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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.
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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.
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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.
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.
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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.
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
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:
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.
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.
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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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