DUBLIN--(BUSINESS WIRE)--The "Innovation Management Market by Type (Software, Services), Service, Deployment Mode, Organization Size, Application (Product Research & Development Platforms, Marketing, Design, and Idea Platforms), Vertical, and Region - Global Forecast to 2022" report has been added to Research and Markets' offering.
The Innovation Management Market is projected to grow from an estimated USD 421.6 Million in 2017 to USD 1,519.2 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 29.2% during the period 2017-2022.
The major drivers in the 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 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 the on cloud deployment segment is expected to grow at the highest CAGR during the forecast period as it provides cost controls in terms of deployment, licensing, and maintenance, enforcement of security compliance and audit features, and enhanced speed workflow in organizations. The small & medium enterprises segment is projected to grow at the highest CAGR during the forecast period. SMEs are increasingly adopting innovation management solutions to develop innovative products to meet the changing requirements of their customers and face competition in the market.
The innovation management market in North America is expected to grow at the highest CAGR and also hold the highest market share during the forecast period due to the high demand for innovation management solutions by end users in this region. The presence of key players in the market is expected to be a major factor driving the growth of the market in the region.
A few restraining factors that affect the growth of the innovation management market include inefficiency of enterprises in tracking reliable Return on Investment (ROI) based on innovation management solutions and the limited availability of technically skilled personnel.
Market Dynamics
Drivers
- Changing Work Culture in Different Organizations
- Increased Focus of Companies Towards Development of New and Innovative Products
- Increasing Demand for Open or Crowdsourcing Innovation From Various Organizations
Restraints
- Inefficiency of Enterprises to Track Reliable RoI, Based on Innovation Management Solutions
Opportunities
- Increased Adoption of Cloud-Based Solutions by Organizations Across the Globe
- Collaboration of Innovation Management Software With Social Media Platforms and Enterprise Social Platforms for Effective Innovations
Challenges
- Lack of Mobility in Innovation Management Solutions
- Evaluating Feasibility and Practicality of the Ideas Proposed
Key Innovators
- KPMG
- Innovationcast
- Nosco
- Innocentive, Inc.
- E-Zassi, LLC
- Salesforce.Com, Inc.
Other Companies
- Qmarkets
- Brightidea, Incorporated
- Imaginatik PLC
- Hype Innovation, Inc.
- Ideascale
- Innosabi GmbH
- Cognistreamer
- Crowdicity Ltd.
- Planbox, Inc.
- Spigit, Inc.
- Exago
- Inno360, Inc.
- SAP SE
For more information about this report visit https://www.researchandmarkets.com/research/45xb5r/global_innovation?w=4
