Why Companies Use Innovation Centers

Firms focus most on mobility, big data and analytics, and the internet of things

Toronto, ON (Aug. 4, 2015) – To gain insight into emerging trends and outpace the competition, firms are putting innovation centers in place. According to July 2015 research by Altimeter Group and Capgemini, nearly four in 10 companies polled worldwide had an innovation center.

Focus areas of innovation centres according to companies worldwide (July 2015)

Mobility – anything related to mobile technologies and apps – was the most popular area of focus, cited by nearly two-thirds of companies with innovation centers. The majority of respondents also had innovation centers that focused on big data and analytics, and nearly four in 10 had internet of things-related centers. Robotics, virtual reality and 3-D printing were far less common.

Respondents didn’t typically hold back once they started using innovation centers: 67% had a network of these, vs. 33% who had a single innovation center. The study suggested taking the route of the former group, as a network allows companies to “harness synergies across sectors, markets and capabilities.”

Companies with innovation centers were particularly focused on getting on top of up-and-coming technology trends. When the study asked about the main mission of innovation centers, 65% of respondents cited gaining exposure to the latest technologies, vs. 35% who were striving for a deeper understanding of customers’ needs.

Other research emphasizes consumer demand for innovation. Nearly two-thirds of US corporate executives polled by Lithium in May 2015 cited increased pressure to innovate as a way in which rising customer expectations had affected their firms. And companies are responding. In May 2015 polling by KPMG, 27% of CEOs worldwide cited fostering innovation as a strategic priority for the next three years, and a quarter ranked it as one of the most critical challenges they expected to face during the same timeframe.

About eMarketer

By gathering the latest research and news from over 1,000 sources, eMarketer has established itself as the world’s leading provider of internet and e-business statistics. eMarketer’s Web site is at www.emarketer.com.

eMarketer bases all of its forecasts on a multipronged approach that focuses on both worldwide and local trends in the economy, technology and population, along with company-, product-, country- and demographic-specific trends, and trends in specific consumer behaviors. We analyze quantitative and qualitative data from a variety of research firms, government agencies, media outlets and company reports, weighting each piece of information based on methodology and soundness.

In addition, every element of each eMarketer forecast fits within the larger matrix of all its forecasts, with the same assumptions and general framework used to project figures in a wide variety of areas. Regular re-evaluation of each forecast means those assumptions and framework are constantly updated to reflect new market developments and other trends.

SOURCE: eMarketer