Vancouver, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The global innovation management market size was USD 1.20 Billion in 2022 and is expected to register a revenue CAGR of 10.2% during the forecast period, according to the latest analysis by Emergen Research. Rising demand for workplace transformation, quick system digitization, lower startup costs for innovative technologies, increase in funding, opening of innovation labs and partnerships, reduction in time spent marketing new products, and rising demand for business organizations to make important, well-informed decisions are some of the major factors driving the innovation management market revenue growth.
The key benefits of innovation management that are driving market revenue growth are that it aids in collecting ideas from every employee, detecting impactful ideas, reduces cost, enhances efficiency, improves utilization of resources and manpower, increases collaboration between employees, and provides transparency in organizational culture. The latest advancements in Augmented Reality (AR) are driving revenue growth of the market. AR helps drive innovation with various benefits to businesses, including increased efficiency and production, improved customer experience, cost savings, and increased innovation. AR enables companies to use it to create unique experiences that differentiate them from competitors, increase their customer base, and establish dedication of customers to their brand. Moreover, AR also drives innovation and enables firms to explore new business models and revenue streams, in addition to these benefits. It allows businesses to increase income and expand their offers by developing new digital products and services or providing customers with new ways to interact with existing products and services. Major companies are taking major initiatives to drive innovation growth in their organizations. For instance, on 10 July 2023, the United Kingdom-based immersive technology company FourPlus announced that it has received funding from the United Kingdom's national innovation agency, Innovate U.K., to develop a mixed reality training platform for pharmaceutical companies and the healthcare industry. FourPlus and its collaborators Holosphere and the Cell and Gene Therapy Catapult will create a mixed reality experience with multiplayer capabilities to train individuals in manufacturing roles in cell and gene therapy, as well as biopharmaceutical and broader life sciences sectors with a USD 1.28 million investment from Innovate U.K.
Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/2320
The major restraint in revenue growth of the market is the resistance to adopting and shifting to innovation building and thinking within an organization. This is due to the resistance to lack of resources and working in isolation without adequate communication between various departments and employees. In addition, the fear of failure and incurring losses in pursuit of new ideas is a major factor limiting the development and revenue growth of the market. Moreover, lack of support from the management department of organizations and long-term planning in innovation sector lead to inadequate funding from within and outside the organizations. Furthermore, the misidentification and misalignment of innovation management with the primary goal of the organization results in further limiting of the market revenue growth. This is due to improper balancing of short-term goals with long-term goals requiring radical innovative strategies. This cannot be mitigated due to lack of prioritizing of emerging technologies and trends with main aim of the organization and misinterpretation of the same. These are some of the major factors that are restraining revenue growth of the market.
Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 1.20 Billion |
| CAGR (2023–2032) | 10.2% |
| Revenue forecast to 2032 | USD 3.15 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019-2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, deployment, organization size, function, services, application, industry, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | SAP, Sopheon Corporation, Accenture, Qmarkets, Planview, Brightidea, The Hype Company, IdeaScale, Viima Solutions Oy., and KPMG International. |
| Customization scope | 10 hours of free customization and expert consultation |
Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2320
Major Companies and Competitive Landscape
The global innovation management market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions. Some major players included in the global innovation management market report are:
- SAP
- Sopheon Corporation
- Accenture
- Qmarkets
- Planview
- Brightidea
- The Hype Company
- IdeaScale
- Viima Solutions Oy.
- KPMG International
Strategic Development
- On 24 May 2022, KPMG, a global consulting and auditing business announced the start of the Advisory Salesforce Apprentice Programme (ASAP). The program aimed to cultivate extraordinary talent from a variety of backgrounds, to give participants access to worthwhile client prospects, and to foster an inventive environment where everyone could flourish.
- On 20 January 2022, KPMG announced a deal with ITONICS to promote the co-creation, ideation, and co-investment of innovative ideas and solutions with startups, customers, alliance partners, and others for its global innovation management platform. KPMG Illuminate, powered by ITONICS is KPMG's upgraded innovation management system, replacing KPMG Innovation Factory. It will include AI-driven market insights and signals, portfolio management, crowdsourcing and ideation, and incubation management.
Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2320
Some Key Highlights From the Report
- The solutions segment accounted for largest revenue share in 2022. Some of the major factors driving revenue growth of this segment include innovation management solutions that solve problems and improve working efficiency and performance. Recent advancements in digital technology and its adoption in innovation management solutions are driving revenue growth of this segment due to the major benefits of democratization of innovation, easy accessibility, and information sharing across organizations and individuals to collaborate on innovation-related projects. Furthermore, the quick adoption of technical developments and new software solutions released by various organizations is driving revenue growth of this segment. For instance, on 12 July 2022, NTT DATA, a pioneer in global digital business and IT services, and SAP Asia Pacific and Japan (APJ) announced the debut of a connected product, a new co-innovation solution to improve supply chain insurance management. These are major factors that are contributing to revenue growth of this segment.
- The cloud segment is expected to register a steady revenue CAGR during the forecast period. Cloud technology is helping in the management and development of innovation in a variety of corporate businesses and organizations. This is owing to the significant benefit of providing these organizations with rapid accessibility and shutdown of resources to minimize the time for product valuation by customers as well as the risks and expenses associated with innovation. Furthermore, cloud technology assists businesses in gathering performance insights, optimizing innovation portfolios, and accelerating the implementation of creative strategies and solutions. Furthermore, it supports project prioritization and monetization of open innovation activities. As a result, organizations acquire a competitive advantage over their competitors. As a result, large corporations are launching novel solutions to drive innovation across several organizations. For instance, on 16 August 2023, Deloitte announced a new co-innovation project with Google Cloud to assist consumer firms in transforming their operations to offer more relevant, engaging, and successful customer experiences. Deloitte's ConvergeCONSUMER suite of solutions enables consumer organizations to quickly implement Artificial Intelligence (AI)-powered technologies that help them more correctly estimate demand, personalize marketing campaigns, and optimize product pricing, which can improve brand loyalty and prolong competitive advantage. These are some of the factors that are driving revenue growth of this segment.
