Innovation Management Market By Component, Deployment and Geography - Forecast and Analysis 2023-2027

Innovation Management Market Analysis Report 2023-2027:

The innovation management market size is estimated to grow at a CAGR of 10.3% between 2022 and 2027. The market size is forecast to increase by USD 774.63 million. The growth of the market depends on several factors, including the growth in infrastructure development, technological innovation, and advancement, and change in the work culture of SMEs and large enterprises. This market helps organizations to organize the process of gathering ideas and insights on certain products for the scope of improvement and development of workflow. It is used by SMEs and large enterprises. The main objective of this software is to help enterprise-level businesses generate and evaluate ideas so that innovation can be cultivated and implemented.

This innovation management market report extensively covers market segmentation by component (services and solutions), deployment (cloud-based and on-premises), and geography (North America, Europe, APAC, South America, and the Middle East and Africa. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Innovation Management Market During the Forecast Period?

To learn more about this report, View Report Sample

Innovation Management Market Overview

 Innovation Management Market Driver

• Growth in infrastructure development is the key driver notably driving the growth of the global innovation management market.
• Increasing construction and infrastructure activities in both residential and non-residential sectors are expected to drive the growth of the global innovation management market. Advancements in the construction sector will play a vital role in raising the demand for outsourcing innovation management.
• Services as building owners will show a tendency toward managing their operational costs and delivering an improved environment to occupants, which will increase the demand for innovation management services and solutions.
• The rising commercial building construction, especially in the US, boosts the need for effectively managing facilities in the country. In addition, The Canadian real estate sector has experienced unmatched growth with the increasing population in the country.
• Rising urbanization has resulted in an increase in the number of residential and office buildings in and around Toronto.
• Therefore, with the increasing infrastructure development, the demand for innovation management services and solutions will increase. These factors are expected to drive the growth of the global innovation management market during the forecast period.

 Innovation Management Market Trends

• The growing use of AI-based innovation management solutions is the key trend that is driving the growth of the global innovation management market.
• Innovation management applications are evolving into AI-based technologies, such as machine learning and virtual agents, for automating and streamlining processes and their assistance in decision-making.
• From in-house applications, such as ERP, CRM, and other similar systems enterprises collects data, for analysis. An AI-based innovation management solution, integrated with machine learning algorithms that applies data analysis on the gathered data to derive insights based on the enterprise's financial structure.
• AI-based innovation management solution provides enterprises with capabilities such as identification and prevention of fraud, automation of financial operations, assessing large volumes of data and generating new types of insights, and tracking of financial documents in the organization.
• Fraud detection and productivity and automated forecast predictions can be improved by the successful adoption of AI-based innovation management solutions. It also allows a better understanding of the company's risk factors, financial position, and enhanced decision-making.
• These benefits of AI-based innovation management applications are expected to drive the growth of the global innovation management market during the forecast period.

Innovation Management Market Restrain

• Rising data security-related issues is the major challenge to the growth of the global innovation management market.
• Innovation management software also has data security issues like other data quality and data integration applications. Due to cost-effectiveness and easy accessibility, some organizations prefer cloud-based solutions to on-premises solutions.
• Organizations, including SMEs and large enterprises, move to transfer their data to the cloud if they trust the service provider. Hence, many users have concerned about the data safety policies of cloud-based solutions.
•  A leakage results in the misuse and manipulation of data. Because of the absence of transparency for the customers regarding when, how, and where their data is being processed, can lead to a number of security problems and legal issues related to organizations' infrastructure, access control, legislative compliance, and auditing.
• The data resides on the cloud servers of the vendors during the deployment of cloud solutions, thus rising security concerns. This is expected to impede the growth of the market during the forecast period

Innovation Management Market Segmentation By Component

The market share growth by the services segment will be significant during the forecast period. The adaptation of SaaS-based innovation management software to reduce CAPEX and benefit from the inherent ease of use and agility of software is seen in many innovation management companies, such as Accenture Plc and SAP SE. Many vendors globally, such as Sopheon Corp., Brightidea Inc., and Planview Inc., have realized the benefits of the on-demand cloud deployment model and they are adopting it because of advantages such as low cost and shared services.

