Rise in funding, opening of innovation labs, and partnerships are major factors driving innovation management market revenue growth

VANCOUVER, BC, CANADA, June 20, 2024 /EINPresswire.com/ -- 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.

The latest research report is dubbed as the first document encompassing the latest information about the Innovation Management market that has been gravely affected by the COVID-19 pandemic. The global health crisis poses significant threats to the future growth of the Innovation Management industry. The report assesses the profound changes in this business setting caused by the outbreak and considers the prominent market aspects that have been severely disrupted by the pandemic. The report thus expounds on the rapidly changing market scenario in this COVID-19 era, which aims to help businesses involved in this sector overcome the pandemic’s gripping effects and formulate new growth strategies to boost the COVID-19 preparedness.

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Key Market Competitors Profiled in the Report:

SAP, Sopheon Corporation, Accenture, Qmarkets, Planview, Brightidea, The Hype Company, IdeaScale, Viima Solutions Oy., and KPMG International

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. Furthermore, the quick adoption of technical developments and new software solutions released by various organizations is driving revenue growth of this segment. For instance, on 12 July 2022, NTT DATA, a pioneer in global digital business and IT services, and SAP Asia Pacific and Japan (APJ) announced the debut of a connected product, a new co-innovation solution to improve supply chain insurance management. These are major factors that are contributing to revenue growth of this segment.

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. As a result, organizations acquire a competitive advantage over their competitors. As a result, large corporations are launching novel solutions to drive innovation across several organizations. For instance, on 16 August 2023, Deloitte announced a new co-innovation project with Google Cloud to assist consumer firms in transforming their operations to offer more relevant, engaging, and successful customer experiences. Deloitte's ConvergeCONSUMER suite of solutions enables consumer organizations to quickly implement Artificial Intelligence (AI)-powered technologies that help them more correctly estimate demand, personalize marketing campaigns, and optimize product pricing, which can improve brand loyalty and prolong competitive advantage. These are some of the factors that are driving revenue growth of this segment.

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. As a result, large corporations are using this technology in their business processes to develop novel services and products. For instance, on 20 September 2022, Sopheon, the leading international provider of software and services for innovation management announced the launch of Acclaim, three Software-as-a-Service (SaaS) solutions. These tools are intended to improve performance throughout the spectrum of ideas, products, and projects. Sopheon's comprehensive innovation management tools address the entire spectrum of responsibilities required by product, innovation, and project managers to achieve their objectives. These are some of the factors that are driving revenue growth of this segment.

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This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2020 and 2028. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Innovation Management market on the basis of product, application, and region:

Innovation Management Market Segmentation

Component Outlook (Revenue, USD Billion; 2019-2032)

Solutions

Services

Deployment Outlook (Revenue, USD Billion; 2019-2032)

On-Premises

Cloud

Organization Size Outlook (Revenue, USD Billion; 2019-2032)

Large Enterprises

Small and Medium-sized Enterprises (SMEs)

Regional Analysis of the Innovation Management Market:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Key Objectives of the Report:

Analysis and estimation of the Innovation Management market size and share for the projected period of 2020-2027

Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscape

Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Innovation Management market

Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments

Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities

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Thank you for reading the report. The report can be customized as per the requirements of the clients. For further information or query about customization, please reach out to us, and we will offer you the report best suited for your needs.

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About Emergen Research

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 analyze 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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