Innovation Management refers to products, business processes and innovations in an organization. It is basically combination of management of innovation processes and change management. It involves introducing new and creative ideas in order to respond to internal and external opportunities. It makes use of innovation management tools for easy integration of new methods for implementation of innovations.
The Innovation Management Market has been segmented on the basis of type, deployment, organization size, application and vertical. The vertical segment is further bifurcated into BFSI, healthcare, education, transportation, retail and government.
The retail sector is expected to hold the largest market share and grow at the highest CAGR during the forecast period. By integrating innovation management with retail, there will be new business opportunities to improve and also maximize product distribution.
The global innovation management market is expected to grow at approx. USD 1,700 Million by 2023, at 27% of CAGR between 2017 and 2023.
Major factors driving the Innovation Management Market are the changing work culture and increasing demand for new and innovative products to satisfy consumer needs. There is a rapid growth in innovation management market which is driving the market growth.
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Major Key Players:
• Qmarkets (Israel)
• BrightIdea, Inc. (U.S.)
• Hype Innovation (Germany)
• IdeaScale (U.S.)
• Innosabi GmbH (Germany)
• Cognistremer (Belgium)
• Crowdicity Ltd. (U.K.)
• Planbox, Inc. (Canada)
• Exago (Portugal)
• Inno360, Inc. (U.S.)
Innovation Management Market Segmentation:
The Innovation management market has been segmented on the basis of type, deployment, organization size, application and vertical. Deployment segment is further classified into cloud and on-premise. Out of which, the cloud deployment segment is expected to hold the largest market share and grow at the highest rate during the forecast period owing to ease of deployment and cost effectiveness which make it highly flexible.
The regional analysis of Innovation Management market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in Innovation Management market in North America attributes to the technical advancements and increasing need for innovative products to satisfy consumer needs in that region.
Market Research Analysis:
The global innovation management market, by geography, has been segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. In the global innovation management market, Asia Pacific is anticipated to witness relatively faster adoption and hence the growth rate as compared to other regions. Within Asia Pacific, innovation management market is projected to contribute faster to the growth of revenue backed by increasing demand for innovative products in countries such as Japan, China and India.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of innovation management market. In Europe, the presence of advanced infrastructure and with the increasing adoption of technology and technological advancements in numerous countries is driving the market growth of Innovation Management market. This helps in easy integration of innovation management tools which ultimately provides easy implementation of new innovative business processes or products.
Innovation Management market in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness slow yet steady growth. In Brazil, innovation management is increasing popularity and is expected to increase significant market share during the forecast period. Innovation Management market in Middle East and Africa occupies a relatively smaller pie of the global innovation management market.
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• Technology investors
• Research/Consultancy firms
• Platform vendors
• Third party providers
• Cloud service providers
• Internet service providers
• Application service providers
• Technology providers
• Technology providers
• Academic and research institutes
• Government associations
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