Innovation Management Market Size

Innovation Management Market Overview

Innovation Management Market Size was valued at USD 3.68 billion in 2023. The innovation management market industry is projected to grow from USD 4.24 billion in 2024 to USD 13.0 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.0% during the forecast period (2024 - 2032).

The key market drivers ascribed to the rise of the innovation management market include companies' increased focus on generating new, innovative, and personalized products as well as customer desire for novel products to meet their expectations.

Figure 1: Innovation Management Market Size, 2024-2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Innovation Management Market Trends

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  Growing need for item separation to propel the market growth

  
  

Due to the growing level of competition, projects are gaining an advantage through development. Through development, businesses seek to differentiate their products from those of their rivals and tap into new markets. Most businesses are shifting their focus toward advancements due to the need for a change in business procedure from current tasks to future open doors. Between 2015 and 2019, the number of research and development projects aimed at improving products increased by almost 20%. Comparatively, due to item development in 2018, 55% of businesses as a whole reported good results. In essence, as the need for advancement grows, undertakings are increasingly coordinating various meetings to produce fresh ideas and enormous amounts of thought. This leads to the legitimate administration of ideas and advancements on a regular basis, which further boosts the market for innovation management. Thus, this factor is driving the market CAGR.

Furthermore, organizations are seriously focusing on research and development activities to gain an advantage in the face of intensifying competition. With the growth of research and development activities, it has become utterly essential for organisations to handle those ideas through a standard stage. Rising interest in innovation management platform programming is a result of this necessity. The majority of these countries offer tax breaks to organisations conducting research and development activities. Therefore, the majority of interest in developing the executive programming is likely to originate from these countries due to their growing propensity for hierarchical advancement.

However, every company has undergone a digital revolution in the past several years. The creation of a vast amount of information as a result of the advancement of new technologies calls for faster data retrieval and processing. Systems for controlling innovation have advanced nearly in lockstep with advancements in technology. Businesses base important decisions on the concepts produced by various innovation management solutions. Originally, questionnaires, feedback boxes, or comments were used to collect ideas. However, with the help of innovation management systems, businesses have learned that new ideas boost productivity, boost profitability, and can be used to improve strategic decisions. The increasing requirement to examine relevant ideas from various sources has prompted the need to extract solutions from raw data to make vital judgments. Thus, it is anticipated that this aspect will accelerate innovation management market revenue.

Innovation Management Market Segment Insights

Innovation Management Type Insights

The innovation management market segmentation, based on type is divided into Software and Service. The service segment dominated the innovation management market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The innovation management services help firms use new technologies to transform their traditional infrastructure, business mechanism, decision-making, and management to support their organization's commercial success.

Innovation Management Deployment Insights

The innovation management market segmentation has been segmented by deployment into Cloud and On-Premise. The cloud segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. For managing numerous devices and analysing ideas from staff, customers, and partners, cloud-based innovation management systems are essential because they offer a flexible and robust infrastructure.

Figure 2: Innovation Management Market by Deployment, 2021 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Innovation Management Application Insights

The innovation management market data has been segmented by application into Product Research, Development Platforms, Marketing, Design & Idea Platforms, Collective Intelligence and Prediction Platforms. The product research segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Companies are using innovation management systems to invent new products as a result of changing client needs and rising demand for technologically advanced products. In addition, the market for collective intelligence & prediction platforms is anticipated to increase significantly as a result of open innovation and crowdsourcing for the creation of fresh concepts.

Innovation Management Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America innovation management market accounted for USD 0.5 billion in 2021 and is expected to exhibit a 43.90% CAGR during the study period. The increasing adoption of innovation management solutions and services by different end-users, including retail, IT, BFSI, and other industries, is credited with driving the fastest growth in this region. The demand for products in the North American region is fueled by the presence of major regional solution providers as well as organisations' propensity for and acceptance of technological improvements.

Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: INNOVATION MANAGEMENT MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asia Pacific innovation management market accounts for the fastest growing market share. Numerous lucrative opportunities are anticipated to arise for the Asia Pacific market as a result of increased industrialization, technological advancements, and rising demand for cloud-based solutions. Moreover, China innovation management market held the largest market share, and the India innovation management market was the fastest-growing market in this region

Europe innovation management market is expected to grow at a substantial CAGR from 2022 to 2030. Research and development activities in this field are being sparked by the growing demand to manage more effective operational and business processes at a low cost, which is creating new opportunities for innovation management software. Market expansion is also aided by the strict government rules and guidelines created for different businesses. Further, the UK innovation management market held the largest market share, and the Germany innovation management market was the fastest-growing market in the region.

Innovation Management Key Market Players & Competitive Insights

Major market players are spending a lot on R&D to increase their product lines, which will help the innovation management industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.

One of the primary business strategies manufacturers adopt in the innovation management industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, innovation management industry has provided medicine with some of the most significant benefits. The innovation management market major player such as Qmarkets (Israel), BrightIdea Inc. (U.S.), Hype Innovation (Germany), IdeaScale (U.S.), Innosabi GmbH (Germany), Cognistremer (Belgium) and Crowdicity Ltd (U.K.).

The platforms from Qmarkets, which are known as the top idea and innovation management software for enterprise-grade businesses, assist clients in overcoming a range of strategic business challenges, such as employee innovation, technology scouting, continuous improvement, business transformation, and open innovation. In May 2019, the most recent product release from Qmarkets made significant strides in Big Data and Machine Learning to advance the development of the Management and help clients with their major task concerns.

A cloud-based software firm called IdeaScale licenses an innovation management platform that uses the ideas and methods of crowdsourcing. Rob Hoeh and Vivek Bhaskaran launched the business in Seattle. The business uses a freemium engagement model, providing open, public communities for no cost, and upgraded, personalized capabilities to customers who pay.

Key companies in the innovation management market include

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  Qmarkets (Israel)

  
  


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  BrightIdea Inc. (U.S.)

  
  


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  Hype Innovation (Germany)

  
  


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  IdeaScale (U.S.)

  
  


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  Innosabi GmbH (Germany)

  
  


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  Cognistremer (Belgium)

  
  


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  Crowdicity Ltd (U.K.)

  
  

Innovation Management Industry Developments

May 2022: KPMG launched the Advisory Salesforce Apprentice Program (ASAP). The program's objectives include developing outstanding talent from a variety of backgrounds, providing participants with access to promising client leads, and fostering an inventive environment where everyone can succeed.

January 2022: To encourage innovation, co-creation, and co-investment of new solutions and ideas with customers, alliance partners, startups, and others, KPMG chose ICONICS for its innovation management platform. The revised innovation management solution from KPMG will be called Illuminate and will be powered by ICONICS. It will replace the KPMG Innovation Factory and include AI-driven market insights and signals, crowdsourcing and ideation, incubation management, and portfolio management.

Innovation Management Market Segmentation

Innovation Management Type Outlook (USD Billion, 2018-2030)

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  Software

  
  


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  Service

  
  

Innovation Management Deployment Outlook (USD Billion, 2018-2030)

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  Cloud

  
  


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  On-Premise

  
  

Innovation Management Application Outlook (USD Billion, 2018-2030)

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  Product Research

  
  


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  Development Platforms

  
  


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  Marketing

  
  


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  Design & Idea Platforms

  
  


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  Collective Intelligence

  
  


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  Prediction Platforms

  
  

Innovation Management Regional Outlook (USD Billion, 2018-2030)

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  North America

  
  

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    US

    
    
  
  
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    Canada

    
    
  
  
  
  

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  Europe

  
  

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    Germany

    
    
  
  
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    France

    
    
  
  
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    UK

    
    
  
  
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    Italy

    
    
  
  
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    Spain

    
    
  
  
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    Rest of Europe

    
    
  
  
  
  

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  Asia-Pacific

  
  

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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  

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  Rest of the World

  
  

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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America