Innovation Management Market worth $5.38 billion by 2030 | MarketsandMarkets™

DELRAY BEACH, Fla., Aug. 30, 2025 /PRNewswire/ -- According to MarketsandMarkets™, the Innovation Management Market is projected to reach USD 5.38 billion by 2030 from USD 2.98 billion in 2025, registering a CAGR of 12.6% from 2025 to 2030.

Browse 300 market data Tables and 51 Figures spread through 250 Pages and in-depth TOC on "Innovation Management Market - Global Forecast to 2030"

Scope of the Report

• Market Size Available for Years: 2020–2030
• 2025 Market Size: USD 2.98 billion
• 2030 Projected Market Size: USD 5.38 billion
• CAGR (2025–2030): 12.6%
• Segments covered: Offering, function, vertical, and region
• Region Highlight:  North America to lead market during forecast period.

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Innovation management is becoming indispensable as organizations face rapid disruption and the need for continuous transformation. In the technology sector, it plays a crucial role in accelerating cloud adoption, AI integration, and platform-driven ecosystems, enabling companies to launch new digital services and stay ahead of the competition. In healthcare, innovation management has gained momentum with the rise of telemedicine, precision medicine, and AI-powered diagnostics, helping providers improve patient outcomes and adapt to post-pandemic digital shifts. Similarly, in the manufacturing sector, it drives Industry 4.0 adoption through digital twins, automation, and smart factories, allowing companies to optimize operations and reimagine supply chains. Key developments across these verticals include the rise of AI-enabled idea evaluation, open innovation platforms, sustainability-led innovation campaigns, and corporate co-innovation labs, ensuring ideas are transformed into scalable business outcomes. Collectively, innovation management ensures not just growth but also resilience, efficiency, and future readiness in these critical industries.

By offering, services segment to witness higher growth rate than solutions segment during forecast period

Innovation management services are becoming critical as organizations increasingly seek external expertise to design, implement, and scale structured innovation programs. These services help enterprises build governance models, idea pipelines, innovation roadmaps, and cultural transformation strategies, ensuring innovation is not ad hoc but embedded in business strategy. Service providers guide companies in adopting design thinking, agile methodologies, and digital platforms to accelerate innovation outcomes. A key development is the integration of AI, analytics, and automation into services, enabling smarter idea evaluation and RoI measurement. Consulting giants like Accenture and Deloitte have expanded their innovation management services through global hubs, co-creation labs, and startup ecosystem partnerships to help clients industrialize innovation at scale. For example, Accenture's Innovation Architecture blends consulting with technology implementation, ensuring ideas move from concept to market execution. Similarly, Deloitte Greenhouses offer immersive workshops and frameworks that help clients co-create and experiment with new business models. Increasingly, services also emphasize sustainability-driven innovation, helping organizations align with ESG goals and circular economy models. With enterprises facing disruptive competition, innovation management services are evolving into a strategic enabler of growth, resilience, and digital transformation, ensuring organizations can adapt and thrive in fast-changing markets.

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By vertical, BFSI segment to account for largest market size during forecast period

Innovation management is highly important in the BFSI segment as the industry faces digital disruption, changing customer expectations, and increasing regulatory pressures. By adopting structured innovation management, banks and insurers can launch new digital products, improve operational efficiency, and enhance customer trust while staying compliant. A major driver is the shift toward fintech collaboration, AI-driven personalization, blockchain-based security, and open banking ecosystems. Innovation management enables BFSI players to test new business models like digital-only banks, usage-based insurance, and embedded finance, while systematically measuring RoI. For instance, JPMorgan Chase has invested heavily in AI, blockchain, and innovation labs to reinvent payment systems and fraud detection. Similarly, Ping An Insurance (China) has leveraged innovation management to transform from a traditional insurer into a tech-driven ecosystem leader, offering healthtech, fintech, and smart city services. Key developments also include digital wallets, robo-advisors, and AI-powered risk assessment, which are reshaping customer engagement. Overall, innovation management in BFSI ensures not only competitiveness and profitability but also resilience and adaptability in a highly dynamic financial landscape.

North America to lead market during forecast period

Innovation management is critically important in North America, where rapid technological advancement, competitive markets, and strong startup ecosystems demand continuous transformation. The region is home to leading tech hubs like Silicon Valley, Boston, and Toronto, which foster collaboration between enterprises, universities, and startups. Companies in North America adopt innovation management to drive digital transformation, enhance customer experience, and maintain global competitiveness. Sectors such as technology, healthcare, BFSI, and manufacturing are at the forefront, leveraging structured frameworks to capture ideas, pilot emerging technologies, and scale successful models. Major developments include the widespread adoption of AI-driven platforms, cloud-first strategies, design thinking methodologies, and corporate innovation labs. Many organizations are also investing in open innovation and venture partnerships to tap into the region's vibrant startup ecosystem. Firms like Google, Microsoft, and IBM have established innovation centers to co-create with clients, while banks and insurers are integrating fintech collaboration into their innovation pipelines. Sustainability is also gaining traction, with companies embedding green innovation into supply chains and operations. Overall, innovation management in North America ensures that businesses remain resilient, agile, and customer-focused, positioning the region as a global leader in innovation-driven growth.

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Top Key Companies in Innovation Management Market:

The report profiles key market players such as Accenture (Ireland), Deloitte (UK), SAP (Germany), PwC (UK), EY (UK), Boston Consulting Group (US), KPMG (Netherlands), Siemens (Germany), Planview (US), Questel (France), Medallia (US), insightsoftware (US), GE Vernova (US), Miro (US), and Wellspring (US).

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