Global Innovation Management Market Size to Reach USD 3.15 Billion in 2032 | Emergen Research

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.  

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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

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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.

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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.

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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
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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