Innovation Management Market worth 1,519.2 Million USD by 2022 - Report by MarketsandMarkets

[145 Pages Report] Innovation management market categorizes the global market by type as software & services, by service, by deployment mode, by organization size, by application as product research & development platforms, marketing, design, and idea pla

(EMAILWIRE.COM, January 30, 2019 ) 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.

Some of the 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 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), Crowdicity Ltd (U.K.), Planbox, Inc. (Canada), Spigit, Inc. (U.S.), Exago (Portugal), Inno360, Inc. (U.S.), and SAP SE (Germany).

The innovation management market in North America is expected to hold the largest market share during the forecast period. It is expected to benefit from technological advancements and internet infrastructure, widespread adoption of new technology, and the presence of strong domestic solution providers contributing to the growth in demand for innovation management solutions. The need for better operational efficiency and business processes at low operating costs is expected to drive the growth of the innovation management market.

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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.