Major factors driving the innovation management market include changing work cultures in different organizations, increasing demand for open or crowdsourcing innovations from various organizations, and increased focus of companies on the development of new and innovative products.
The innovation management market is estimated at USD 421.6 Million in 2017 and is projected to reach USD 1,519.2 Million by 2022, at a CAGR of 29.2% during the forecast period.
Innovation management software market is expected to hold the largest market share during the forecast period. Companies across the globe are carrying out innovations in their existing product portfolios to increase their market shares. Increased demand for innovative products across the globe is driving innovation management software companies to develop new products that meet customer requirements.
The product research & development platforms is projected to hold the largest market share during the forecast period in the innovation management market. The increased demand for innovative products leads to the development of new products by companies to cater to the changing requirements of customers. The ideas given by employees through the innovation management platform help R&D departments of the concerned enterprises to upgrade and develop their products accordingly.
The major vendors covered in the innovation management market for this study include:
- Qmarkets (Israel)
- BrightIdea, Inc. (U.S.)
- Imaginatik Plc (U.S.)
- Hype Innovation (Germany)
- IdeaScale (U.S.)
- Innosabi GmbH (Germany)
- Cognistremer (Belgium) and many more..
The retail & consumer goods vertical is projected to hold the highest market share during the forecast period in the innovation management market. The vertical integrates advanced technologies with the existing infrastructure, delivering real-time offers for customers. By linking innovation management with retail and consumer goods, retailers can find ways to maximize product distribution and come up with new business opportunities which also helps in improving products and customer relationships.
The innovation management market in North America is expected to grow at the highest CAGR and also hold the highest market share during the forecast period due to the high demand for innovation management solutions by end users in this region. The presence of key players in the market is expected to be a major factor driving the growth of the market in the region.
