The innovation management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period, to reach USD 1.7 billion by 2026 from USD 1.0 billion in 2021. Innovation management is the systematic promotion of innovation in organizations and includes the task of planning, organizing, managing, prioritizing, and controlling the innovation process of enterprises. It helps in shaping structure and business processes of organizations by successfully implementing new ideas from internal or external stakeholders. Innovation management solutions majorly focus on adding value to customers, employees, citizens, students, and faculty, among others. Innovative ideas, experience, and knowledge sharing result in value addition to organizations and bring a sense of engagement among employees and customers of organizations, thereby promoting efficiency, workplace innovation, and continuous improvement. Enterprises make the use of crowdsourcing techniques to share, collaborate, evaluate, prioritize, find, and carry out advancements in innovation management solutions.
The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Accenture, SAP, Sopheon, Planview, Qmarkets, Brightidea, HYPE, Planbox, IdeaScale, and innosabi have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the innovation management Market.
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Accenture majorly offers management consulting, technology, and outsourcing services. It specializes in management consulting, system integration and technology, business process outsourcing, and application and infrastructure outsourcing. It offers innovation management solutions to look into the future and constantly devise ways to capture markets. The company’s products segment includes consumer goods, retail and travel services, industrial, and life sciences. The communications, media, and technology segment cater to communications and media, high tech, and software and platforms. The financial services, health and public service, and resources segments include banking and capital markets, insurance, health, public services, chemicals, and natural resources.
SAP SE’s diverse portfolio is categorized into applications, technologies and services, and SAP business network. It offers cloud-based innovation management products. It has an employee strength of 100,330, with a broad customer base spread across 180 countries. It caters to various industries, including BFSI, public services, telecommunications, and media and entertainment. It has 245 subsidiaries, which enable it to develop, distribute, and offer products, solutions, and services for innovation management. SAP SE operates in the Americas, EMEA, and Asia Pacific and Japan (APJ).
Innovation Management Market with COVID-19 Impact Analysis, by Component (Solutions and Services), Function (Product Development and Business Processes), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2026
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