Companies all over the world are turning to crowdsourcing for innovation, recognising the potential and intelligence of their employees, partners, and customers. With the market being so competitive, businesses are looking for a first-mover advantage, increasing the demand for open innovation or crowdsourcing innovation. This is expected to fuel the global growth of the Innovation Management Market.
Cloud-based innovation management solution deployment is critical because it provides a flexible and scalable infrastructure for managing multiple devices and analysing ideas from employees, customers, and partners. Though cloud deployment makes it easier to implement innovation management solutions, there are numerous significant challenges such as legal regulations, security and safety, performance, reliability, transformation complexity, operational control, content governance, and, most importantly, promised Return on Investment. This type of deployment has ROI benefits. Due to challenges such as the need for high bandwidth, security concerns, and slow processing speed, this deployment mode is expected to gain little traction in the innovation management market.
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