Innovation Management Market Industry Growth, Key Players and Demand Forecast Report 2022

Innovation management market categorizes the global market by software, services, deployment mode, organization size, application, vertical, region.

(EMAILWIRE.COM, March 25, 2019 ) Changing work cultures in different organizations, increasing focus of companies on the development of new and innovative products and increasing demand for open or crowdsourcing innovation solutions from various organizations are major factors driving the growth of the innovation management market.

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.

Technological giants such as Qmarkets (Israel), Brightidea, Inc. (U.S.), Imaginatik Plc (U.K.), Hype Innovation, Inc. (Germany), Ideascale (U.S.), innosabi GMBH (Germany), Cognistreamer (Belgium), Crowdicity Ltd. (U.K.), Planbox, Inc. (Canada), Spigit. Inc. (U.S.), Exago (Portugal), Inno360, Inc. (U.S.), SAP SE (Germany), and others offer innovation management software to cater to the market. These players have adopted various growth strategies, such as expansions, acquisitions, and mergers & partnerships, and new product launches. Partnerships and mergers & acquisitions are the most preferred strategies of the key players in the innovation management market.

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.

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.

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