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.
Solutions segment is expected to grow at a higher rate during the forecast period
The benefits of innovation management platforms are patented crowd science and innovation tools that turn ideas into scalable and innovative outcomes for end users. Enterprises across the globe are making efforts to carry out innovations in their existing product portfolios and business processes to increase their market shares and enhance their brand names. The increased demand for innovative products across the globe is driving enterprises to develop new products for meeting customer requirements.
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Business processes function is expected to grow at a higher rate during the forecast period
On the basis of functions, the innovation management market has been divided into product development and business processes. This chapter provides information on the functions of innovation management solutions and services in various enterprises across the world. The innovation management solutions and services are deployed by enterprises to streamline their product development and business processes, thereby resulting in their enhanced performance and growth. These innovation management solutions and services result in the development of new and innovative products, enhanced quality of products and services offered by enterprises, and improved workflows across business processes such as sales and marketing, legal, and Human Resource (HR).
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.
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.
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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).
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