Innovation Management Market - Forecast(2024 - 2030)
Innovation Management Market Overview:
Global Innovation Management Market size is expected to reach $1.97 billion by 2025, growing at a CAGR of 24.58% during 2020-2025. With the growing research and development activities in enterprises, companies are looking for streamlined approach to capture the ideas generated from various brainstorming sessions. Moreover, the company also needs a platform through which it can track the ROI generated from the innovative ideas. This leads to rising demand for the innovation management market. R&D spending by large companies worldwide has increased by 6.12% to reach $780 billion in 2018. Similarly, various countries such as the U.S., the U.K, France, Germany, India, and China are giving tax benefits to the companies, who carry out R&D activities. These initiatives leads to greater number of R&D activities and innovation in major countries, thereby creating an opportunity for innovation management market.
Key Takeaways
- North America dominates the innovation management market owing to rising R&D activities in the U.S.
- Cloud based deployment is expected to accelerate the innovation management market at a faster pace due to less initial investment.
- Rising R&D spending across the globe, growing spending on product lifecycle management, and growing organizational innovation will create new opportunity for innovation management market.
- High cost and risk of data security will restrain the innovation management industry growth during forecast period.
Application Type - Segment Analysis
Innovation management market is
likely to register a CAGR of 25.88% from Product research and development
application. Since 2015, organizations are actively conducting R&D to
develop innovative product and solutions to bring disruption into the market. Most
of the companies worldwide are organizing various local and global idea
campaigns to foster innovation in products through shared experiences and
ideas. Many organizations are conducting research through collaboration with
other organization. This Ieads to the rising need for a common platform where
the idea can be shared seamlessly. Similarly, most of the companies are
actively using innovation management software for product lifecycle management,
thereby avoiding the drop in sales due to demand saturation. Such requirement
are accelerating the demand for product research and development applications.
Deployment Type - Segment Analysis
Cloud-based deployment of innovation
management software is expected to grow at CAGR of 31.37% during 2020-2025. The
rising volume of R&D data and the growing adoption of cloud-based solutions
by enterprises are making it more convenient for innovation management solution
providers to deploy the software in cloud. In 2019, approximately 80% of
companies worldwide are using some form of cloud-based services. Cloud
Computing market is expected to reach $375 billion by 2025, expected to grow at
a CAGR of 18.45% during 2020-2025. It is
also expected that by 2020, 60% enterprise software will be cloud-based.
Similarly, the mobile data consumption worldwide is expected to increase at a
CAGR of 40% during 2016-2021, owing to availability of high-speed internet
connectivity. Cloud-based innovation management will be the most effective and
cost-effective solution to handle such a large amount of data.
Geography - Segment Analysis
In 2019, the innovation management market holds the largest market share of approximately 32.75%. The presence of prominent domestic solution providers, inclination of companies towards technological advancements, and widespread adoption of new technology makes the North American region a lucrative market for innovation management software. Further, the rising concern to manage better operational efficiency and business processes with minimal cost is continuously driving the R&D activities in this region, thereby creating new opportunities for innovation management software in this region. According to UNESCO Institute of statistics, the U.S R&D spending is 2.7% of the total GDP, while R&D spending in PPP$ is approximately 340,728 million. Similarly, the country accounts for 4,217 researchers per million inhabitants. With the large base of research activities in U.S, North American region holds the majority of the market share in innovation management market.
Drivers – Innovation Management Market
- Rising
R&D activities
With the rising competition worldwide, companies are intensively focusing on R&D activities so as to gain a competitive advantage. With the rise in R&D activities, it has become highly necessary for companies to manage those ideas through a common platform. This requirement leads to rising demand for innovation management software. According to UNESCO Institute of Statistics, global spending on R&D was reached approximately US$ 1.7 trillion in 2018. The countries like China, Japan, India, U.S, France, UK, and Canada contribute approximately 60% of total R&D spending worldwide. Most of these countries are offering tax benefits to the company for their R&D activities. Hence, most of the demand for innovation management software will likely to come from these countries with rising preferences for organizational innovation.
- Rising
need for product differentiation
With the growing
level of competition, enterprises are gaining competitive advantages through innovation.
