According to a research report "Innovation Management Market by Offering (Solution and Services), Function (Product Development, Business Processes), Application (Design Platforms, Marketing Platforms), Vertical (Telecom, BFSI, Retail & eCommerce) and Region - Global Forecast to 2028", published by MarketsandMarkets, the global innovation management market size is projected to grow from USD 1.3 billion in 2023 to USD 2.1 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 10.8%.
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Expanding into new markets and reaching diverse customer bases requires continuous innovation. Innovation management tools help companies adapt their products and services to meet the unique needs of different markets. The imperative to expand into new markets and cater to diverse customer bases is a catalyst for continuous innovation. Innovation management tools play a pivotal role by enabling companies to tailor their offerings to address the distinct demands of various markets, thereby driving the demand for innovation management solutions in the market.
By offering, solution segment to register the fastest growth rate during the forecast period.
In regulated industries, the constantly evolving legal and compliance landscape poses a significant challenge. Innovation management becomes instrumental in navigating these complexities as it provides a systematic framework to develop, adapt, and ensure that solutions align with stringent regulatory standards. This assurance of compliance not only mitigates risks but also opens up opportunities for organizations to proactively innovate within these constraints. Consequently, the demand for innovation management solutions intensifies, driven by the imperative to not only meet regulatory requirements but also leverage innovation as a strategic advantage within regulated sectors, thereby fostering the growth of the innovation management market.
By vertical, the IT & ITeS segment is estimated to account for the largest market share in 2023.
The IT industry is constantly evolving, and organizations need to be able to develop new products and services to stay ahead of the competition. Innovation management can help IT and ITeS organizations to identify new opportunities, generate new ideas, and bring new products and services to the market quickly. By continuously evaluating and improving their products and services, organizations can ensure that they are meeting the needs of their customers and improve existing products and services.
Asia Pacific to have the highest growth rate during the forecast period
Governments in the Asia-Pacific region are increasingly realizing the critical role innovation plays in economic growth and competitiveness. To boost innovation, they're deploying policies, incentives, and funding programs like tax breaks, grants, and R&D support. These measures lower financial and regulatory barriers, making innovation management more appealing to organizations. Moreover, they act as potent drivers for innovation management. They provide financial resources for R&D, ease the cost burden through incentives, and foster collaboration across sectors. In sum, government initiatives not only promote innovation adoption but also fuel the growth of innovation management practices and technologies in the Asia-Pacific.