HOME Research Insight New Product Launches. Partnerships and Mergers & Acquisitions are the Most Preferred Strategies of the Key Players in the Innovation Management Market



New Product Launches. Partnerships and Mergers & Acquisitions are the Most Preferred Strategies of the Key Players in the Innovation Management Market


The innovation management market is estimated at USD 421.6 Million in 2017 and is projected to reach USD 1,519.2 Million by 2022, at a CAGR of 29.2% during the forecast period. Some of the major factors driving the growth of the innovation management market include changing work cultures in different organizations, increasing focus of companies on the development of new and innovative products and increasing demand for open or crowdsourcing innovation solutions from various organizations.

Technological giants such as Qmarkets (Israel), Brightidea, Inc. (U.S.), Imaginatik Plc (U.K.), Hype Innovation, Inc. (Germany), Ideascale (U.S.), innosabi GMBH (Germany), Cognistreamer (Belgium), Crowdicity Ltd. (U.K.), Planbox, Inc. (Canada), Spigit. Inc. (U.S.), Exago (Portugal), Inno360, Inc. (U.S.), SAP SE (Germany), and others offer innovation management software to cater to the market. These players have adopted various growth strategies, such as expansions, acquisitions, and mergers & partnerships, and new product launches. Partnerships and mergers & acquisitions are the most preferred strategies of the key players in the innovation management market.

Brightidea, Inc. (U.S.) has adopted a strategic mix of organic and inorganic growth strategies, such as new product launches, partnerships, and acquisitions. In April 2015, Brightidea partnered with IdeaConnection to offer solutions for open innovations, R&D support services, and a corporate innovation software platform. Similarly, in October 2016, Brightidea launched a powerful platform featuring a suite of nine new apps, each dedicated to a specific activity. These apps employ advanced collaboration and crowdsourcing technologies to offer new solutions. These apps also run multiple initiatives under a single, cohesive platform.

Qmarkets (Israel) on the other hand focuses majorly on inorganic growth strategies, such as partnerships and collaborations to enhance its position in the innovation management market. For instance, in November 2016 Qmarkets partnered with ThirdSlice, a consulting and research firm developing new products and corporate innovations, aimed at providing research expertise to both the organizations by offering solutions for the realization of ideas provided by customers.

Related Reports:

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

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