Seattle, WA -- (SBWire) -- 09/21/2017 --According to a new market research report "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", published by MarketsandMarkets™, 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.
Browse 60 market data tables and 71 figures spread through 148 pages and in-depth TOC on "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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Some of the major factors driving the innovation management market include changing work cultures in different organizations, increasing demand for open or crowdsourcing innovations from various organizations, and increased focus of companies on the development of new and innovative products.
Innovation management software is expected to hold the largest market share in the innovation management market
Innovation management software market is expected to hold the largest market share during the forecast period. Companies across the globe are carrying out innovations in their existing product portfolios to increase their market shares. Increased demand for innovative products across the globe is driving innovation management software companies to develop new products that meet customer requirements. The product research & development platforms is projected to hold the largest market share during the forecast period in the innovation management market. The increased demand for innovative products leads to the development of new products by companies to cater to the changing requirements of customers. The ideas given by employees through the innovation management platform help R&D departments of the concerned enterprises to upgrade and develop their products accordingly.
The market for retail & consumer goods vertical is expected to grow at the highest CAGR during the forecast period
The retail & consumer goods vertical is projected to hold the highest market share during the forecast period in the innovation management market. The vertical integrates advanced technologies with the existing infrastructure, delivering real-time offers for customers. By linking innovation management with retail and consumer goods, retailers can find ways to maximize product distribution and come up with new business opportunities which also helps in improving products and customer relationships.
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North America is expected to hold the largest market share in the innovation management market
The innovation management market in North America is expected to hold the largest market share during the forecast period. It is expected to benefit from technological advancements and internet infrastructure, widespread adoption of new technology, and the presence of strong domestic solution providers contributing to the growth in demand for innovation management solutions. The need for better operational efficiency and business processes at low operating costs is expected to drive the growth of the innovation management market.
The major vendors covered in the innovation management market for this study include Qmarkets (Israel), BrightIdea, Inc. (U.S.), Imaginatik Plc (U.S.), Hype Innovation (Germany), IdeaScale (U.S.), Innosabi GmbH (Germany), Cognistremer (Belgium), Crowdicity Ltd (U.K.), Planbox, Inc. (Canada), Spigit, Inc. (U.S.), Exago (Portugal), Inno360, Inc. (U.S.), and SAP SE (Germany).
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Innovation Management Market Expected to Reach 1,519.2 Million USD by 2022
The innovation management market is projected to grow from an estimated USD 421.6 Million in 2017 to USD 1,519.2 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 29.2% during 2017–2022.