According to Future Market Insights (FMI), the innovation management market is forecasted to reach a net worth of US$ 3.1 Bn in 2032, increasing from US$ 1 Bn in 2021. It is estimated to witness an impressive CAGR of 10.7% over the forecast years.
Over the last decade, most global companies have transformed into digital modes requiring a higher degree of innovation in inventory management with agile data processing technologies. Product idea management has also surfaced to be an important business operation that has further boosted the demand for strategic management of technology and innovation solutions in the global market.
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Continuous innovation for developing new products according to the demand of targeted customers is turning out to be the most effective business model for large and small enterprises to remain competitive in the present market. Performing the task of exchanging ideas and knowledge seamlessly among several stakeholders has been greatly supported by the deployment of the Idea management framework in the digital space of enterprises.
Integration of Cloud-based technologies and AI-assisted idea generation methods have also increased the popularity of innovation management processes for managing technology and innovation in business.
The growing focus of start-ups and established business entities on penetrating different regions by launching innovative and new products has created a huge opportunity for the adoption of effective innovation management solutions. It also involves any activity for improving the available products or services through the innovation in inventory management for a more open business model.
Key Takeaways
- Over the forecast period of 2022 to 2032, the innovation management market is predicted to witness an absolute growth of US$ 2 Bn from the present value of US$ 1.1. Bn in 2022.
- On the basis of the deployment model, cloud services are getting highly popular among the end-users by virtue of their dynamic and effective innovation management. This segment is expected to witness a growth rate of 10.3% over the forecast timeframe.
- Among the different components essential for setting up an Idea management framework, services are the major segment of the innovation management market in the present times. This segment is predicted to record a CAGR of 10.6% during the forecast period.
- The US is the leading market in terms of total revenue generated through innovation project portfolio management, occupying a share of nearly 35% of the global market. This region is anticipated to grow at the highest rate of 10.6% and is expected to be worth around US$ 1.1 Bn in 2032.
- Asia Pacific geographic region follows North America in terms of growth rate for the innovation management market. The three top-performing countries, namely China, Japan and South Korea, are expected to be contributing about US$ 500 Mn together by the year 2032.
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Competitive Landscape
Some of the prominent players in the global innovation management market are Accenture, SAP SE, Sopheon, Planview, Qmarkets, Brightidea, Planbox, HYPE, IdeaScale, and Innosabi, among others.
With the growth in the number of third party companies for managing technology and innovation in business, the global innovation management market has become highly competitive at present days. Most of the emerging players are getting specialized by targeting particular niche sectors for higher market demand. Health policy innovation and management is one of such popular segments getting increasingly targeted by the prominent players in the innovation management market.
- Planview Company acquired the rights of Apatage in July 2020. Apatage is a first of its kind system for the application of artificial intelligence (Al) and machine learning (ML) for working and management of portfolios that will offer greater acceptability for Planview in the global market.
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