Through innovation, companies are differentiating their product from their
competitors and try to tap into a new customer segment. The need for change in business
strategy from current operations to future opportunities in the majority of the industry is changing
the focus towards innovations. R&D activities towards product development have
rose by approximately 20% during 2015-2019. Similarly, in 2018, 55% of
businesses worldwide have reported positive outcomes due to innovation in
product. Similarly, with the rising need for innovation, enterprises are
increasingly conducting various brainstorming sessions and generating huge
volume of ideas. This results in proper management of ideas/innovations on a
common platform that is further creating a favorable market for innovation
management market.
Challenges – Innovation Management Market
- High cost
coupled with the risk of data security
Market Landscape
Innovation Management top 10
companies include BrightIdea, Qmarkets, IdeaScale, Hype Innovation, EY Belgium,
Innosabi, Planbox, Crowdicity, Inno360, and. In 2018, the innovation management
market share of top 5 players is estimated approximately 48.32%. Acquisition,
partnership, and Service differentiation are the key strategies adopted by most
of the companies in this market.
Acquisitions/Technology Launches
- In 2019, Main Capital acquired a strategic stake in HYPE Innovation.
- In 2018, Regalix, a Silicon Valley company announced its alliance with Qmarkets to expand its presence in South Asia.
- In 2017, EY Belgium announced the acquisition of CogniStreamer, an expertise in guiding collaborative innovation paths. This acquisition expand EY’s consultancy service offering and enhances its expertise in the field of innovation.
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LIST OF TABLES
1.Global Innovation Management Market By Type Market 2023-2030 ($M)1.1 Software Market 2023-2030 ($M) - Global Industry Research
1.2 Services Market 2023-2030 ($M) - Global Industry Research
1.2.1 Consulting Services Market 2023-2030 ($M)
1.2.2 System Design & Integration Services Market 2023-2030 ($M)
1.2.3 Training & Education Services Market 2023-2030 ($M)
2.Global Market By Deployment Mode Market 2023-2030 ($M)
2.1 Cloud Market 2023-2030 ($M) - Global Industry Research
2.2 On-Premise/Dedicated Hosting Market 2023-2030 ($M) - Global Industry Research
3.Global Innovation Management Market By Organization Size Market 2023-2030 ($M)
3.1 Large Enterprises Market 2023-2030 ($M) - Global Industry Research
3.2 Small & Medium Enterprises Market 2023-2030 ($M) - Global Industry Research
4.Global Market By Vertical Market 2023-2030 ($M)
4.1 Aerospace & Defense Market 2023-2030 ($M) - Global Industry Research
4.2 Public Sector & Education Market 2023-2030 ($M) - Global Industry Research
4.3 Healthcare & Pharmaceuticals Market 2023-2030 ($M) - Global Industry Research
4.4 Retail & Consumer Goods Market 2023-2030 ($M) - Global Industry Research
4.5 Automotive & Manufacturing Market 2023-2030 ($M) - Global Industry Research
4.6 Transportation & Logistics Market 2023-2030 ($M) - Global Industry Research
5.Global Innovation Management Market By Type Market 2023-2030 (Volume/Units)
5.1 Software Market 2023-2030 (Volume/Units) - Global Industry Research
5.2 Services Market 2023-2030 (Volume/Units) - Global Industry Research
5.2.1 Consulting Services Market 2023-2030 (Volume/Units)
5.2.2 System Design & Integration Services Market 2023-2030 (Volume/Units)
5.2.3 Training & Education Services Market 2023-2030 (Volume/Units)
6.Global Market By Deployment Mode Market 2023-2030 (Volume/Units)
6.1 Cloud Market 2023-2030 (Volume/Units) - Global Industry Research
6.2 On-Premise/Dedicated Hosting Market 2023-2030 (Volume/Units) - Global Industry Research
7.Global Innovation Management Market By Organization Size Market 2023-2030 (Volume/Units)
7.1 Large Enterprises Market 2023-2030 (Volume/Units) - Global Industry Research
7.2 Small & Medium Enterprises Market 2023-2030 (Volume/Units) - Global Industry Research
8.Global Market By Vertical Market 2023-2030 (Volume/Units)
8.1 Aerospace & Defense Market 2023-2030 (Volume/Units) - Global Industry Research
8.2 Public Sector & Education Market 2023-2030 (Volume/Units) - Global Industry Research
8.3 Healthcare & Pharmaceuticals Market 2023-2030 (Volume/Units) - Global Industry Research