- The business processes segment accounted for largest revenue share in the market in 2022. The key benefits of business process innovation that are driving revenue growth of this segment are that they address complex business challenges and increase productivity. In addition, they also provide uniqueness and creativity to company processes, create a competitive advantage, raise revenue, and reduce costs. The evolution of blockchain technology and its integration with corporate processes is significantly improving innovation management by providing co-creation to improve company and entrepreneurial growth options. Furthermore, it provides traceability and long-term cost reduction, both of which are critical for business operations to run properly. As a result, large corporations are using this technology in their business processes to develop novel services and products. For instance, on 20 September 2022, Sopheon, the leading international provider of software and services for innovation management announced the launch of Acclaim, three Software-as-a-Service (SaaS) solutions. These tools are intended to improve performance throughout the spectrum of ideas, products, and projects. Sopheon's comprehensive innovation management tools address the entire spectrum of responsibilities required by product, innovation, and project managers to achieve their objectives. These are some of the factors that are driving revenue growth of this segment.
- The market in North America accounted for a significantly large revenue share in 2022. Revenue growth of the innovation management market is increasing in this region as a result of faster technical breakthroughs by major corporations. In addition, many deals and acquisitions are driving the market revenue growth in this region. Moreover, crucial measures taken by big firms to drive innovation programs and processes within the organization as well as for customers are driving revenue growth of the market in this region. For instance, on 23 August 2022, NTT DATA, a global leader in digital business and IT services, announced plans for the North American Innovation Centre (IC). The IC conducts collaborative Research and Development (R&D) and builds use cases with forward-thinking clients who wish to actively utilize advanced technology. The ICs of NTT DATA are working together to foster co-creation and R&D for emerging technologies. These are some of the factors that are driving the market revenue growth in this region.
Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/innovation-management-market
Emergen Research has segmented the global innovation management market on the basis of component, deployment, organization size, function, services, application, industry, and region:
- Component Outlook (Revenue, USD Billion; 2019-2032)
-
- Solutions
- Services
- Deployment Outlook (Revenue, USD Billion; 2019-2032)
-
- On-Premises
- Cloud
- Organization Size Outlook (Revenue, USD Billion; 2019-2032)
-
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
- Function Outlook (Revenue, USD Billion; 2019-2032)
-
- Product Development
- Business Processes
- Services Outlook (Revenue, USD Billion; 2019-2032)
-
- Consulting
- System Integration
- Training, Support, and Maintenance
- Industry Outlook (Revenue, USD Billion; 2019-2032)
-
- Banking, financial services and insurance (BFSI)
- Healthcare and Pharmaceuticals
- Telecom and IT
- Manufacturing
- Transportation and Logistics
- Retail and eCommerce
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
Curated Reports You Shouldn't Miss: Dive In Now!
Cloud Billing Market By Component (Solution Services), By Billing Type, By Deployment Type (Private, Public), By Service Model (IaaS, PaaS, SaaS), By Organization Size (Large Enterprises, Small and Medium-Sized Enterprise), By Vertical, and By Region, Forecasts to 2027
IoT Medical Devices Market By Product (Vital Signs Monitoring Devices), By Type (Wearable Medical Devices, Implantable Medical Devices, Stationary Medical Devices), By Connectivity Technology (Bluetooth, Wi-Fi, ZigBee), By End User (Hospitals and Clinics), and By Region, Forecasts to 2027
Blockchain AI Market By Technology (Machine Learning (ML), NLP, Context-aware Computing, Computer Vision), By Component (Platform/Tools, Services), By Application, By Deployment Mode, By Organization Size, By Vertical, and By Region Forecast to 2027
Crop Monitoring Market By Technology (Variable Rate Technology, Sensing & Imagery, Automation & Robotics), By Offering (Software, Hardware, Services), By Application (Soil Monitoring, Crop Scouting & Monitoring), and By Region, Forecasts to 2027
Water Storage Systems Market By Application (Hydraulic Fracture Storage & Collection, Rainwater Harvesting & Collection), By Material (Plastic, Concrete, Fiberglass), By End-use (Commercial, Municipal, Residential, Industrial), and By Region, Forecasts to 2027
Electric Vehicle Charging Stations Market, By Charging Level (Level 1, Level 2, Level 3), By Charging Infrastructure (Normal Charging, Combines Charging Station, Others), By Vehicle Type, By Installation Type, By Application, and By Region Forecast to 2030
IoT Integration Market By Organization (Small & Medium Enterprises, Large Enterprises), By Service, By Application (Smart Retail, Energy & Utilities, Smart Healthcare, Smart Logistics & Transportation, Home Automation & Smart Building, Industrial Manufacturing Automation), and By Region, Forecasts to 2027
Progressive Web Application Market By Offering (Services, Tools & Libraries), By Application (Dynamic Web Application, Static Web Application), By End-user (Small- & Medium-sized Enterprises, Large Enterprises), By Industry Vertical (Retail & E-commerce, Media & Entertainment), and By Region Forecast to 2027
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: https://www.emergenresearch.com/
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights
Read our Press Release @ https://www.emergenresearch.com/press-release/global-innovation-management-market
