According to Future Market Insights (FMI), the Innovation Management Market is projected to have a net worth of $3.1 billion in 2032, rising from $1 billion in 2021. It is estimated to experience an impressive CAGR of 10.7% over the projected years.
In the past decade, most global businesses have transitioned to digital modes that require a higher level of innovation in inventory management with agile data processing technologies. Product idea management has also emerged as an important business field, which has further fueled the demand for strategic management of technology and innovation solutions in the global market.
Continuous innovation to develop new products according to the demand of target customers is proving to be the most effective business model for big and small companies to stay competitive in the current market. The task of seamlessly sharing ideas and knowledge between multiple stakeholders has been greatly aided by the use of the idea management framework in the digital space of companies.
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The integration of cloud-based technologies and methods of AI-supported idea generation has also increased the popularity of innovation management processes for technology and innovation management in companies.
The growing focus of startups and established companies on penetrating different geographies by launching innovative and new products has created a great opportunity for the adoption of effective innovation management solutions. It also includes any activity aimed at improving the products or services available through innovation in inventory management for a more open business model.
The central theses
- Over the forecast period from 2022 to 2032, the market for innovation management is expected to grow by 2 billion billion in absolute terms in 2022.
- On the…