According to the research report titled ‘Global Innovation Management Market Size study with COVID-19 Impact, by Type (Solution and Services), Deployment Mode (Cloud and On-Premises), by Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), by Application ( Product Research & Development Platforms, Marketing, Design, & Idea Platforms, Collective Intelligence & Prediction Platforms and Human Resource & Freelancers Platforms), by Vertical (Banking, Financial Services, and Insurance (BFSI), IT, Media, & Communication Technology, Aerospace & Defense, Public Sector & Education, Healthcare & Pharmaceuticals, Retail & Consumer Goods, Automotive & Manufacturing, Transportation & Logistics and Others) and Regional Forecasts 2020-2026’, available with Market Study Report, global innovation management market generated revenues worth USD 703.8 million in the year 2019 and is predicted to expand with a CAGR of 29.2% between 2020 and 2026.
 

For those uninitiated, innovation management refers to novel practices, business processes and products within an enterprise, which is generally a combination of management of innovative processes and other operations changes. It involves introducing creative and new ideas in response to external as well as internal opportunities.
 

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Evolving work culture across various organizations along with focus towards developing innovative products and services are key factors driving the growth of global innovation management market. Growing popularity of crowdsourcing or open innovations is further aiding the market expansion.
 

Technological advancements among market majors is also facilitating the business scenario. In November 2019, for instance, Salesforce.com Inc. introduced an advanced health cloud innovation which is designed for medical device commercial operations as well as patient program management, thereby stimulating the industry outlook.
 

Global COVID-19 disease outbreak has in fact, allowed for robust creativity and innovations among organizations, institutions as well as at national and individual levels, which in turn is positively influencing the market growth. However, inefficiency of organizations while tracking ROI (return on investment) may act as a restraining factor to worldwide innovation management market.
 

Considering the regional landscape, North America accounts for a substantial share in the overall market and is expected to register commendable growth in the ensuing years, owing to rising adoption of innovation management solutions across various industry verticals. On the other hand, Asia-Pacific innovation management industry is slated to witness high CAGR through 2026.
 

Salesforce.com Inc., e-Zassi LLC, InnoCentive Inc., Nosco Inc., InnovationCast and KPMG International Cooperative are the major companies that formulate the competitive scenario of global innovation management market.