Dublin, April 19, 2024 (GLOBE NEWSWIRE) -- The "Global Innovation Management Market Size, Share & Industry Trends Analysis, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
This report on the Global Innovation Management Market details the significant growth and current trends shaping the industry's future through 2030. According to the analysis, the market is projected to swell to a value of $2.5 billion, spurred by a compound annual growth rate (CAGR) of 10.3% during the forecast period.
Managed services are expected to play a pivotal role, forecasted to seize a market share of 27% by 2030. Entities offering these services excel in easing the innovation management workload, strengthening the deftness of businesses as they recalibrate focus towards quintessential business functions. Managed services are not only tailored to address daily operations but are also proficient at underpinning data security and adherence to compliance, thus offering a fortified bulwark against plausible threats.
Industry Trends and Market Dynamics
The surge in the innovation management market is substantially influenced by rapid advancements in technology, the incorporation of novel technologies, the escalating inclination towards crowdsourcing for innovative concepts, and the hurdles linked to resource constraints and unpredictable post-innovation outcomes. The integration of state-of-the-art technology has become a cornerstone of innovation management, equipping organizations with the agility to promptly respond to evolving market requisites and customer preferences.
However, the scarcity of essential resources poses a challenge within the innovation management sphere. Limitations on funding, expert talent, and dedicated time can significantly restrict the vast potential of innovational endeavors. Despite these challenges, the market is set to experience substantial growth, propelled by continuous technological progress and the ever-increasing demand for innovation management solutions across varying industries.
Competitive Landscape
Preeminent entities in the Global Innovation Management Market are aggressively pursuing innovation through diverse product offerings and strategic initiatives such as acquisitions, and partnerships, to satiate the demands of different verticals.
Companies Featured
- Accenture PLC
- Planview, Inc.
- SAP SE
- Salesforce, Inc.
- Boston Consulting Group
- Medallia, Inc. (Thoma Bravo)
- Deloitte Touche Tohmatsu Limited
- HYPE Softwaretechnik GmbH (HYPE Innovation) (Main Capital Partners)
- IdeaScale
- InnovationCast
Market Segment Insights
- Services outlook showcases bifurcation into professional and managed services, with professional services garnering the lion's share in the recent past, owed to organizational access to adept innovation consulting.
- Under the function outlook, product development has eclipsed other segments in revenue generation, indicating its pivotal role in streamlining innovation management for efficiency and market readiness.
- The component outlook indicates a significant market share held by innovative solutions, benefiting from technological advances and the facilitation of seamless collaboration for innovation projects.
- A diversity of tools, including project management and marketing platforms, garners focused segments in the market, highlighting their integral role in supporting innovation management from conceptualization to execution.
- From a vertical perspective, manufacturing claims a notable portion of market share, reflecting the sector's comprehensive assimilation of innovation management systems.
- Geographically, North America reigns supreme within the market, catalyzed by an intense competitive business climate and an inherent drive towards continuous innovation.
For more information about this report visit https://www.researchandmarkets.com/r/pj3g8y
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