What is Idea & Innovation Management Software Market?
Idea and innovation management software provides all employees to share views and ideas on a platform. Then, it is stored in a data base which benefits the mission of the organization. These databases are used to deploy best ideas into the market and increase the productivity. The ideas can be related to implementation of new products, business processes, costs saving, maximize efficiency and many more. There are different models of idea management that are centralized, decentralized and hybrid. Idea and Innovation management software provides various benefits such as capture employee’s data, quickly capitalize of best ideas, and promote greater transparency of ideas.
Highlights from Idea & Innovation Management Software Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | SAP SE (Germany), Qmarkets (Israel), BrightIdea, Inc. (United States), Imaginatik Plc (United States), Hype Innovation (Germany), IdeaScale (United States), Innosabi GmbH (Germany), Cognistremer (Belgium), Crowdicity Ltd (United Kingdom) and Planbox, Inc. (Canada) |
The market of Idea and Innovation management software market is fragmented as it consists of major as well as emerging players. They are looking for new product launch or expansion to gain competitive advantage. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Idea & Innovation Management Software market throughout the forecasted period.
SAP SE (Germany), Qmarkets (Israel), BrightIdea, Inc. (United States), Imaginatik Plc (United States), Hype Innovation (Germany), IdeaScale (United States), Innosabi GmbH (Germany), Cognistremer (Belgium), Crowdicity Ltd (United Kingdom) and Planbox, Inc. (Canada) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Spigit, Inc. (United States), Exago (Portugal) and Inno360, Inc. (United States). Idea & Innovation Management Software Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Product Research & Development Platforms, Marketing, Design, and Idea Platforms, Collective Intelligence & Prediction Platforms and HR & Freelancers Platforms |
Type | Software and Services |
Deployment Mode | Cloud,On-Premise |
Vertical | Aerospace & Defense,BFSI,Healthcare & Pharmaceuticals,Public Sector & Education,Retail & Consumer Goods,IT, Media, and Communication Technology,Automotive & Manufacturing Industry,Transportation & Logistics,Others |
Organization Size | Large Enterprises,SMEs |
Service | Consulting Services,System Design & Integration Services,Training & Education Services |
On the basis of geography, the market of Idea & Innovation Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of Innovation Management Platforms by SMEs and Technological Advancements in Ideas and Innovation Management Software
Market Growth Drivers:
Adoption of Change in Work Culture by Various Organizations and Increasing Focus for Innovations and New Product Launch to Gain Competitive Advantage
Challenges:
Lack of Availability of Skilled Professionals may hamper the Market Growth
Restraints:
Inability to Track ROI through Innovation Management Solution
Opportunities:
Increasing Usage in Wide Range of Industries Such as Healthcare & Pharmaceuticals and Increasing Digitalisation and Changes in Consumer Demand
Key Target Audience
Software providers, Government associations, Research organizations, Enterprise software vendors and Others
Market Leaders & Development Strategies
On 11th November 2018, SAP SE has entered into the agreement to acquire Qualtrics International Inc. which is the provider of experience management software. This acquisition helps in accelerating XM category by combining experience data and operational data.
In April 2019, SAP SE additionally invested in Ruum. It is software-as-a-service (SaaS) solution that connects enterprise business processes with team productivity. This investment helped company to expand its presence in idea & innovation management software market