About Innovation Managements
Innovation management includes the procedure of handling an organization's innovation process, trying from the initial level of the idea to the final phase of its successful execution. It covers the formulating choices, operations, and processes and applying an innovative approach. Altering work culture in different organizations is propelling the growth of the market. Increasing demand for open or crowdsourcing innovation from several organizations is contributing to the growth of the market
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 12.7% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Accenture (Ireland), SAP (Germany), Sopheon (United States), Planview (United States), Qmarkets (Israel), Brightidea (United States), Planbox (Canada), HYPE (Germany), IdeaScale (United States), innosabi (Germany) and Viima (Finland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Exago (Portugal), inno360 (United States), KPMG (Netherlands), InnovationCast (Portugal), Nosco (Denmark), Salesforce (United States) and InnoCentive (United States).
Segmentation Overview
AMA Research has segmented the market of Global Innovation Managements market by Type (Solutions and Services (Consulting, System Integration, Training, Support, and Maintenance)) and Region.
On the basis of geography, the market of Innovation Managements 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). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Deployment Mode, the sub-segment i.e. Cloud will boost the Innovation Managements market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size, the sub-segment i.e. Small and Medium-sized Enterprises (SMEs) will boost the Innovation Managements market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Aerospace and defense will boost the Innovation Managements market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing demand for crowdsourcing innovation across verticals and Changing work culture in enterprises
Market Growth Drivers:
Growing focus of enterprises on the development of new, innovative, and personalized products
Challenges:
Security and privacy concerns over enterprise information
Restraints:
The inefficiency of enterprises to track reliable RoI from innovation management solutions and The mindset of leaders towards traditional approaches
Opportunities:
Impact of disruptive technologies to increase the adoption of innovation management solutions and Emerging potential markets to provide high-growth opportunities
Market Leaders and their expansionary development strategies
In April 2020, LEAD Innovation, an Austrian firm specializing in corporate innovation, selected Qmarkets’ ‘LEAD Proactive’ platform that serves as a hub for companies during the COVID-19 crisis and contributes ideas to help other companies overcome their unique challenges. The company provides its clients with innovative ideas to overcome challenges due to COVID-19. and In April 2024, Accenture has acquired CLIMB, a technology services provider specializing in system integration, IT infrastructure management and operations, primarily in the Gunma Prefecture. The acquisition of CLIMB brings more critical skills for global organizations in Japan to navigate technology change.
In September 2022, Sopheon, the leading international provider of software and services for Innovation Management, has launched of Acclaim three software-as-a-service (SaaS) products designed to maximize performance across the ideas, product, and project spectrum. Sopheon’s comprehensive innovation management offerings cover the full scope of jobs that product, innovation, and project professionals need to accomplish their objectives. Sopheon keeps everyone in an organization, from the CEO to team members, working together to bring the right products and innovations to market, faster., and In May 2019, with Big Data and Machine Learning, Qmarkets’ latest product release delivered a set of advancements to push forward the frontier of innovation management and help clients to drive project bottom line
Key Target Audience
Manufacturers, Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.