Innovation Management Market: Global Industry Analysis and Forecast (2023-2029)

Innovation Management Market size was valued at US$ 1.36 Bn. in 2022, Cloud deployment is the dominating segment in the Innovation Management Market.
Innovation Management Market Overview:
The Innovation Management process helps an Enterprises to identify an opportunity and use it to generate and introduce new ideas, concepts, processes, or products in the market. Innovation Management processes usually include recognizing customer needs, macro and micro trends, developing competencies, and discovering the financial support for new inventions in goods and services for better solutions. Innovation management is crucial for business survival and development in highly competitive markets, where it is very difficult to distinguish goods and services.To Know About The Research Methodology :- Request Free Sample Report

2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analyzed especially with the impact of lockdown by region.
Innovation Management Market Dynamics:
Innovation Management allows enterprises to increase their consumer base by refreshing the market with new and improved products. It is a prime factor of competitive benefit and helps organisations to stay ahead of competitors before their innovation takes place in the market. It supports incremental revenue and profit along with increased shareholder value. These factors fuel the innovation management market growth across the globe.

According to the UNESCO Institute of Statistics reports, worldwide spending on Research and Development (R&D), has reached US$ 1700 billion in 2022 and it is expected to spend more in the future. The countries like the U.S., UK, China, Japan, India, France, and Canada contribute 61% of total R&D expenditure worldwide. Most of these countries are providing tax benefits and subsidies to the organisations for their R&D programs. Resulting, increased demand for innovation management software is expected to boost innovation management growth across the globe.

However, a lack of awareness regarding innovation management is expected to act as a growth restraint for the market. The higher deployment cost of software is the key factor to hinder the market growth during the forecast period.
Innovation Management Market Segment Analysis:
Based on the type, the Innovation Management Market is segmented into Solutions, and Services.
The Service type segment held the largest market share accounted for 64.7% in 2022. Innovation management consulting services include several services, such as business consulting, system integration, training, business alignment management, business support, and maintenance management, which are pre-deployment necessities of any organisation. The innovation management services aid businesses to implement new technologies to change their conventional infrastructure, business mechanism, decision making, and business management to fuel the business growth for their organisation. The innovation management solution empowers organisations to exchange relevant ideas, which drive new business opportunities and growth of organisations.

Based on the Organisation Size, the Innovation Management Market is segmented into SMEs and Large Enterprises.
The SMEs segment held the largest market share accounted for 54% in 2022. The SMEs sector organisations are growing, as increasing demand for lower costs in the management process, enhanced employee engagement and productivity, data-driven insights for organizational performance, and the future scalability potential of small and medium-sized enterprises (SMEs). These factors are expected to grow this segment during the forecast period.

Based on the Deployment, the Innovation Management Market is segmented into Cloud and On-premise.
The Cloud segment held the largest market share and is expected to grow at a CAGR of 24.55% during the forecast period. The increasing size of R&D data and the growing adoption of cloud-based solutions by organisations are making it more essential for innovation management solutions and service providers to deploy the software in the cloud. Cloud-based innovation management will be the most effective and cost-effective solution to handle such a large amount of data. In 2022, around 80% of organisations across the globe are using some form of cloud-based services.
Regional Insights:
North America region held the largest market share accounting for 34.26% in 2022. The fastest growth in this region is attributed to the growing adoption of innovation management solutions and services by various end-users such as retail, IT, BFSI, and other industries. The presence of dominant regional solution providers, inclination, and adoption of organisations towards technological advancements, fuel the product demand for the North American region. According to UNESCO Institute of statistics reports, the U.S is spending 2.7% of the total GDP on R&D, while R&D spending in PPP$ is the US $ 340 billion.

Asia Pacific region is expected to witness significant growth at a CAGR of 18.26% during the forecast period. Increased industrialization, technological improvements, and rising demand for cloud-based solutions are expected to create numerous attractive opportunities for the Asia Pacific market.

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PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Trampoline Market dynamic, structure by analyzing the market segments and projecting the Trampoline Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Innovation Management Market make the report investor’s guide.
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Innovation Management Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 1.36 Bn.


Forecast Period 2023 to 2029 CAGR:
23.81%
Market Size in 2029:
US $ 6.07 Bn.


 Segments Covered:
by Deployment
Cloud
On-premise


by Type
Solutions
Services


by Organisation Size
SMEs
Large Enterprises


by End-User
Aerospace and Defense
BFSI
Healthcare and Pharmaceutical
Government
Retail and E-commerce
IT and Telecommunications
Others



Innovation Management Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players
1. Accenture
2. SAP
3. Sopheon
4. Planview
5. Qmarkets
6. Brightidea
7. Planbox
8. HYPE
9. IdeaScale
10. Innosabi
11. Viima
12. Exago
13. inno360
14. KPMG
15. InnovationCast
16. Nosco
17. Salesforce
18. InnoCentive

Frequently Asked Questions:

1. Which region has the largest share in Global Innovation Management Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Innovation Management Market?
Ans: The Global Innovation Management Market is growing at a CAGR of 23.81% during forecasting period 2023-2029.

3. What is scope of the Global Innovation Management market report?
Ans: Global Innovation Management Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Innovation Management market?
Ans: The important key players in the Global Innovation Management Market are – Accenture, SAP, Sopheon, Planview, Qmarkets, Brightidea, Planbox, HYPE, IdeaScale, Innosabi, Viima, Exago, inno360,

5. What is the study period of this market?
Ans: The Global Innovation Management Market is studied from 2022 to 2029.