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Innovation management enables organizations to improve employee experience, increase their profits and save costs. Innovation management is used to handle an organization's innovation process, from initial level of an idea to the final execution of the process. It includes applying an innovative approach, formulating choices, operations and processes. Open innovation involves exchange of information, knowledge, or idea between employees of enterprises, business partners, and customers to advanced products, business processes, and services for more revenue generation and better customer experience. Owing to these advantages, demand for innovation management marketing is growing among end-use industries which is expected to propel the growth of the innovation management market.
New technologies such as such as artificial intelligence (AI), virtual reality (VR), self-driving cars, and robots can be aligned with innovation management. Rise in digitization and growing adoption of industry is fueling the growth of innovation management market. The significant growth of digital technology is generating huge amount of data, thereby creating a need to store large data at higher processing speed. Along with growing adoption of digital technologies, demand for innovation management solution has increased among end users. All these innovative technologies were implemented by organizations into their business models to speed up the productivity with high accuracy. Thus, adoption of digital technologies is anticipated to fuel the growth of innovation management market.
The COVID-19 had positive impact on the innovation management market. Government of various countries had imposed lockdown due to which many enterprises, retail, IT & telecom, and manufacturing sectors were closed. Post COVID-19, many businesses, manufacturing plants, retail business were negatively affected due to imposition of lockdown. In response to this, many organizations have implemented work from home policy to continue smooth functioning of their business. Multiple organizations adopted innovative technologies such as artificial intelligence, machine learning, virtual reality, etc. to speed up their production with minimum errors to meet requirements of customers. Thus, it is analyzed that COVID-19 pandemic has impacted the innovation management market for a short period.
The report will cover following key insights:
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North America is expected hold the largest market share in the global market. Demand for innovative management platform is significantly increasing across the region to deliver the product on time with minimum errors. Rising need for an enhanced innovation management platform enabled with artificial intelligence (AI), virtual reality (VR), self-driving cars, etc. in retail, government, IT & telecom, and manufacturing sector is anticipated to boost the demand for innovation management market in this region. The presence of major market players such as IdeaScale, Planview, Inc., Sopheon, and Salseforce among others helps in generating revenue in the region.
Asia Pacific is anticipated to showcase significant growth during forecast period. Growing adoption of innovation management platform across China, India, Singapore, South Korea and others are expected to drive the market growth rapidly in this region. According to the Digital Trends report 2018, AI technology is one of the area where Asia Pacific is anticipated to be the leading region globally in coming years. In addition, presence of adequate number of market vendors is propelling demand for innovation management in the region.
The report will include the profiles of key players such as Accenture, SAP SE, Sopheon, Planview, Inc., Qmarkets, Brightidea, Planbox, Inc., IdeaScale, innosabi, Exago, KPMG, InnovationCast, Salseforce, InnoCentive, Idea Drop Ltd., and others.
Key players in the market like Accenture, Salesforce, IdeaScale, innosabi, etc. are entering into strategic partnerships and collaborations to expand the business. Market players are focused on new product launch and product enhancement in their existing portfolio to accelerate market growth.
By Deployment Model
By Organization Size
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