Innovation Management Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis,

Innovation management is an integration of the management change and innovation processes. It refers business process, product and industrial innovation. The changing work culture become one of the key driver for the growth of the market. Various organization adopting the innovation management software and solution to innovate or improve the existing product according to customer demand. Moreover, raising demand of open or crowdsourcing innovations and increasing demand for innovative products provides rapid traction to the innovation management market globally.

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Innovation management market taxonomy

On the basis of vertical, the global Innovation management market is classified into:

• Aerospace & Defense
• Automotive & Manufacturing
• Banking, Financial Services, and Insurance
• Healthcare & Pharmaceuticals
• IT, Media, and Communication Technology
• Public Sector & Education
• Retail & Consumer Goods
• Transportation & Logistics
• Others

The retail & consumer goods vertical holds the dominant position in the global Innovation management market. With the help of innovation management solution the retailers finds a way to increase the distribution or sales of the product and innovate new business ideas which helps to improve the customer relations. Moreover the healthcare and pharmaceutical segment is projected to grow with the largest CAGR in the forecast period due to changing patient demand and digitalization. These changes have challenged the healthcare and pharmaceutical business to innovate the new strategies and fulfill the requirement of the patients.

On the basis of application, the global Innovation management market is classified into:

• Collective Intelligence & Prediction Platforms
• Human Resource Platforms
• Marketing, Design, and Idea Platforms
• Product Research & Development Platforms

The product research & development platforms holds the dominant position in the global Innovation management market. The increasing demand of advanced product and changing requirement of the customers has forced the companies to adopt innovation management solution to innovate new product. Moreover the collective intelligence & prediction platforms segment is expected to grow with largest CAGR owing to open and crowdsourcing innovation helps to generate ideas offers the growth opportunity to the segment in the innovation management market.

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On the basis of deployment model, the global Innovation management market is classified into:

• Cloud based model
• On premises model

The cloud deployment model is expected to grow with largest CAGR during the forecast period. Due to less cost in terms of maintenance, licensing and deployment and provides remote location access features has increased the demand of cloud based innovation management market globally.

On the basis of organization size, the global Innovation management market is classified into:

• Large Enterprises
• Small & Medium Enterprises

The Small & Medium Enterprises is expected to grow with the largest CAGR during the forecast period. Due to increasing stiff competition in the market and changing customer requirement has increased the demand of the innovation management software and solution market in the small and medium enterprises.

On the basis of revenue type, the global Innovation management market is classified into:

• Software
• Services

Innovation management Market Outlook – North America holds the largest market of the global Innovation management market.

On the basis of geography, global Innovation management market is classified into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America holds the dominant position in the global Innovation management market in 2016 and is projected to retain its dominance throughout the forecast period. Due to the strong presence of solution providers, highly adoption of new technology and internet infrastructure provides the growth opportunity to the Innovation management market in North America region. In addition of this, the demand of better business processes and operational efficiency at low operating costs is forecasted to drive the market of innovation management in this region

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Key companies of global Innovation management market

Brightidea, Incorporated, CogniStreamer, Crowdicity Ltd., Exago Inc., Hype Innovation, Inc., Ideascale, Imaginatik PLC, Inno360, Inc., Innosabi GmbH, Planbox, Inc., Qmarkets, SAP SE and Spigit, Inc. are some of the key companies of the global Innovation management market.

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About Coherent Market Insights: Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services.