CHICAGO, Oct. 15, 2021 /PRNewswire/ -- According to a new
market research report "Innovation
Management Market with COVID-19 Impact Analysis, by
Component (Solutions and Services), Function (Product Development
and Business Processes), Deployment Mode, Organization Size,
Vertical, and Region - Global Forecast to
2026", published by MarketsandMarkets™, the
Innovation Management Market size is expected to grow from
USD 1.0 billion in 2021 to
USD 1.7 billion by 2026, at a
Compound Annual Growth Rate (CAGR) of 10.2% during the forecast
period.
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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. Enterprise innovation management has time to take a
broader view.
Browse in-depth TOC on "Innovation
Management Market"
261 – Tables
57 – Figures
233 – Pages
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Solutions segment is expected to grow at a higher rate during
the forecast period
The benefits of innovation management platforms are patented
crowd science and innovation tools that turn ideas into scalable
and innovative outcomes for end users. Enterprises across the globe
are making efforts to carry out innovations in their existing
product portfolios and business processes to increase their market
shares and enhance their brand names. The increased demand for
innovative products across the globe is driving enterprises to
develop new products for meeting customer requirements.
Business processes function is expected to grow at a higher
rate during the forecast period
On the basis of functions, the Innovation Management Market has
been divided into product development and business processes. This
chapter provides information on the functions of innovation
management solutions and services in various enterprises across the
world. The innovation management solutions and services are
deployed by enterprises to streamline their product development and
business processes, thereby resulting in their enhanced performance
and growth. These innovation management solutions and services
result in the development of new and innovative products, enhanced
quality of products and services offered by enterprises, and
improved workflows across business processes such as sales and
marketing, legal, and Human Resource (HR).
On-premises deployment mode to hold higher market
share
On-premise deployment is the most reliable deployment type when
it comes to innovation management, owing to the criticality and
confidentiality involved in analyzing ideas from employees,
partners, and customers. Most enterprises prefer confidential data
to lie on servers and mainframes physically installed within their
premises to minimize the cost of troubleshooting the system in case
of a single point of failure as well as security concerns
associated with the private data of consumers. This deployment mode
is considered trustworthy because the data is not migrated to the
cloud, and the confidentiality and privacy of the data are
preserved.
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SMEs are adopting innovation management solutions at a higher
rate
Based on organization size, the Innovation Management Market is
segmented into SMEs and large enterprises. The study of the
Innovation Management Market, in terms of organization size, is
important as it has a direct impact on the adoption of innovation
management solutions across the globe. The adoption of innovation
management solutions in large enterprises is relatively higher as
compared to SMEs. The rapid growth of cloud-based innovation
management solutions has increased the adoption of innovation
management solutions among SMEs globally. The ease of deployment,
cost-effectiveness, and the presence of multiple innovation
management solution providers are factors driving SMEs to adopt
these solutions.
IT and Telecom vertical is expected to hold a higher market
share
The growing need for creative, customized, and innovative ideas
is expected to drive the growth of the IT and telecommunications
vertical, as new, customized, and innovative ideas have led the
companies in this vertical from all regions to engage themselves in
activities inside or outside the vertical. Social media platforms
provide new channels for gathering, sharing, monitoring, and
analyzing information in a cost-effective way. Hence, the IT and
telecommunication vertical has made market intelligence for
innovation accessible and easy for users so that they can integrate
it with their own innovation management solution.
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North America to dominate
the Innovation Management Market in 2021
The need for product and service innovation and enhancement is
significantly increasing in various industry sectors to maintain
the positions of enterprises in a competitive market. The rising
R&D investments for innovations in various industry sectors,
including IT and healthcare, is also another major driving factor
for the increase in the adoption of innovation management solutions
in this region. The collaboration of innovative solutions with
social media for effective innovations provides the opportunity to
enhance the adoption of innovation management solutions in
North America. Cloud-based
innovation management is expected to attract more customers due to
the increased scalability of content and a lower total cost of
ownership.
The report profiles the following key vendors:
Accenture (Ireland), SAP
(Germany), Sopheon (US), Planview
(US), Qmarkets (Israel),
Brightidea (US), HYPE (Germany),
Planbox (Canada), IdeaScale (US),
innosabi (Germany), VIIMA
(Germany), Exago (Portugal), KPMG (Netherlands), InnovationCast (Portugal), EY (Canada), Nosco (Denmark), Salesforce (US), InnoCentive (US),
Medallia (US), Deloitte (UK), BCG (US), Inno360 (US), Idea Drop
(UK), ITONICS (Germany), Rever
(US), Induct (Norway), Sideways 6
(UK), Yambla (US), Ideawake (US), LoopedIn (UK), and Miro (US).
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