Global Innovation Management Market size is expected to reach $1.97 billion by 2025, growing at a CAGR of 24.58% during 2020-2025.
With the growing research and development activities in enterprises, companies are looking for streamlined approach to capture the ideas generated from various brainstorming sessions. Moreover, the company also needs a platform through which it can track the ROI generated from the innovative ideas. This leads to rising demand for the innovation management market. R&D spending by large companies worldwide has increased by 6.12% to reach $780 billion in 2018. Similarly, various countries such as the U.S., the U.K, France, Germany, India, and China are giving tax benefits to the companies, who carry out R&D activities.
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Key Takeaways
•North America dominates the innovation management market owing to rising R&D activities in the U.S.
•Cloud based deployment is expected to accelerate the innovation management market at a faster pace due to less initial investment.
•Rising R&D spending across the globe, growing spending on product lifecycle management, and growing organizational innovation will create new opportunity for innovation management market.
•High cost and risk of data security will restrain the innovation management industry growth during forecast period.
Application Type - Segment Analysis
Innovation management market is likely to register a CAGR of 25.88% from Product research and development application. Since 2015, organizations are actively conducting R&D to develop innovative product and solutions to bring disruption into the market. Most of the companies worldwide are organizing various local and global idea campaigns to foster innovation in products through shared experiences and ideas. Many organizations are conducting research through collaboration with other organization. This Ieads to the rising need for a common platform where the idea can be shared seamlessly.
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