Innovation Management refers to the management of innovations of products, and business processes in an organization. It is a combination of management of innovation processes and change management. It involves introducing new and creative ideas in order to respond to internal and external opportunities. It makes use of innovation management tools for easy integration of new methods for implementation of innovations.
Integration of Innovation Management Market ensures new business opportunities by improving and maximizing product distribution. Over the recent times, the landscape of the market has changed phenomenally, majorly driven by changes in consumer demands and digitalization. These changes have challenged hospitals, pharmaceutical companies, and other healthcare businesses to think and act strategically about shaping their companies to meet the requirements of patients. Resultantly, the global innovation management market is growing pervasively over the past few years.
Acknowledging the impressive growth records, the market perceives, Market Research Future (MRFR) in its recently published study report asserts that the global Innovation Management market will register a whopping CAGR of 27% from 2017-2023, witnessing accruals of approx. USD 1,700 Mn. by 2023
Key driving forces of the growth are the changing work culture and increasing demand for new and innovative products to satisfy consumer needs. There is a rapid growth in innovation management market which is driving the market growth. A few restraining factors that affect the growth of the market include inefficiency of enterprises in tracking reliable Return on Investment (ROI) based on innovation management solutions and the limited availability of technically skilled personnel.
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Major Key Players:
The leading players operating in the market include BrightIdea, Inc. (US), Qmarkets (Israel), Hype Innovation (Germany), Innosabi GmbH (Germany), IdeaScale (US), Cognistremer (Belgium), Planbox, Inc. (Canada), Crowdicity Ltd (UK), Inc. (US), Exago (Portugal), and Inno360. Profiling them in its analysis, MRFR finds out their strategies keeping them ahead in the market competition.
Global Innovation ManagementMarket Segmentation:
The MRFR analysis is segmented into six key dynamics for the convenience of the report and enhanced understanding;
By Types: Comprises Software, and Services (Consulting Services, System Design & Integration Services, and Training & Education Services).
By Deployments: On-Cloud and On-Premises.
By Organization Sizes: Comprises SMEs and Large Enterprises
By Applications : Comprises Product Research & Development Platforms, Marketing, Design & Idea Platforms, Collective Intelligence & Prediction Platforms, and Human Resources & Freelance Platforms.
By Verticals: Comprises BFSI, Healthcare, Education, Media & Entertainment, IT & Telecommunication, Retail and Government.
By Regions: North America, Europe, APAC and Rest-of-the-World.
The Retail segment by Verticals is expected to hold the largest market share, growing at the highest CAGR during the forecast period.
The Collective Intelligence & Prediction Platforms segment by Applications is projected to grow at the highest CAGR during the forecast period.
The Healthcare & Pharmaceuticals segment is estimated to grow at the highest CAGR during the forecast period.
Global Innovation ManagementMarket Geographical Analysis:
Globally, North America leads the market for Innovation Management with the largest market share. Substantial investments transpired into the field of technologies development, the presence of the fervent market players that can offer cutting-edge technologies and increasing adoption these tools in some of the burgeoning sectors such as BFSI, Healthcare, Media & Entertainment, and IT & Telecommunication are some of the factors driving the market growth in the region.
Availability of a well-established infrastructure, provides impetus to the market growth, allowing faster implementation of advanced technologies. The U.S. and Canada are dominating the North America market owing to the increasing technological advancements and the uptake of innovation management solutions in these countries. Continuing with the same growth trends, the region is expected to retain its dominance in the global market.
The Europe market accounts for the second-largest market for the Innovation Management owing to the demand from the various sectors. The resurging economy in the region is too contributing to the market growth significantly. Moreover, augmented uptake of these solutions fuels the increase in the regional market.
On the other hand, Asia Pacific region is expected to witness a healthy growth, emerging as the fastest growing market for the innovation management. Factors such as increasing urbanization & growing healthcare and entertainment sector coupled with the improving economy in the region foster the market growth, increasing consumers’ purchasing power.
Global Innovation ManagementMarket Competitive Analysis:
The Innovation Management market is adorned by the several well-established as well as small players. The market appears to be slightly fragmented.
The key strategies traced from the analysis of recent developments of the key players include product or technology launch, agreement & partnership, acquisition, and expansion. These key players compete based upon pricing, Technology, reputation, and services.
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Industry/ Innovation /Related News:
June 28, 2018 – French business school HEC Paris announced its partnership with the Southern University of Science and Technology (China) to develop a world-class joint degree, executive programs and joint initiatives around innovation management, the fintech industry, and entrepreneurship, as well as reinforcing academic research and exchanges between both institutions.
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