Innovation Management Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

  • To Be Published : Jul 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Innovation management is a set of tools that enables managers and engineers to cooperate with a common understanding of processes and goals. This management system refers innovations for business processes, products, and industrial operations. Various organizations are increasingly adopting innovation management software and solutions to innovate or improve their existing products, depending on the specific demand of customers. Moreover, growing demand for open or crowdsourcing innovations and increasing demand for innovative products is expected to increase growth of the innovation management market globally.

Innovation Management Market Taxonomy

On the basis of vertical, the global innovation management market is segmented into:

  • Aerospace & Defense
  • Automotive & Manufacturing
  • Banking, Financial Services, and Insurance
  • Healthcare & Pharmaceuticals
  • IT, Media, and Communication Technology
  • Public Sector & Education
  • Retail & Consumer Goods
  • Transportation & Logistics
  • Others

Among verticals, the retail & consumer goods segment holds a dominant position in the global innovation management market. Increasing adoption of innovation management solutions by retailers to help improve distribution or sales of the product and innovate new business ideas, which helps to improve the customer relations. This in turn, is boosting demand for innovation management. Moreover the healthcare and pharmaceutical segment is projected to grow with significantly over the forecast period due to changing patient demand and digitalization.

On the basis of application, the global innovation management market is segmented into:

  • Collective Intelligence & Prediction Platforms
  • Human Resource Platforms
  • Marketing, Design, and Idea Platforms
  • Product Research & Development Platforms

Among applications, the product research & development platforms segment holds a dominant position in the global innovation management market. Increasing demand for advanced product and changing requirement of the customers is influencing companies to adopt innovation management solutions to innovate new product. Moreover, the collective intelligence & prediction platforms segment is expected to exhibit significant growth, owing to open and crowdsourcing innovation to help generate new ideas.

On the basis of deployment model, the global innovation management market is segmented into:

  • Cloud-based model
  • On-premises model

Among deployment model, the cloud-based model is expected witness highest growth during the forecast period, owing to low cost in terms of maintenance, licensing, and deployment, allowing remote location access, in turn, boosting demand for cloud-based innovation management market globally.

On the basis of organization size, the global innovation management market is segmented into:

  • Large Enterprises
  • Small & Medium Enterprises

The Small & Medium Enterprises segment is expected to hold the largest market share during the forecast period. These enterprises majorly focus on improvement to suffice the demand for their customers, in turn increasingly adopting innovation management software and solutions.

On the basis of revenue type, the global innovation management market is segmented into:

  • Software
  • Services

North America holds the largest market share of the global innovation management market

On the basis of geography, global innovation management market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period. Due to the strong presence of solution providers, highly adoption of new technology, and internet infrastructure, the market is expected to witness substantial growth in the region.

Key companies of global innovation management market

Key companies operating in the global innovation management market include Brightidea, Incorporated, CogniStreamer, Crowdicity Ltd., Exago Inc., Hype Innovation, Inc., Ideascale, Imaginatik PLC, Inno360, Inc., Innosabi GmbH, Planbox, Inc., Qmarkets, SAP SE and Spigit, Inc.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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