MarketsandMarkets, a global market research and consulting company, recognized Planbox as a major player in the fast growing innovation management market that is expected to top $1.5 billion in revenues by 2022. The innovation management market is projected to grow from an estimated USD 421.6 Million in 2017 to USD 1,519.2 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 29.2% during 2017–2022.
“Planbox is one of the prominent players in the innovation management market. Planbox innovation management software has a wide range of tools, such as a configurable content and event management platform for engagement, collaboration, and analytics. These tools are used to streamline business processes by using a robust enterprise software solution.” – MarketsandMarkets research.
Organizations are looking for new ways to better monetize existing products and services and doubling their efforts to find new innovative solutions. These demands are further exacerbated by continued pressure to improve operational efficiency and business processes to further reduce costs. This comprehensive research cited the following three organizational challenges driving growth for innovation management solution providers: changing work cultures, demand for crowdsourcing and pressure to continuously innovate.
The survival of the fittest has reached new heights and it is forecasted that this pressure will continue to mount. In 10 years, it is predicted that 40% of the Fortune 500 companies will no longer exist based on a study from the John M. Olin School of Business at Washington University. And by 2020, more than three quarters of the S&P 500 will be comprised of new companies that we have not heard of yet said Richard Foster, Yale University
“We have experienced strong growth for the past 24 months as organizations prioritize innovation as an imperative strategic investment and understand the urgency to innovate consistently.”, stated Ludwig Melik, Planbox CEO, “Our clients are looking for a purpose driven solution that can provide the focus and structure they need to develop innovation as a core competency and inject regularly planned and executed innovation activities into the organization’s DNA”.
MarketsandMarkets research Innovation Management Market by Type (Software, Services), Service, Deployment Mode, Organization Size, Application (Product Research & Development Platforms, Marketing, Design, and Idea Platforms), Vertical, and Region – Global Forecast to 2022 can be purchased and downloaded here.
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About Planbox
Planbox is the pioneering provider of cloud-based AI-Powered Agile Work Innovation solutions – from creative ideas to winning projects. Our mission is to help organizations thrive by transforming the culture of agile work, continuous innovation and creativity across the entire organization. Our family of products include Collaborative Innovation Management, Team Decision Making, and Work Management applications. Planbox is designed to be the agile work innovation tool for everyone, built for companies and teams of all sizes and trusted by some of the world’s most recognized brands including Bridgestone, Great-West Insurance, Honeywell, Panama Canal Authority, Sealed Air, Sun Life Financial, Willis Towers Watson and Verizon with millions of internal and external users. To learn more, visit: www.planbox.com and unleash your innovation butterfly.
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