The innovation management market is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 10.7% during the span of 2022 to 2032.
The Innovation Management Market is forecasted to expand from its 2022 valuation of US$ 1.1 billion to a substantial US$ 3.1 billion by 2032. Notably, the market had experienced a faster growth rate of 12.6% annually from 2015 to 2021, culminating in a market worth US$ 1 billion in 2021.
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Elevated Popularity Driven by Cloud-Based Tech and AI in Innovation Management
The inclusion of cloud-based technologies and the integration of AI-driven idea generation techniques have significantly heightened the appeal of innovation management processes in overseeing technological advancements and innovative strategies within businesses.
Abundant Prospects Arise from Business Expansion and Novelty
The escalating emphasis on both start-ups and well-established corporations to explore new markets by introducing inventive products has generated extensive opportunities for the effective implementation of innovation management solutions. This extends to endeavors aimed at enhancing existing products or services through innovative inventory management, facilitating a more accessible business model.
Key Highlights
- Throughout the projected period spanning 2022 to 2032, the innovation management market is forecasted to realize a remarkable growth of US$ 2 billion, up from its current valuation of US$ 1.1 billion in 2022.
- Cloud services are gaining substantial traction among end-users for their dynamic and effective approach to innovation management. This sector is anticipated to witness a growth rate of 10.3% over the forecast timeframe.
- In the realm of establishing an Idea management framework, services constitute a pivotal component within the present innovation management market landscape. This segment is poised to achieve a CAGR of 10.6% during the forecast period.
- Leading the way, the US captures the largest market share in revenue generated via innovation project portfolio management, representing almost 35% of the global market. This region is projected to experience the highest growth rate at 10.6%, amounting to approximately US$ 1.1 billion by 2032.
- Following North America, the Asia Pacific region emerges as a significant player in the innovation management market’s growth rate. Notably, China, Japan, and South Korea are projected to collectively contribute around US$ 500 million by 2032.
Competitive Landscape
Prominent players in the global innovation management market include Accenture, SAP SE, Sopheon, Planview, Qmarkets, Brightidea, Planbox, HYPE, IdeaScale, and Innosabi, among others.
Driven by the proliferation of third-party entities focused on technology and innovation management in business, the global innovation management market has intensified its competitive landscape. Emerging players are strategically specializing in specific niche sectors to meet heightened market demand. “Health policy innovation and management” stands as one such sought-after segment targeted by prominent players in the innovation management market.
In a significant move, Planview acquired Apatage’s rights in July 2020. Apatage pioneers an innovative system leveraging artificial intelligence (AI) and machine learning (ML) for portfolio work and management, enhancing Planview’s global market positioning.
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Key Segments
By Component:
- Solution
- Services
By Deployment Type:
- On-Premises
- Cloud
By Function:
- Product Development
- Business Process
By Organizational Size:
- Large Enterprise
- Small & Medium Enterprise
By Vertical:
- BSFI
- Aerospace and Defense
- Healthcare and Pharmaceuticals
- Retail and eCommerce
- Information Technology and Telecommunications
- Government
- Manufacturing
- Transportation and Logistics
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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