This chapter explores the role of Artificial Intelligence (AI) in innovation management, focusing on its potential to accelerate the development of new products and services. It examines how AI technologies, including machine learning, natural language processing, and generative design, transform each stage of the innovation lifecycle—from idea generation to market introduction. The chapter also addresses key challenges such as ethical considerations, data quality, and integration issues, offering strategic recommendations for effective AI implementation. Future trends, including advanced AI capabilities, integration with emerging technologies, and ethical AI practices, are discussed to provide a forward-looking perspective. By leveraging AI, organizations can enhance decision-making, improve efficiency, and drive successful innovation. This chapter aims to equip readers with insights and strategies to harness AI effectively in their innovation processes.