Innovation management is an amalgamation of change management and management of innovation process. It refers to organizational innovation, product and business process. It comprises set of tools that permit engineers and managers to cooperate with a mutual understanding of processes and goals.
Moreover, it also allows the organization to respond to internal or external opportunities and use its creativity to introduce new processes, ideas and products. It is not regulated to research and development, it encompasses workers at each level in contributing productively to a company’s marketing, product development and manufacturing.
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The market is driven primarily due to the change in work culture in various organizations. Real innovations begins with the company’s culture. By using innovation management tools, the management of an organizations is likely to deploy and trigger the creative capabilities of the workforce for the continuous development of the company.
The major aim of the innovation management in an organization is to cultivate a suitable environment to boost innovation. Another major factor driving the global innovations management market is the increasing focus of the companies in the new innovative product development. Innovation management tries to renew the organization’s significance to those it functions.
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The emphasis is on external factors, conditions and dynamics in ascertaining needs and prospects and altering them into solutions and customers respectively. Its purpose is to develop and present innovative value propositions in the form of new processes, products, or services. Innovation is integrally allocentric, engrossed externally on aiding others. Its chief concern is fostering efforts of developing new value.
Evaluating feasibility and practicality of the ideas proposed is one of the major challenging factor in the global innovation management market. Many times the goal to create new technology depends on the resources that we have. The feasibility evaluation sometimes turns out to be difficult for the implementation of ideas proposed.
Rising adoption of cloud based technology is likely to be one of the major opportunities in the global innovation management market. Increasing automation, and security are some of the factors that is likely to be improvised thereby helping the market to bloom during the forecast period. Another major opportunities in this market is the collaboration of innovation management software with enterprise social platforms and social media platforms to attain effective innovations.
The innovation management market on the basis of type is bifurcated into software and services. Based on deployment mode the market is segregated into cloud and on-premises. Moreover, on the basis of organizational structure the market encompasses small/medium enterprises and large enterprises. Based on the application, the market has been bifurcated into Freelancers and Human Resource Platforms, Product Research & Development Platforms; Design, Marketing and Idea Platforms and Collective Prediction and Intelligence Platforms. The product research and development segment accounted the highest market share during the estimated period due to the increasing demand of the innovative products that caters the changing needs of the customers. Additionally, on the basis of industries the market is segmented into BFSI (Banking, Financial Services and Insurance), Aerospace and Defense, Healthcare, Retail, Logistics and Transportation, IT and Communication Technology and Others. Retail sector accounted for the highest market share during the forecast period.
The regional split of the market encompasses North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America is expected to hold the highest market share during the forecast period. Presence of strong domestic solution providers, technological advancement, and extensive adoption of technology and internet infrastructure are the few factors responsible for the market growth.
Some of the top players in the global innovation management market encompasses Brightidea, Inc. (U.S.), Qmarkets (Israel), Imaginatik PLC (U.S.), Ideascale (U.S.), Hype Innovation, Inc.(Germany), Innosabi GmbH (Germany), Crowdicity Ltd. (U.K.), Cognistreamer (Belgium), Planbox, Inc.(Canada), Exago (Portugal), Spigit, Inc. (U.S.), Inno360, Inc.(U.S.) and SAP SE (Germany) among others.