CHICAGO, May 27, 2020 /PRNewswire/ -- According to a new
market research report "Innovation Management
Market by Function (Product Development & Business
Processes), Type (Solutions & Services), Deployment Mode,
Enterprise Size, Vertical (Healthcare & Pharmaceuticals, IT
& Telecommunications), and Region - Global Forecast to
2025", published by MarketsandMarkets™, the global Innovation
Management Market size to grow from USD 918
million in 2020 to USD 1,663
million by 2025, at a Compound Annual Growth Rate (CAGR) of
12.6% during the forecast period. The major growth factors for the
market include the increasing demand for crowdsourcing innovation
across verticals and changing work culture in enterprises. However,
the mindset of leaders towards traditional approaches may restrain
the market growth.
Browse in-depth TOC on "Innovation Management
Market"
114 – Tables
36 – Figures
159 – Pages
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IT and telecommunications vertical to hold the largest market
size during the forecast period
The Innovation Management Market is segregated into various
verticals, including aerospace and defense, Banking, Financial
Services, and Insurance (BFSI), healthcare and pharmaceuticals,
government, retail and eCommerce, IT and telecommunications,
manufacturing, transportation and logistics, and others (education,
media and entertainment, legal, construction, agriculture, energy
and utilities, and Non Profit Organizations [NPOs]). These
verticals are expected to witness high adoption of innovation
management solutions to achieve benefits, such as optimized storage
information resources, lower risks, improved enterprise efficiency,
and transparency in innovation of enterprises.
Among these verticals, the IT and telecommunications vertical is
expected to grow at the highest growth rate, due to the growing
need for creative and innovative ideas is considered important for
the growth of the IT and telecommunications vertical. Also, new and
innovative ideas for this vertical have led telcos from all regions
to engage themselves in activities within or outside their
companies.
System integration segment to hold the highest market share
during the forecast period
The type segment of the Innovation Management Market is sub
segmented into solutions and services. The services segment is
further segmented into consulting; system integration; and
training, support, and maintenance. Among these services, the
system integration segment is expected to hold the highest market
share during the forecast period. These services efficiently
implement and integrate Innovation management solutions with
existing IT infrastructure systems. Moreover, they cater to the
integration of essential software to assemble scattered systems of
devices that remain effectually linked to IT infrastructures.
Asia Pacific to grow at the
highest growth rate during the forecast period
Asia Pacific (APAC) is expected
to grow at the highest growth rate in the global Innovation
Management Market. Many countries in APAC are increasingly moving
toward the digitalization of their processes, resulting in a larger
generation of data. There is a rise in competition in the
Innovation Management Market, due to the increasing
enterprise information by large enterprises as well as Small and
Medium-sized Enterprises (SMEs). Innovation management solutions
are playing an important role in addressing the demand for storage
devices and reducing the cost of IT infrastructure.
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The major innovation management vendors operating in the market
include Accenture (Ireland), SAP
(Germany), Sopheon (US), Planview
(US), Qmarkets (Israel),
Brightidea (US), Planbox (Canada),
HYPE (Germany), IdeaScale (US),
innosabi (Germany), Viima
(Finland), Exago (Portugal), inno360 (US), KPMG (Netherlands), InnovationCast (Portugal), Nosco (Denmark), Salesforce (US), and InnoCentive
(US).
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