The evolution of technology is growing rapidly. A large number of software and hardware developer companies are focusing on developing solutions that can cater to growing consumer needs. In order to support these innovations, companies have started adopting the software and process of design thinking. Design thinking is an approach used in innovating a new solution. Design thinking helps in identifying and solving problems faced while inventing a new solution. Design thinking rectifies challenges and uses them as a tool to develop practical solutions to address those challenges. The process of design thinking has been widely adopted by organizations to develop human-centered approaches for creating a new product, processes and business models. A large number of design thinking toolkits have been created by various vendors in the market that consists of various approaches to increase the effectiveness of innovation and accelerate that process. The process of design thinking includes defining a problem, exploring the idea, visualizing solutions, integration, and feedbacks and then launching the solution.
Vendors in the market are focusing on creating different platforms that provide a streamlined approach to the problem and determine effective solution thereby accelerating optimal outcomes. The adoption of design thinking toolkits and platforms is increasing by business organizations to support individual’s capabilities to think in an innovative manner and design an outcome by proving a structured approach to the idea.
Design Thinking Market: Drivers and Restraints
The Design Thinking helps the users to visualize a problem from a different perspective. It helps the users to think creatively and provide solutions focusing on the idea. Design thinking also helps a user to determine the root cause rather than relying on any assumption or data performance reports. Such factors are driving the growth of the design thinking market. Through the use of design thinking, the final outcome solution meets the client’s requirement thereby helping organizations with customer retention.
The process of design thinking is less effective since it only provides solutions for solving the problems but does not identify the practicality of the situation. Also, design thinking offers its own set of solutions which results in lesser or null client interaction. This can lead to a creating of the solution that does not match the clients demand. Such factors are hindering the growth of the design thinking market.
Design Thinking Market: Segmentation
The design thinking market can be categorized on the basis of enterprise size, component and industry. The large enterprise segment has wide adoption of design thinking as these companies have large number of clients and employees and solutions such as design thinking drives the growth of large organizations by helping them in catering clients demand efficiently.
Based on Enterprise Size, the Design Thinking market is segmented into:Large Enterprise,Small and Medium Enterprise,Based on industry, the Design Thinking market is segmented into:Automotive,Electrical and Electronics,Pharmaceutical,Retail and e-commerce,Manufacturing,BFSI,Others,Based on component, the Design Thinking market is segmented into:Software,Services,Based on deployment, the Design Thinking market is segmented into:Software as a Service,On-Premises.
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Design Thinking Market: Competitive Landscape
Examples of some of the key players operating in the Design Thinking market are Enigma, IBM Corporation, upBOARD, Adobe Systems Incorporated, Planbox Inc. IDEO LLC and Intuit Inc.