8.4 Retail & Consumer Goods Market 2023-2030 (Volume/Units) - Global Industry Research
8.5 Automotive & Manufacturing Market 2023-2030 (Volume/Units) - Global Industry Research
8.6 Transportation & Logistics Market 2023-2030 (Volume/Units) - Global Industry Research
9.North America Innovation Management Market By Type Market 2023-2030 ($M)
9.1 Software Market 2023-2030 ($M) - Regional Industry Research
9.2 Services Market 2023-2030 ($M) - Regional Industry Research
9.2.1 Consulting Services Market 2023-2030 ($M)
9.2.2 System Design & Integration Services Market 2023-2030 ($M)
9.2.3 Training & Education Services Market 2023-2030 ($M)
10.North America Market By Deployment Mode Market 2023-2030 ($M)
10.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
10.2 On-Premise/Dedicated Hosting Market 2023-2030 ($M) - Regional Industry Research
11.North America Innovation Management Market By Organization Size Market 2023-2030 ($M)
11.1 Large Enterprises Market 2023-2030 ($M) - Regional Industry Research
11.2 Small & Medium Enterprises Market 2023-2030 ($M) - Regional Industry Research
12.North America Market By Vertical Market 2023-2030 ($M)
12.1 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
12.2 Public Sector & Education Market 2023-2030 ($M) - Regional Industry Research
12.3 Healthcare & Pharmaceuticals Market 2023-2030 ($M) - Regional Industry Research
12.4 Retail & Consumer Goods Market 2023-2030 ($M) - Regional Industry Research
12.5 Automotive & Manufacturing Market 2023-2030 ($M) - Regional Industry Research
12.6 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
13.South America Innovation Management Market By Type Market 2023-2030 ($M)
13.1 Software Market 2023-2030 ($M) - Regional Industry Research
13.2 Services Market 2023-2030 ($M) - Regional Industry Research
13.2.1 Consulting Services Market 2023-2030 ($M)
13.2.2 System Design & Integration Services Market 2023-2030 ($M)
13.2.3 Training & Education Services Market 2023-2030 ($M)
14.South America Market By Deployment Mode Market 2023-2030 ($M)
14.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
14.2 On-Premise/Dedicated Hosting Market 2023-2030 ($M) - Regional Industry Research
15.South America Innovation Management Market By Organization Size Market 2023-2030 ($M)
15.1 Large Enterprises Market 2023-2030 ($M) - Regional Industry Research
15.2 Small & Medium Enterprises Market 2023-2030 ($M) - Regional Industry Research
16.South America Market By Vertical Market 2023-2030 ($M)
16.1 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
16.2 Public Sector & Education Market 2023-2030 ($M) - Regional Industry Research
16.3 Healthcare & Pharmaceuticals Market 2023-2030 ($M) - Regional Industry Research
16.4 Retail & Consumer Goods Market 2023-2030 ($M) - Regional Industry Research
16.5 Automotive & Manufacturing Market 2023-2030 ($M) - Regional Industry Research
16.6 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
17.Europe Innovation Management Market By Type Market 2023-2030 ($M)
17.1 Software Market 2023-2030 ($M) - Regional Industry Research
17.2 Services Market 2023-2030 ($M) - Regional Industry Research
17.2.1 Consulting Services Market 2023-2030 ($M)
17.2.2 System Design & Integration Services Market 2023-2030 ($M)
17.2.3 Training & Education Services Market 2023-2030 ($M)
18.Europe Market By Deployment Mode Market 2023-2030 ($M)
18.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
18.2 On-Premise/Dedicated Hosting Market 2023-2030 ($M) - Regional Industry Research
19.Europe Innovation Management Market By Organization Size Market 2023-2030 ($M)
19.1 Large Enterprises Market 2023-2030 ($M) - Regional Industry Research
19.2 Small & Medium Enterprises Market 2023-2030 ($M) - Regional Industry Research
20.Europe Market By Vertical Market 2023-2030 ($M)
20.1 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
20.2 Public Sector & Education Market 2023-2030 ($M) - Regional Industry Research
20.3 Healthcare & Pharmaceuticals Market 2023-2030 ($M) - Regional Industry Research
20.4 Retail & Consumer Goods Market 2023-2030 ($M) - Regional Industry Research
20.5 Automotive & Manufacturing Market 2023-2030 ($M) - Regional Industry Research
20.6 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
21.APAC Innovation Management Market By Type Market 2023-2030 ($M)
21.1 Software Market 2023-2030 ($M) - Regional Industry Research
21.2 Services Market 2023-2030 ($M) - Regional Industry Research
