Innovation Management is anticipated to have CAGR of ~x% over 2019-2028. Innovation management is a combination of change management and also management of innovation process. It refers to organizational innovation, product and business process. It comprises set of tools that permit engineers and managers to cooperate with a mutual understanding of processes and goals. The market growth is attributed to the factor that include, rise in the demand for the crowdsourcing across the industry. Furthermore, the innovation and advancement in the management solutions are anticipated to help the industry to grow in the coming years.
Top Driver: Advancement in management solutions to boost the industry
Innovation Management is projected to grow with the increase in investment over the innovation and development of the management software in the forecast period. The adoption of cloud-based technology, is anticipated to help the market to grow in the coming years. The cloud-based technology allows better storage capabilities and the data collected can be reviewed whenever required. Furthermore, the data losses also can be avoided using this advancement in storage solutions. The automation is also a part of innovation in the management software. This allows majority of the operations carried out smoothly and the result being eased out and hence the industry would boost in the near future.
IT and telecommunications to Make Crucial Contribution to Growth of Global Innovation Management Market
Among verticals segments of the global Innovation Management market, IT and Telecommunications is anticipated to gain maximum revenue shares in the forecast period. The verticals are predicted to witness great adoption of innovation management solutions to achieve benefits, such as optimized storage information resources, improved enterprise efficiency, lower risks, and transparency in the innovation process of enterprises. Furthermore, among these verticals, the IT and telecommunications vertical is anticipated to flourish at the highest growth rate, due to the surge need for creative and innovative ideas is considered revolutionary for the growth of the IT and telecommunications vertical.
Increase in start ups to Benefit North America Market
North America is experiencing highest revenue growth than any other country and is anticipated to boost in the coming years. The increase in the number of startups and small-medium enterprises in the region is estimated to help the industry grow in the next few years. Furthermore, the increase in the number of key players in the North American region would help the industry to flourish in the coming years. Asia-Pacific region is projected to grow at a higher pace in next few years. This owes to the surge in the deployment of innovation management solutions which are expected to improve the various product lines and their respective processes which would help the industry to gain maximum profit in the next few years.
Due to outbreak of COVID-19 the boost in the innovation management software is observed in the current scenario. The growth in the need for having better solutions for the manufacturing processes is observed and is expected to grow further in the healthcare sector, however for the other sectors the downfall is observed due to the lockout situation.
Players to Focus on advanced Innovation Management
The global Innovation Management market leaders include Sopheon, Salesforce, Planview, Qmarkets, Brightidea, Planbox, Exago, HYPE, IdeaScale, innosabi, Viima, Accenture, SAP, inno360, KPMG, InnovationCast, Nosco, and InnoCentive.
Planview: In October 2019, Planview improved its Agile solution by addition of a Kanban- enabled solution to help automating the capture costs of its Agile team. Furthermore, this removes the challenges of agile scaling. Furthermore, with this enhancement, the Agile solution lessens innovation costs, eliminates manual reporting time, and reduces financial challenges.
Sopheon: In December 2019, Sopheon, the international provider of software, expertise and best practices for enterprise innovation performance, released version 13.0 of its Accolade solution. Sopheon’s Accolade software enables organizations to better their strategic realization rates by connecting people, systems and information for faster, more informed strategic decision making.
Accenture: In August 2018, Accenture announced it is buying Insitum, a service design and strategic research firm with headquarters in Mexico City and additional studios in Barcelona, Bogota, Buenos Aires, Chicago, Lima and São Paulo. The deal is hailed as strengthening the consultancy’s hand in Latin America.
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