Innovation Management Industry to Reach $ 1,519.2 Million Led by North America Region

The innovation management market is expected to grow at a Compound Annual Growth Rate (CAGR) of 29.2% during the forecast period and Hit $ 1,519.2 million by 2022.

The major drivers in the innovation management include changing work cultures in different organizations, increasing demand for open or crowd sourcing innovations from various organizations, and increasing focus of companies on the development of new and innovative products.

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The market for the services segment is expected to grow at the highest CAGR during the forecast period. Service providers help in implementing intelligent platforms for the efficient operation and maintenance of any enterprise. The market for on cloud deployment is expected to grow at the highest CAGR during the forecast period. The increase in the demand for on cloud is due to cost controls in terms of deployment, licensing, maintenance, enforcement of security compliance and audit features, and enhanced speed workflow in organizations. The market for small & medium enterprises is expected to grow at the highest CAGR during the forecast period.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key industry personnel.

The break-up profiles of primary discussion participants are given below:
1. By Company Type: Tier-1 (17%), Tier-2 (33%), and Tier-3 (50%)
2. By Designation: C-Level (37%),Director Level (42%), and Others (21%)
3. By Region: North America (44%), Europe (33%), Asia-Pacific(18 %), and the Rest of the World (RoW) (5%)
The various key innovation management vendors profiled in the report are as follows:
1. Qmarkets (Israel)
2. BrightIdea, Inc. (U.S.)
3. Imaginatik Plc (U.S.)
4. Hype Innovation (Germany)
5. IdeaScale (U.S.)
6. Innosabi GmbH (Germany)
7. Cognistremer (Belgium)
8. Crowdicity Ltd (U.K.)
9. Planbox, Inc. (Canada)
10. Spigit, Inc. (U.S.)

SMEs are increasingly adopting innovation management solutions to develop innovative products to meet the changing requirements of their customers and face the competition in the market.

The collective intelligence & prediction platforms market is projected to grow at the highest CAGR during the forecast period
The collective intelligence & prediction platforms segment market is projected to grow at the highest CAGR during the forecast period. This segment is associated with the use of crowd sourcing innovations to generate ideas. The healthcare & pharmaceuticals vertical segment is expected to grow at the highest CAGR during the forecast period. The landscape of the industry has changed drastically over the past few years, majorly driven by changes in consumer/patient demands and digitalization.

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These changes have challenged hospitals, pharmaceutical companies, and other healthcare businesses to think and act strategically about shaping their companies to meet the requirements of patients.
North America is expected to lead the innovation management market as it is expected to benefit from technological advancements and internet infrastructure, widespread adoption of new technology, and the presence of domestic solution providers. The need for better operational efficiency and business processes at a low operating cost is expected to drive the innovation management market. In addition, the presence of key players in the innovation management market is also expected to be a major factor driving the market in the region.
Research Coverage
The global innovation management market has been segmented on the basis of type, deployment mode, organization size, application, vertical, and region. A detailed analysis of the regions provides insights into the potential future business opportunities in different regions.

Reasons to Buy the Report
1. The report will help market leaders/new entrants in this market in the following ways:
2. This report segments the innovation management market comprehensively and provides the closest approximations of the revenues for the overall market and the subsegments, across different regions.
3. The report will help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
4. This report will help the stakeholders better understand the competitors and gain more insights to better their positions in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.

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This release was published on openPR.