Innovation management is a blend of strategic planning, process innovation, and change management, also known as strategic innovation planning. It focuses on the implementation of technology transformation strategies, and the associated change management activities. Innovation management is also the field of TC279 standards being developed by international standard bodies. Innovation management involves planning, organizing, managing, and operating the implementation of technology transformation initiatives on a global scale. It is concerned with the creation of new knowledge resources and the creation of new procedures and models for the conduct of innovative activities.
The main aim of innovation management is to foster and stimulate organizational change, which is primarily based on the principles of open innovation and transparency, by building an organizational culture that is capable of innovation activities and ideas to drive organizational growth. It encompasses all the key processes that are necessary for the success of any innovative idea, such as design conception to conceptualization to the development to the implementation stage, and finally to the commercialization of those ideas into innovative products and services. This involves the different processes of discovery, development, testing, demonstration, and regulation of novel processes. It also involves the training and the evaluation of personnel involved in the various phases of these innovative activities and systems. It also involves the monitoring of organizational culture and practices of openness, integrity, responsibility, quality, and safety.
Market Dynamics
The main factor driving the growth of the innovation management market is organizations changing their workplace culture. The real innovation begins with the company's culture of work. Utilizing the innovation management tools, organizational managements can easily deploy and trigger the workforce's creative capabilities and accelerate the company development processes. For instance, in 2020, Innospec was awarded the first position in “Best Innovation Contributor Beauty Care 2020” owing to its outstanding support in helping Henket to introduce a shampoo powder in its aimed time with its surfactant technology, Pureact. The rising need for product differentiation is also expected to influence the growth of the innovation management market positively.
However, the high cost and the risks related to data security are the main restraining factors hindering the market growth.
This market is distributed in five regions that include North America, Europe, Asia-Pacific, Middle East, and Africa, and Latin America. Among these, North America is estimated to hold a bigger share of the innovation management market owing to the interests of organizations towards technological advancements, the rapid adoption of innovative technology, and the prominence of domestic solution providers. The rising concerns related to managing better efficiency of operational processes and business with minimal expenditure are estimated to drive the research and development activities of the region resulting in the creation of new opportunities for innovation management there. For instance, according to UNESCO Institute for Statistics, the U.S. R&D expenditure in 2019 was 2.7% of the net GDP, while R&D expenditures in terms of PPP$ were approximately 340,728 million. The innovation management market in Europe is estimated to witness significant growth owing to the presence of key players in the region.
Competitive Analysis
Key companies operating in the global innovation management market include Spigit, Inc., Qmarkets, SAP SE, Planbox, Inc., , Inno360, Inc., Innosabi GmbH, Imaginatik PLC, Hype Innovation, Ideascale, Inc., Exago Inc., CogniStreamer, Crowdicity Ltd., and Brightidea Incorporated,
In 2018, Regalix, a company owned by Silicon Valley allied with Qmarkets to expand its product portfolio in South Asia. Likewise in 2019, HYPE Innovation was acquired by Main Capital.
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