Innovation as a service market is estimated to be valued at US$ 5.27 Billion in 2030; 17% CAGR Projected- Coherent Market Insights

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the innovation as a service market.

Coherent Market Insights’ analyst projected the innovation as a service market to be valued at US$ 5.27 Bn in 2030. It is expected to exhibit a CAGR of 17% over the forecast period 2023 -2030.

Market Dynamics:

Surging demand for innovation service model from organizations drives market growth. These service models boost product development process and gain competitive advantage.

Moreover, shifting focus of companies towards core competencies and outsourcing non-core operations is also fuelling the market growth.

Market Trends:

• Emphasis on customer-driven innovation is a key trend driving market growth. Organizations focus on customer-driven innovation and gain deep customer insights. These insights are used to develop products and services that closely match customer needs and pain points.

• Emergence of AI and automation is another trend that is gaining momentum. The innovation lifecycle is being revolutionized by the emergence of technologies such as artificial intelligence, machine learning, and robotic process automation. Innovation as a service providers are increasingly adopting these technologies to automate routine tasks and deliver enhanced services to their clients.

Innovation as a Service Market Opportunities

• The solutions segment of IaaS is expected to hold a dominant position. This is owing to increasing demand for ready-to-use products and services from clients across industries to drive innovations. Solutions help organizations reduce costs and focus more on innovation activities.

• The services segment of IaaS is anticipated to witness significant growth during the forecast period. Various services like professional and managed offered by IaaS vendors help organizations across sectors implement innovation strategies smoothly and achieve desired outcomes.

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Key Market Takeaways

• Innovation as a Service (IaaS) market is anticipated to witness a CAGR of 17% during the forecast period 2023-2030. This is due to growing need of organizations to leverage external capabilities for innovations and gain competitive advantage.

• On the basis of component, solutions segment is expected to hold a dominant position. This is due to increasing demand for ready-to-use products and services from clients across industries to drive innovations.

• On the basis of application, product development segment is expected to hold a dominant position. This is due to growing importance of developing new and improved products to meet constantly changing customer needs.

• On the basis of region, North America is expected to hold a dominant position over the forecast period, due to presence of major IaaS providers and growing innovation spending by organizations in the region.

Competitor Insights

Key players operating in the innovation as a service market include

• Accenture
• Deloitte
• IBM
• PwC
• Cognizant
• Capgemini
• Ernst & Young Global Limited
• KPMG
• Wipro
• HCL Technologies Limited
• Infosys Limited
• Tech Mahindra Limited

Recent Developments: 

• In August 2022, Infosys, announced ‘CobaltFX’, an enterprise innovation-as-a-service platform that accelerates cloud-powered business transformation. It offers an on-demand multi-enterprise collaboration environment for firms looking to accelerate innovation.

• In November 2020, TCS released the Neural Automotive and Industrial Experience (NAIE) platform, an innovation as a service solution for the automotive and industrial production industries. It intends to assist businesses in using emerging technologies such as AI, machine learning, and the Internet of Things.

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defence, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.