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Innovation Management Market Analysis by SAP, Sopheon Corporation, Qmarkets, Planview, Brightidea

04-30-2024 02:21 PM CET | IT, New Media & Software

Press release from: Emergen Research

Innovation Management Market

Innovation Management Market

The global innovation management market size was USD 1.20 Billion in 2022 and is expected to register a revenue CAGR of 10.2% during the forecast period, according to the latest analysis by Emergen Research. Rising demand for workplace transformation, quick system digitization, lower startup costs for innovative technologies, increase in funding, opening of innovation labs and partnerships, reduction in time spent marketing new products, and rising demand for business organizations to make important, well-informed decisions are some of the major factors driving the innovation management market revenue growth.

The key benefits of innovation management that are driving market revenue growth are that it aids in collecting ideas from every employee, detecting impactful ideas, reduces cost, enhances efficiency, improves utilization of resources and manpower, increases collaboration between employees, and provides transparency in organizational culture. The latest advancements in Augmented Reality (AR) are driving revenue growth of the market. AR helps drive innovation with various benefits to businesses, including increased efficiency and production, improved customer experience, cost savings, and increased innovation.

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AR enables companies to use it to create unique experiences that differentiate them from competitors, increase their customer base, and establish dedication of customers to their brand. Moreover, AR also drives innovation and enables firms to explore new business models and revenue streams, in addition to these benefits. It allows businesses to increase income and expand their offers by developing new digital products and services or providing customers with new ways to interact with existing products and services. Major companies are taking major initiatives to drive innovation growth in their organizations.

For instance, on 10 July 2023, the United Kingdom-based immersive technology company FourPlus announced that it has received funding from the United Kingdom's national innovation agency, Innovate U.K., to develop a mixed reality training platform for pharmaceutical companies and the healthcare industry. FourPlus and its collaborators Holosphere and the Cell and Gene Therapy Catapult will create a mixed reality experience with multiplayer capabilities to train individuals in manufacturing roles in cell and gene therapy, as well as biopharmaceutical and broader life sciences sectors with a USD 1.28 million investment from Innovate U.K.

The major restraint in revenue growth of the market is the resistance to adopting and shifting to innovation building and thinking within an organization. This is due to the resistance to lack of resources and working in isolation without adequate communication between various departments and employees. In addition, the fear of failure and incurring losses in pursuit of new ideas is a major factor limiting the development and revenue growth of the market.

Moreover, lack of support from the management department of organizations and long-term planning in innovation sector lead to inadequate funding from within and outside the organizations. Furthermore, the misidentification and misalignment of innovation management with the primary goal of the organization results in further limiting of the market revenue growth.

This is due to improper balancing of short-term goals with long-term goals requiring radical innovative strategies. This cannot be mitigated due to lack of prioritizing of emerging technologies and trends with main aim of the organization and misinterpretation of the same. These are some of the major factors that are restraining revenue growth of the market.

Some Key Highlights From the Report

• The solutions segment accounted for largest revenue share in 2022. Some of the major factors driving revenue growth of this segment include innovation management solutions that solve problems and improve working efficiency and performance. Recent advancements in digital technology and its adoption in innovation management solutions are driving revenue growth of this segment due to the major benefits of democratization of innovation, easy accessibility, and information sharing across organizations and individuals to collaborate on innovation-related projects.

• The cloud segment is expected to register a steady revenue CAGR during the forecast period. Cloud technology is helping in the management and development of innovation in a variety of corporate businesses and organizations. This is owing to the significant benefit of providing these organizations with rapid accessibility and shutdown of resources to minimize the time for product valuation by customers as well as the risks and expenses associated with innovation. Furthermore, cloud technology assists businesses in gathering performance insights, optimizing innovation portfolios, and accelerating the implementation of creative strategies and solutions. Furthermore, it supports project prioritization and monetization of open innovation activities.

• The business processes segment accounted for largest revenue share in the market in 2022. The key benefits of business process innovation that are driving revenue growth of this segment are that they address complex business challenges and increase productivity. In addition, they also provide uniqueness and creativity to company processes, create a competitive advantage, raise revenue, and reduce costs. The evolution of blockchain technology and its integration with corporate processes is significantly improving innovation management by providing co-creation to improve company and entrepreneurial growth options. Furthermore, it provides traceability and long-term cost reduction, both of which are critical for business operations to run properly.

• The market in North America accounted for a significantly large revenue share in 2022. Revenue growth of the innovation management market is increasing in this region as a result of faster technical breakthroughs by major corporations. In addition, many deals and acquisitions are driving the market revenue growth in this region. Moreover, crucial measures taken by big firms to drive innovation programs and processes within the organization as well as for customers are driving revenue growth of the market in this region.

• Some major companies in the global market report include SAP, Sopheon Corporation, Qmarkets, Planview, Brightidea, The Hype Company, IdeaScale, Viima Solutions Oy., and KPMG International.

• On 20 January 2022, KPMG announced a partnership with ITONICS to promote the co-creation, ideation, and co-investment of creative ideas and solutions with startups, customers, alliance partners, and others for its global innovation management platform. KPMG Illuminate, powered by ITONICS, is the company's updated innovation management system that replaces KPMG Innovation Factory. AI-driven market insights and signals, portfolio management, crowdsourcing and ideation, and incubation management will all be part of it.

To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/innovation-management-market

Emergen Research has segmented the global innovation management market on the basis of component, deployment, organization size, function, services, application, industry, and region:

• Component Outlook (Revenue, USD Billion; 2019-2032)
o Solutions
o Services

• Deployment Outlook (Revenue, USD Billion; 2019-2032)
o On-Premises
o Cloud

• Organization Size Outlook (Revenue, USD Billion; 2019-2032)
o Large Enterprises
o Small and Medium-sized Enterprises (SMEs)

• Function Outlook (Revenue, USD Billion; 2019-2032)
o Product Development
o Business Processes

• Services Outlook (Revenue, USD Billion; 2019-2032)
o Consulting
o System Integration
o Training, Support, and Maintenance

• Industry Outlook (Revenue, USD Billion; 2019-2032)
o Banking, financial services and insurance (BFSI)
o Healthcare and Pharmaceuticals
o Telecom and IT
o Manufacturing
o Transportation and Logistics
o Retail and eCommerce
o Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA

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Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Visit for More Insights: https://www.emergenresearch.com/insights

About Us:
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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