The process of managing an organization's innovation method, from the first step of ideation to the last stage of effective implementation, is referred to as "innovation management." It includes the decisions, activities, and practices associated with developing and implementing an innovation strategy. The innovation management tool is available on the corporate collaboration software market. These technologies are derived from simpler concept management approaches. Further, these tools can be cloud-based or on-premises.
Cloud computing and social networks aid in the development of innovation management tools. Companies use concept management software for competitions, co-creation, and open innovation. They're also used in finance, healthcare, media and communication technology, aerospace and defense, automotive and manufacturing, and consumer goods industries. The services under the innovation management tools consist of consulting services, training and education services, and system design and integration services.
Industry Demand and Key Trends
In the era of digital transformation, businesses must innovate more frequently and quickly. Innovation drives business growth and keeps businesses one step ahead of their competitors. A changing market requires the creation of new products, services, and technologies, and innovation management supports these efforts. Proper innovation management tools also boost employee engagement and customer satisfaction. Developer firms have launched technologies that make invention management easier. Users can utilize these tools to contribute ideas, collaborate, vote, and offer comments. With the prevalence of remote work in a post-COVID-19 society, the usage of innovation management systems is increasing. Additionally, the growth of new enterprises, startups, and businesses is also driving the market. According to the US Census Bureau, an average of 4.4 million businesses are established each year in the US alone. The commencement of the pandemic in 2020 has resulted in an increase in the number of new enterprises. According to US Census Bureau data, 5.4 million new company applications were filed in 2021, the most of any year in history and a 53% increase over 2019. Due to all such factors, according to OMR Research, the global innovation management tools market is projected to grow at a CAGR of 15.1% during the forecast period (2023-2029).
Recent Developments
Accenture Plc, Brightidea, Inc., Accept Mission, Ideawake, Idea Drop, Boston Consulting Group, Innolytics GmbH, and others are among the leading firms providing the worldwide innovation management industry. To remain competitive in the market, industry players are significantly contributing to market growth via the implementation of different strategies such as mergers and acquisitions, partnerships, collaborations, investments, and new product launches. Some key recent activities in the market include-
• In October 2022, Brightidea, the global leader in innovation and idea management software, developed Brightidea Memo, the world's first purpose-built software solution to assist longform narrative innovation processes. The system enables users to start the process with a basic concept or team goal, whether on an annual, quarterly, or ad hoc basis. Based on that concept, the system will lead the user through the process of creating a strategic business case using longform narrative writing, based on the industry, category, and timetable. The program includes templates, tools, research guidelines, assessment capabilities, and other features that allow the user to quickly turn around and submit their proposal to corporate leaders for discussion, review, and approval.
• In February 2022, Ideawake secured a $1,000,000 strategic round of funding with HealthX Ventures, allowing the firm to accelerate its market penetration in healthcare. The company’s software assists companies in streamlining the process of recording, prioritizing, and acting on ideas generated by frontline staff. The platform has been utilized to engage employees and their thoughts on subjects of interest to healthcare professionals, such as COVID-19 safety standards, enhancing mental health outcomes, and expanding quality improvement initiatives.