Newark, Aug. 27, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global innovation management market is expected to grow from USD 1.30 Billion in 2023 to USD 3.39 billion by 2033, at a CAGR of 10.07% during the forecast period 2024-2033. North America region emerged as the largest market for the global innovation management market with a 35.11% share of the market revenue in 2023. Because of the large number of businesses in the region, North America dominates the innovation management industry.
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Leading companies in the industry include Accenture, BCG, Brightidea, Deloitte, Exago, EY, HYPE, Idea Drop, IdeaScale, Ideawake, Induct, Inno360, InnoCentive, innosabi, InnovationCast, ITONICS, KPMG, LoopedIn, Medallia, Miro, Nosco, Planbox, Planview, Qmarkets, Rever, Salesforce, SAP, Sideways 6, Sopheon, VIIMA and Yambla among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
Innovation management combines the management of innovation processes with change management, focusing on product, business process, marketing, and organizational innovation. It involves two major components:
1. Creating a Supportive Framework: This includes establishing conditions that foster idea generation and the successful implementation of innovations within an organization. Efforts here are geared towards organizational growth and development.
2. Executing Innovations: This involves the active search, development, and implementation of ideas. It requires skills like creativity and project management to bring innovative concepts to fruition.
Innovation management is a crucial business discipline aimed at helping organizations develop a sustainable innovation process or culture. It often employs disruptive approaches to drive business transformation.
The growth of the innovation management market is significantly driven by the evolving work culture in businesses globally. The increasing adoption of cloud-based solutions and the rising demand for crowdsourced innovation across various sectors—such as BFSI (Banking, Financial Services, and Insurance), healthcare, education, media & entertainment, technology & telecommunication, retail, and government—are key factors propelling this market. Additionally, businesses are placing greater emphasis on generating new, innovative, and personalized solutions to stay competitive.
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Report Metrics Details
| Report Metrics | Details |
| Market size available for years | 2024–2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Market Size in 2023 | $ 1.30 Billion |
| Projected Market Value in 2033 | $ 3.39 Billion |
| CAGR | 55.60% From 2024 to 2033 |
| Segments covered | Component, Deployment Mode, Vertical, Regions |
| Geographies covered | North America, Asia Pacific, Europe, Middle East and Africa, and Latin America |
| Companies covered | Accenture, BCG, Brightidea, Deloitte, Exago, EY, HYPE, Idea Drop, IdeaScale, Ideawake, Induct, Inno360, InnoCentive, innosabi, InnovationCast, ITONICS, KPMG, LoopedIn, Medallia, Miro, Nosco, Planbox, Planview, Qmarkets, Rever, Salesforce, SAP, Sideways 6, Sopheon, VIIMA, Yambla |
The component segment is divided into services and solutions. During the forecast period, the services segment will contribute more to the growth of the innovation management market. The function segment is divided into business processes and product development. During the forecast period, the business processes segment is anticipated to have the largest market share. The deployment mode segment is divided into cloud and on-premises. The cloud segment is anticipated to grow at the fastest CAGR of over 12% during the forecast period. Cloud-based innovation management solutions are critical because they provide a flexible and scalable infrastructure for managing various devices and analysing ideas from employees, consumers, and partners. Though cloud deployment makes it easier to implement innovation management solutions, it also comes with a number of significant challenges, including legal regulations, security and safety, performance, reliability, transformation complexity, operational control, content governance, and, most importantly, the promised Return on Investment (RoI) benefits. The vertical segment is divided into aerospace and defense, banking, financial services and insurance, healthcare and pharmaceuticals, information technology and telecommunications, retail and ecommerce, government, transportation and logistics, manufacturing, other verticals. The healthcare and pharmaceuticals segment is anticipated to grow at the fastest CAGR of around 11% during the forecast period.
Open innovation is the sharing of ideas and knowledge among stakeholders such as business partners, the public, enterprise employees, and customers to improve services, products, and business processes for a better customer experience and increased income. Open innovation is comparable to crowdsourcing innovation. It begins with product and service enhancement suggestions and progresses to open business model innovation. It establishes a strong connection between stakeholders, like businesses, their staff, and their customers. This would also help the company maintain its market competitiveness by increasing brand reliability. Companies all across the world are turning to crowdsourcing for innovation, recognizing the potential and intelligence of their employees, partners, and customers. Because of the fierce competition in the market, businesses are competing for the first-mover advantage, which is driving up demand for open innovation and crowdsourcing. Thus, driving the global innovation management market.
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