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The innovation as a service market provides digital solutions for innovating new products and services. It offers platforms, capabilities, technologies, and expertise to help organizations innovate internally and externally. The growing need to remain competitive and rapidly adapt to changing market conditions is driving increased adoption of innovation as a service solutions.
The global Innovation as a Service Market is estimated to be valued at US$ 1.76 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of digital innovation solutions is one of the key trends driving the innovation as a service market. Organizations are increasingly recognizing that digital technologies can play a pivotal role in accelerating innovation. Innovation as a service providers offer platforms and tools that make the innovation process more collaborative, data-driven and technology-enabled. This helps organizations enhance connectivity across internal and external innovation networks to source new ideas and bring innovations to the market faster. The adoption of digital innovation solutions allows organizations to identify and react to emerging trends, customer needs and market opportunities on a real-time basis. It also improves transparency, communication and monitoring across innovation workflows. The growing recognition of these benefits is promoting increased investments in innovation as a service engagement models.
Segment Analysis
The global Innovation as a Service market is segmented on the basis of types of services into professional services and managed services. The professional services sub-segment currently dominates the market due to rising need of businesses to innovate existing processes and incorporate new technologies into workflows and operations to gain competitive advantage.
Key players
Key players operating in the Innovation as a Service market are Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, NuVasive, Inc., Globus Medical, Inc., Wright Medical Group N.V., Arthrex, Inc., DJO Global, Inc., Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., Bioventus LLC.
Regional analysis
North America region is currently the fastest growing as well as dominating region in the global market. This is attributed to strong presence of key innovation as a service providers and early adoption of latest technologies by businesses in the US and Canada.
Key Takeaways
The global Innovation as a Service Market is expected to witness high growth during the forecast period of 2023 to 2030.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