21.2.1 Consulting Services Market 2023-2030 ($M)
21.2.2 System Design & Integration Services Market 2023-2030 ($M)
21.2.3 Training & Education Services Market 2023-2030 ($M)
22.APAC Market By Deployment Mode Market 2023-2030 ($M)
22.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
22.2 On-Premise/Dedicated Hosting Market 2023-2030 ($M) - Regional Industry Research
23.APAC Innovation Management Market By Organization Size Market 2023-2030 ($M)
23.1 Large Enterprises Market 2023-2030 ($M) - Regional Industry Research
23.2 Small & Medium Enterprises Market 2023-2030 ($M) - Regional Industry Research
24.APAC Market By Vertical Market 2023-2030 ($M)
24.1 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
24.2 Public Sector & Education Market 2023-2030 ($M) - Regional Industry Research
24.3 Healthcare & Pharmaceuticals Market 2023-2030 ($M) - Regional Industry Research
24.4 Retail & Consumer Goods Market 2023-2030 ($M) - Regional Industry Research
24.5 Automotive & Manufacturing Market 2023-2030 ($M) - Regional Industry Research
24.6 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
25.MENA Innovation Management Market By Type Market 2023-2030 ($M)
25.1 Software Market 2023-2030 ($M) - Regional Industry Research
25.2 Services Market 2023-2030 ($M) - Regional Industry Research
25.2.1 Consulting Services Market 2023-2030 ($M)
25.2.2 System Design & Integration Services Market 2023-2030 ($M)
25.2.3 Training & Education Services Market 2023-2030 ($M)
26.MENA Market By Deployment Mode Market 2023-2030 ($M)
26.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
26.2 On-Premise/Dedicated Hosting Market 2023-2030 ($M) - Regional Industry Research
27.MENA Innovation Management Market By Organization Size Market 2023-2030 ($M)
27.1 Large Enterprises Market 2023-2030 ($M) - Regional Industry Research
27.2 Small & Medium Enterprises Market 2023-2030 ($M) - Regional Industry Research
28.MENA Market By Vertical Market 2023-2030 ($M)
28.1 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
28.2 Public Sector & Education Market 2023-2030 ($M) - Regional Industry Research
28.3 Healthcare & Pharmaceuticals Market 2023-2030 ($M) - Regional Industry Research
28.4 Retail & Consumer Goods Market 2023-2030 ($M) - Regional Industry Research
28.5 Automotive & Manufacturing Market 2023-2030 ($M) - Regional Industry Research
28.6 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Innovation Management Market Revenue, 2023-2030 ($M)2.Canada Innovation Management Market Revenue, 2023-2030 ($M)
3.Mexico Innovation Management Market Revenue, 2023-2030 ($M)
4.Brazil Innovation Management Market Revenue, 2023-2030 ($M)
5.Argentina Innovation Management Market Revenue, 2023-2030 ($M)
6.Peru Innovation Management Market Revenue, 2023-2030 ($M)
7.Colombia Innovation Management Market Revenue, 2023-2030 ($M)
8.Chile Innovation Management Market Revenue, 2023-2030 ($M)
9.Rest of South America Innovation Management Market Revenue, 2023-2030 ($M)
10.UK Innovation Management Market Revenue, 2023-2030 ($M)
11.Germany Innovation Management Market Revenue, 2023-2030 ($M)
12.France Innovation Management Market Revenue, 2023-2030 ($M)
13.Italy Innovation Management Market Revenue, 2023-2030 ($M)
14.Spain Innovation Management Market Revenue, 2023-2030 ($M)
15.Rest of Europe Innovation Management Market Revenue, 2023-2030 ($M)
16.China Innovation Management Market Revenue, 2023-2030 ($M)
17.India Innovation Management Market Revenue, 2023-2030 ($M)
18.Japan Innovation Management Market Revenue, 2023-2030 ($M)
19.South Korea Innovation Management Market Revenue, 2023-2030 ($M)
20.South Africa Innovation Management Market Revenue, 2023-2030 ($M)
21.North America Innovation Management By Application
22.South America Innovation Management By Application
23.Europe Innovation Management By Application
24.APAC Innovation Management By Application
25.MENA Innovation Management By Application
26.Qmarkets, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Imaginatik PLC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Ideascale, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Innosabi GmbH, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Cognistreamer, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Crowdicity Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Exago, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.SAP SE, Sales /Revenue, 2015-2018 ($Mn/$Bn)