Innovation Management Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017–2025

Innovation management is an integration of the management change and innovation processes. It refers business process, product and industrial innovation. The changing work culture become one of the key driver for the growth of the market. Various organization adopting the innovation management software and solution to innovate or improve the existing product according to customer demand. Moreover, raising demand of open or crowdsourcing innovations and increasing demand for innovative products provides rapid traction to the innovation management market globally.

Innovation management market taxonomy

On the basis of vertical, the global Innovation management market is classified 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

The retail & consumer goods vertical holds the dominant position in the global Innovation management market. With the help of innovation management solution the retailers finds a way to increase the distribution or sales of the product and innovate new business ideas which helps to improve the customer relations. Moreover the healthcare and pharmaceutical segment is projected to grow with the largest CAGR in the forecast period due to changing patient demand and digitalization. These changes have challenged the healthcare and pharmaceutical business to innovate the new strategies and fulfill the requirement of the patients.

On the basis of application, the global Innovation management market is classified into:

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

The product research & development platforms holds the dominant position in the global Innovation management market. The increasing demand of advanced product and changing requirement of the customers has forced the companies to adopt innovation management solution to innovate new product. Moreover the collective intelligence & prediction platforms segment is expected to grow with largest CAGR owing to open and crowdsourcing innovation helps to generate ideas offers the growth opportunity to the segment in the innovation management market.

On the basis of deployment model, the global Innovation management market is classified into:

  • Cloud based model
  • On premises model

The cloud deployment model is expected to grow with largest CAGR during the forecast period. Due to less cost in terms of maintenance, licensing and deployment and provides remote location access features has increased the demand of cloud based innovation management market globally.

On the basis of organization size, the global Innovation management market is classified into:

  • Large Enterprises
  • Small & Medium Enterprises

The Small & Medium Enterprises is expected to grow with the largest CAGR during the forecast period. Due to increasing stiff competition in the market and changing customer requirement has increased the demand of the innovation management software and solution market in the small and medium enterprises. 

On the basis of revenue type, the global Innovation management market is classified into:

  • Software
  • Services

Innovation management Market Outlook – North America holds the largest market of the global Innovation management market.

On the basis of geography, global Innovation management market is classified into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America holds the dominant position in the global Innovation management market 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 provides the growth opportunity to the Innovation management market in North America region. In addition of this, the demand of better business processes and operational efficiency at low operating costs is forecasted to drive the market of innovation management in this region

Key companies of global Innovation management market

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. are some of the key companies of the global Innovation management market.

Research Methodology

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  • 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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