Innovation Management Market Size

Innovation Management Market size was valued at USD 1.6 billion in 2022 and is estimated to register a CAGR of over 9% between 2023 and 2032, propelled by an increasing emphasis on innovation. Businesses across various industries have recognized the importance of innovation for sustaining and growing their operations. As competition intensifies, organizations are increasingly investing in innovation management solutions to foster a culture of creativity, streamline idea generation and evaluation, and bring new products and services to market faster.

For instance, in October 2023, a French startup named Tekshelf unveiled a cutting-edge technology designed to enhance the intelligence of store shelves to optimize inventory management. This innovative solution not only focuses on inventory control but also plays a role in combatting food waste. Presently, the technology is in the testing phase at a Carrefour store near Marseille, France.

On the other hand, many organizations, especially larger and more traditional ones, often face internal resistance to change. Implementing innovation management practices and technologies can disrupt established workflows and corporate culture. Resistance to change from employees and management can impede the adoption of innovation management solutions.