The Innovation Management Tool market is expected to grow at around USD 1,900 Million by 2024, at a Compound Annual Growth Rate (CAGR) approximate of 34.0% during 2019–2024. Innovation management is a combination of the management of innovation processes, and change management. It refers to product, business process, marketing and organizational innovation. It involves introducing new and creative ideas in order to respond to internal and external opportunities. It makes use of innovation management tools for easy integration of new methods for implementation of innovations.
Innovation management includes a set of tools that allow managers plus workers or users to cooperate with a common understanding of processes and goals. Innovation management allows the organization to respond to external or internal opportunities, and use its creativity to introduce new ideas, processes or products. It is not relegated to R&D; it involves workers or users at every level in contributing creatively to an organization’s product or service development and marketing.
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The leading players operating in the market include BrightIdea, Inc. (US), Qmarkets (Israel), Hype Innovation (Germany), Innosabi GmbH (Germany), IdeaScale (US), Cognistremer (Belgium), Planbox, Inc. (Canada), Crowdicity Ltd (UK), Inc. (US), Exago (Portugal), and Inno360.
The regional analysis of Innovation Management Tool market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in Innovation Management market in North America attributes to the technical advancements and increasing need for innovative products to satisfy consumer needs in that region.
The research methodology used to estimate and forecast the innovation management market begins with capturing data on key vendor revenues and the market size of the individual segments through secondary sources such as industry associations, trade journals, and so on. Vendor offerings are also taken into consideration to determine market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market from the individual technology segment. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key industry personnel, such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary discussion participants is depicted in the below figure:
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The Innovation Management Tool market is expected to grow at around USD 1,900 Million by 2024, at a Compound Annual Growth Rate (CAGR) approximate of 34.0% during 2019–2024.
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— MarketInsightsReport (@MIRresearch) July 11, 2019