Innovation management is a set of tools that enables managers and engineers to cooperate with a common understanding of processes and goals. This management system refers innovations for business processes, products, and industrial operations. Various organizations are increasingly adopting innovation management software and solutions to innovate or improve their existing products, depending on the specific demand of customers. Moreover, growing demand for open or crowdsourcing innovations and increasing demand for innovative products is expected to increase growth of the innovation management market globally.

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Innovation Management Market Taxonomy
On the basis of vertical, the global innovation management market is segmented into:
• Aerospace & Defense
• Automotive & Manufacturing
• Banking, Financial Services, and Insurance
• Healthcare & Pharmaceuticals
• IT, Media, and Communication Technology
• Public Sector & Education
• Retail & Consumer Goods
• Transportation & Logistics
• Others
Among verticals, the retail & consumer goods segment holds a dominant position in the global innovation management market. Increasing adoption of innovation management solutions by retailers to help improve distribution or sales of the product and innovate new business ideas, which helps to improve the customer relations. This in turn, is boosting demand for innovation management. Moreover the healthcare and pharmaceutical segment is projected to grow with significantly over the forecast period due to changing patient demand and digitalization.
On the basis of application, the global innovation management market is segmented into:
• Collective Intelligence & Prediction Platforms
• Human Resource Platforms
• Marketing, Design, and Idea Platforms
• Product Research & Development Platforms
Among applications, the product research & development platforms segment holds a dominant position in the global innovation management market. Increasing demand for advanced product and changing requirement of the customers is influencing companies to adopt innovation management solutions to innovate new product. Moreover, the collective intelligence & prediction platforms segment is expected to exhibit significant growth, owing to open and crowdsourcing innovation to help generate new ideas.
On the basis of deployment model, the global innovation management market is segmented into:
• Cloud-based model
• On-premises model
Among deployment model, the cloud-based model is expected witness highest growth during the forecast period, owing to low cost in terms of maintenance, licensing, and deployment, allowing remote location access, in turn, boosting demand for cloud-based innovation management market globally.
On the basis of organization size, the global innovation management market is segmented into:
• Large Enterprises
• Small & Medium Enterprises
The Small & Medium Enterprises segment is expected to hold the largest market share during the forecast period. These enterprises majorly focus on improvement to suffice the demand for their customers, in turn increasingly adopting innovation management software and solutions.
On the basis of revenue type, the global innovation management market is segmented into:
• Software
• Services

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North America holds the largest market share of the global innovation management market
On the basis of geography, global innovation management market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period. Due to the strong presence of solution providers, highly adoption of new technology, and internet infrastructure, the market is expected to witness substantial growth in the region.

Key companies of global innovation management market
Key companies operating in the global innovation management market include Brightidea, Incorporated, CogniStreamer, Crowdicity Ltd., Exago Inc., Hype Innovation, Inc., Ideascale, Imaginatik PLC, Inno360, Inc., Innosabi GmbH, Planbox, Inc., Qmarkets, SAP SE and Spigit, Inc.