjacent/Related Markets

15 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/p20rvu

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