Innovation management refers to leveraging new technologies and strategies to drive innovation within organizations. Products in this space allow organizations to capture, develop and protect ideas, map relationships between concepts and projects, and collaborate efficiently on innovation initiatives. With technology enabling constant connectivity and real-time sharing, innovation management platforms facilitate idea generation, evaluation and implementation across distributed teams. Features include collaborative workspaces, integrated development environments, performance management and intellectual property management.
The global Innovation Management Market is estimated to be valued at US$ 3.8 billion 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 key trends in the innovation management market is the increasing adoption of cloud-based solutions. Cloud deployment offers benefits such as low initial investment, scalability, easy collaboration and mobility. It allows organizations to leverage innovation management capabilities without having to make large capital investments. This has resulted in more companies embracing Software-as-a-Service models. Furthermore, the use of AI and analytics is gaining prominence in the innovation management space. Tools are being developed that can analyze vast amounts of internal and external data to identify patterns and surface highly innovative ideas. They can also provide real-time insights into project performance. AI powered tools are helping organizations optimize and scale up their innovation processes.
Threat of new entrants: The threat of new entrants is moderate as significant capital is required to enter the innovation management market. Established players hold large market share and have strong relationships with customers.
Bargaining power of buyers: The bargaining power of buyers is high given the presence of many innovation management solution providers. Buyers can negotiate on pricing and demand additional features.
Bargaining power of suppliers: Suppliers do not have significant bargaining power given the availability of alternative component suppliers in the market.
Threat of new substitutes: The threat of substitutes is low as there are no direct substitute products for innovation management solutions.
Competitive rivalry: The competitive rivalry is high among key players like DASSAULT SYSTEMES SA, Arxspan LLC., LabArchives, LLC, Abbott Informatics Corp., PerkinElmer, Inc., LabWare, Inc., Bruker Corporation, ID Business Solutions Ltd., and Kinematik US & Inc. who compete based on product offerings and pricing.
The Global Innovation Management Market Demand is expected to witness high growth.
Regional analysis: North America accounted for the largest market share in 2022 and is expected to maintain its dominance during the forecast period. The growth can be attributed to increased adoption of Innovation Management solutions by SMEs and large enterprises across verticals such as healthcare, manufacturing among others to streamline product development & accelerate time to market.
Key players operating in the Innovation Management market are DASSAULT SYSTEMES SA, Arxspan LLC., LabArchives, LLC, Abbott Informatics Corp., PerkinElmer, Inc., LabWare, Inc., Bruker Corporation, ID Business Solutions Ltd., and Kinematik US & Inc. Players are focusing on new product launches and mergers & acquisitions to expand their global footprints.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it