Get a glance at the market contribution of various segments View Free  PDF Sample

The services segment showed a gradual increase in the market share of USD 594.32 million in 2017 and continued to grow by 2021. The adoption of innovation management services was mainly observed in small and medium-scale enterprises(SMEs), followed by large enterprises.  Vendors provide online content to users due to the extensive use of the Internet and cloud computing services. Even from remote areas, the services offered do not require additional hardware or software and are cheap and easy to access. These are due to the increasing number of events at global and regional levels, including public, private, and NGOs in various industry verticals. Because of this is expected to witness a rising in year-over-year growth rate during the forecast period.

Innovation Management Market Segmentation By Deployment:

The cloud-based deployment segment has the largest share of the global innovation management market. Scalability is the key advantage of cloud-based deployment. Cloud infrastructure allows large enterprises and SMEs to easily scale up or down their innovation management resources based on their needs. The flexibility of scalability such as they can quickly add or remove users, rising storage capacity, or expand computing power without the need for significant hardware investments.

Moreover, this is particularly beneficial for organizations experiencing growth or those with fluctuating innovation management requirements. This enables remote work, collaboration across geographically long teams, and easy access to real-time information for decision-making purposes. The shift from capital expenditure (CAPEX) to operational expenditure (OPEX) makes organizations allow and allocate their financial resources more efficiently. hence, the growing digitalization of business will rise the demand for cloud-based deployment, which will drive the growth of the cloud segment during the forecast period.

Regional Overview

For more insights on the market share of various regions Download PDF Sample now!

North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growing difficulty in financial planning procedures is driving the demand for the adoption of innovation management solutions. During their financial planning and structuring, most of the companies in the region face issues in managing emerging, atypical risks.

Moreover, due to the misalignment of their business strategies, organizations also face issues in estimating risks. The use of innovation management applications helps in calculating the financial risks upfront, which can be averted by taking corrective measures. Such advantages propel enterprises in the region to adopt innovation management applications. Thus, because of these advantages region will show growth during the forecast period.

Amid the COVID-19 pandemic, the innovation management market showed a slowdown in 2020. However, the large-scale vaccination drives and resumption of lockdowns led the business to run more efficiently and effectively. The raised adoption of cloud-based innovation management applications is expected to drive the growth of the regional innovation management market during the forecast period. 

Innovation Management Market Customer Landscape

The Innovation Management Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Innovation Management Market Customer Landscape

Who are the Major Innovation Management Market Companies?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Accenture Plc: The company offers Innovation management solutions through digital AI and cloud-driven Accenture Innovation Center.

Boston Consulting Group Inc.: The company offers Innovation management solutions through its Center for Growth and Innovation Analytics.

The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:

• Brightidea Inc.
• Deloitte Touche Tohmatsu Ltd.
• Ernst and Young Global Ltd.
• Exago
• HYPE Softwaretechnik GmbH
• InnovationCast
• KPMG International Ltd.
• Medallia Inc.
• Nosco Aps
• Planbox Inc.
• Planview Inc.
• Qmarkets
• Questel
• Salesforce Inc.
• SAP SE
• Sopheon Corp.
• Survey Analytics LLC
• Wazoku Ltd.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Segment Overview

The innovation management market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Component Outlook (USD Million, 2017 - 2027)
  • Services
  • Solutions

• Deployment Outlook (USD Million, 2017 - 2027)
  • Cloud-based
  • On-premises

• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Innovation Management Market Scope
Report Coverage	Details
Page number	147
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 10.3%
Market growth 2023-2027	USD 774.63 million
Market structure	Fragmented
YoY growth 2022-2023(%)	10.2
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 41%
Key countries	US, Canada, China, Japan, and Germany
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Accenture Plc, Boston Consulting Group Inc., Brightidea Inc., Deloitte Touche Tohmatsu Ltd., Ernst and Young Global Ltd., Exago, HYPE Softwaretechnik GmbH, InnovationCast, KPMG International Ltd., Medallia Inc., Nosco Aps, Planbox Inc., Planview Inc., Qmarkets, Questel, Salesforce Inc., SAP SE, Sopheon Corp., Survey Analytics LLC, and Wazoku Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

View PDF Sample

What are the Key Data Covered in this Innovation Management Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, APAC, South America, and the Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of market vendors

We can help! Our analysts can customize this market research report to meet your requirements. 

Get in touch