Innovation management refers to developing, adopting and implementing new ideas, products, services, and business and operational processes in order to achieve long-term competitive advantage and sustainability. Innovation management solutions help organizations effectively capture, analyze and execute ideas to promote innovation within teams and across departments. Key products in the innovation management market include platform-based solutions which enable organizations to crowdsource ideas, evaluate submissions, develop business cases and measure the return on investment from ideas.
The global innovation management market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The innovation management market is expected to witness significant growth over the forecast period, driven by rising demand for robust innovation processes from organizations. As innovation has become critical for business growth and competitiveness, companies are investing more in innovation management solutions to institutionalize innovation within their businesses. Additionally, the growing need to reduce time to market for new products and services is also fueling adoption of these solutions. As innovation management solutions help streamline new product development processes and facilitate collaboration, their demand is expected to increase substantially during the forecast period. The ability of these solutions to track idea generation funnel and provide quantitative metrics on innovation also promotes their adoption.
Segment Analysis
The innovation management market is segmented into software and services. The services segment is expected to dominate the market during the forecast period. This is mainly due to the increasing adoption of various services such as professional services and managed services by enterprises to efficiently manage their innovation process and solutions. Services help organizations to effectively deploy and integrate innovation management software and help organizations to maximize ROI.
PEST Analysis
Political: Governments across the globe are focusing on innovation to drive economic growth. They are introducing various policies and initiatives to promote innovation among organizations.
Economic: Investments in innovation are increasing globally to enhance productivity and gain competitive advantage. Organizations are spending more on innovation management solutions to manage ideas effectively and maximize returns.
Social: With increasing collaboration in organizations, there is growing focus on managing innovation as a process. Social media is also playing a prominent role in creating and sharing new ideas.
Technological: Advancements in technologies like artificial intelligence, blockchain, and IoT are enhancing innovation capabilities of organizations. Innovation management solutions are integrating these technologies to streamline innovation processes.
Key Takeaways
The Global Innovation Management Market Size was valued at US$ 3.8 Bn in 2024 and is expected to grow at a CAGR of 8.5% during the forecast period.
Regional analysis: North America dominated the innovation management market in 2024 due to rapid adoption of digital technologies across sectors. Europe is also expected to offer lucrative opportunities owing to initiatives by governments to support innovation.
Key players operating in the innovation management market are DASSAULT SYSTEMES SA, Arxspan LLC., LabArchives, LLC, Abbott Informatics Corp., PerkinElmer, Inc., LabWare, Inc., Bruker Corporation, ID Business Solutions Ltd., and Kinematik US & Inc. Dassault Systemes holds the largest market share due to its comprehensive product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it