by The global Innovation Management Market facilitates organizations to generate new ideas and insights and harness their innovative potential. Innovation Management software help companies conceptualize, build, launch, and scale new business models and solutions. They provide collaborative platforms for employees to share knowledge and identify areas of improvement.
The global Innovation Management Market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends catalyzing the growth of the innovation management market is the increased adoption of cloud-based technologies. Cloud-based innovation management solutions offer various advantages over on-premise systems such as scalability, flexibility, lower costs of ownership and maintenance. They facilitate innovation from anywhere using mobile and web-based applications. Furthermore, the cloud models eliminate upfront capital expenditures and recurring costs associated with hardware, software, and service contracts. They also ensure 24/7 data access and collaboration from any location. Owing to these compelling features, many organizations are switching to cloud-based innovation management tools to make their innovation processes agile and optimize costs. This shift towards cloud-based platforms is expected to drive the innovation management market substantially during the forecast period.
SWOT Analysis
Strength: Innovation management solutions help organizations streamline processes and foster an environment for innovation. They provide organization-wide visibility, collaboration and insights.
Weakness: High initial costs and complexity of deployment and integration of innovation management solutions. Requires changes to existing workflows and culture.
Opportunity: Growing need among organizations to systematically manage the idea to commercialization process and leverage external partnerships and crowdsourcing for new ideas.
Threats: Alternatives like general project management and documentation tools that offer overlapping features at lower costs. Complacency and resistance to change from certain divisions within organizations.
Key Takeaways
The Global Innovation Management Market Growth is expected to witness high over the forecast period of 2023 to 2030.
North America is expected to dominate the market during the forecast period due to rapid adoption of solutions among organizations to rationalize innovation processes. Europe is also anticipated to offer lucrative opportunities with presence of major players and focus on R&D activities across industries.
Key players operating in the Innovation Management Market are DASSUALT SYSTEMES SA, Arxspan LLC., LabArchives, LLC, Abbott Informatics Corp., PerkinElmer, Inc., LabWare, Inc., Bruker Corporation, ID Business Solutions Ltd., and Kinematik US & Inc.. The companies are focusing on new product launches and partnerships to expand market share. For instance, LabWare launched the LabWare LIMS solution in 2021 that facilitates sample and data management workflows in life sciences organizations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
