CHICAGO, Sept. 20, 2023 /PRNewswire/ -- Increased digitization, innovation that is sustainability-focused, and a larger network of collaborators will all be characteristics of the Innovation Management Market in the future. In a world that is becoming more dynamic and competitive, innovation management will continue to be a key factor in driving business growth and competitive advantage.
The global Innovation Management Market size is projected to grow from USD 1.3 billion in 2023 to USD 2.1 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 10.8%, according to a new report by MarketsandMarkets™. Expanding into new markets and reaching diverse customer bases requires continuous innovation. Innovation management tools help companies adapt their products and services to meet the unique needs of different markets. The imperative to expand into new markets and cater to diverse customer bases is a catalyst for continuous innovation. Innovation management tools play a pivotal role by enabling companies to tailor their offerings to address the distinct demands of various markets, thereby driving the demand for innovation management solutions in the market.
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315 – Tables
46 - Figures
278 – Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2017-2028 |
Base year considered | 2022 |
Forecast period | 2023–2028 |
Forecast units | Value (USD) Billion |
Segments covered | Offering, Function, Innovation Management Tools, Vertical, and Region |
Region covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. |
Companies covered | Accenture (Ireland), Planview (US), Questel (France), insightsoftware (US), SAP (Germany), KPMG (Netherlands), EY (UK), Salesforce (US), Medallia (US), Deloitte (UK), Boston Consulting Group (US), Miro (US), Sopheon (US), Qmarkets (Israel), Brightidea (US), HYPE Innovation (Germany), Planbox (Canada), IdeaScale (US), InnovationCast (Portugal), Nosco (Denmark), Wazoku (UK), inno360 (US), ITONICS (Germany), Rever (US), Induct (Norway), Sideways 6 (UK), Yambla (US), Ideawake (US), LoopedIn (UK). |
By offering, solution segment to register the fastest growth rate during the forecast period.
In regulated industries, the constantly evolving legal and compliance landscape poses a significant challenge. Innovation management becomes instrumental in navigating these complexities as it provides a systematic framework to develop, adapt, and ensure that solutions align with stringent regulatory standards. This assurance of compliance not only mitigates risks but also opens up opportunities for organizations to proactively innovate within these constraints. Consequently, the demand for innovation management solutions intensifies, driven by the imperative to not only meet regulatory requirements but also leverage innovation as a strategic advantage within regulated sectors, thereby fostering the growth of the Innovation Management Market.
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By vertical, the IT & ITeS segment is estimated to account for the largest market share in 2023.
The IT industry is constantly evolving, and organizations need to be able to develop new products and services to stay ahead of the competition. Innovation management can help IT and ITeS organizations to identify new opportunities, generate new ideas, and bring new products and services to the market quickly. By continuously evaluating and improving their products and services, organizations can ensure that they are meeting the needs of their customers and improve existing products and services.
Asia Pacific to have the highest growth rate during the forecast period
Governments in the Asia-Pacific region are increasingly realizing the critical role innovation plays in economic growth and competitiveness. To boost innovation, they're deploying policies, incentives, and funding programs like tax breaks, grants, and R&D support. These measures lower financial and regulatory barriers, making innovation management more appealing to organizations. Moreover, they act as potent drivers for innovation management. They provide financial resources for R&D, ease the cost burden through incentives, and foster collaboration across sectors. In sum, government initiatives not only promote innovation adoption but also fuel the growth of innovation management practices and technologies in the Asia-Pacific.
Top Key Companies in Innovation Management Market:
The major vendors covered in the Innovation Management Market include Accenture (Ireland), Planview (US), Questel (France), insightsoftware (US), SAP (Germany), KPMG (Netherlands), EY (UK), Salesforce (US), Medallia (US), Deloitte (UK), Boston Consulting Group (US), Miro (US), Sopheon (US), Qmarkets (Israel), Brightidea (US), HYPE Innovation (Germany), Planbox (Canada), IdeaScale (US), InnovationCast (Portugal), Nosco (Denmark), Wazoku (UK), inno360 (US), ITONICS (Germany), Rever (US), Induct (Norway), Sideways 6 (UK), Yambla (US), Ideawake (US), LoopedIn (UK). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the Innovation Management Market.
Recent Developments
- In November 2023, Accenture acquired Founders Intelligence, an innovation strategy consulting firm that helps large corporations to create growth by using tools, techniques and insights from technology entrepreneurs and investors.
- In July 2023, KPMG and Microsoft partnered for multi-year cloud and AI alliance to supercharge the employee experience and accelerate innovation for clients across Audit, Tax and Advisory.
- In May 2023, Salesforce and Accenture collaborated to accelerate the deployment of generative AI for CRM
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Innovation Management Market Advantages:
- To encourage creativity and innovation within organisations, innovation management systems offer defined processes and tools.
- They encourage idea sharing and teamwork among workers, clients, and partners while utilising various viewpoints and suggestions.
- Platforms for innovation management make it easier to gather, assess, and prioritise ideas while making sure no important ones are missed.
- Organisations can spend less time and money on low-impact projects by more effectively allocating resources to high-potential innovation projects.
- Tools for innovation management speed up the creation and introduction of innovative goods, services, and solutions, enabling shorter time to market.
- The possibility of project failure is decreased when organisations use robust evaluation and risk assessment techniques to identify possible issues early in the innovation lifecycle.
- Organisations can adapt to shifting customer wants and market dynamics thanks to innovation management's promotion of a culture of continual development.
- Analytics and reporting capabilities offer data-driven insights into innovation performance, assisting in resource allocation and strategic decision-making.
- Organisations can more successfully match innovation initiatives with customer preferences, resulting in goods and services that better satisfy consumer needs.
Report Objectives
- To determine and forecast the global Innovation Management Market by offering (solutions, and services), function, application, vertical, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
- To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Innovation Management Market.
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Innovation Management Market.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Innovation Management Market.
- To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscape.
- Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.
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