MarketsandMarkets forecasts the global Innovation Management Market size to grow from USD 918 million in 2020 to USD 1,663 million by 2025, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period. The major growth factors for the market include the increasing demand for crowdsourcing innovation across verticals and changing work culture in enterprises.
IT and telecommunications vertical to hold the largest market size during the forecast period
The innovation management market is segregated into various verticals, including aerospace and defense, Banking, Financial Services, and Insurance (BFSI), healthcare and pharmaceuticals, government, retail and eCommerce, IT and telecommunications, manufacturing, transportation and logistics, and others (education, media and entertainment,legal, construction, agriculture, energy and utilities, and Non Profit Organizations [NPOs]). These verticals are expected to witness high adoption of innovation management solutions to achieve benefits, such as optimized storage information resources, lower risks, improved enterprise efficiency, and transparency in innovation of enterprises.
Among these verticals, the IT and telecommunications vertical is expected to grow at the highest growth rate, due to the growing need for creative and innovative ideas is considered important for the growth of the IT and telecommunications vertical. Also, new and innovative ideas for this vertical have led telcos from all regions to engage themselves in activities Within or outside their companies.
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System integration segment to hold the highest market share during the forecast period
The type segment of the innovation management market is subsegmented into solutions and services. The services segment is further segmented into consulting; system integration; and training, support, and maintenance. Among these services, the system integration segment is expected to hold the highest market share during the forecast period. These services efficiently implement and integrate Innovation management solutions with existing IT infrastructure systems. Moreover, they cater to the integration of essential software to assemble scattered systems of devices that remain effectually linked to IT infrastructures.
The current corporate business world environment is highly competitive, and every business struggles to survive in the competitive market. In most cases, it is found that innovation helps to become competent in any market . Internal as well as external enterprise environments play an important role in planning, structuring, describing, and governing enterprise strategies across corporates and technological boundaries to improve efficiency, promote transparency, and enable business insights.
As per MarketsandMarkets, innovation management refers to the systematic process of promoting innovation strategies in organizations to plan, organize, manage, and control various ideas for internal co-innovation and open innovation from social media networks and communities. These innovation strategies help in shaping structure and business processes of organizations by successfully implementing new ideas that are formulated as innovations. Innovation management solutions majorly focus on adding value to customers, employees, citizens, students, and faculty, among others. Innovative ideas, experience, and knowledge sharing not only result in value addition to organizations but also bring a sense of engagement among employees and customers of organizations, thereby promoting efficiency, workplace innovation, and continuous improvement. Organizations make the use of crowdsourcing techniques to share, collaborate, evaluate, prioritize, find, and carry out advancements in innovation management solutions.
The major innovation management vendors operating in the market include Accenture (Ireland), SAP (Germany), Sopheon (US), Planview (US), Qmarkets (Israel), Brightidea (US), Planbox (Canada), HYPE (Germany), IdeaScale (US), innosabi (Germany), Viima (Finland), Exago (Portugal), inno360 (US), KPMG (Netherlands), InnovationCast (Portugal), Nosco (Denmark), Salesforce (US), and InnoCentive (US).
Planview was founded in 1989 and is headquartered in Texas, US. The company is specialized in portfolio management, project management, resource management, business process management, product portfolio management, strategic alignment, financial management, investment analysis, and project collaboration. It offers Planview Spigit to drive the innovation culture across enterprises. In October 2019, Planview enhanced its Agile solution by adding a Kanban- enabled solution for automating the capture costs of its Agile team. This removes the challenges of agile scaling. With this enhancement, the Agile solution reduces innovation costs, eliminates manual reporting time, and reduces financial challenges.
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Qmarkets was founded in 2006 and is headquartered in Rosh Haayin, Israel. The company specializes in idea management, prediction markets, collective intelligence, innovation management, employee and customer engagement, and digital transformation. It offers energy sector innovation, smart city innovation, government innovation, finance innovation, transport innovation, and business innovation. 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.
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