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The u201cGlobal Intellectual Property Software Market, By Component(Software (Cloud-based and On Premise) and Services (Development &Implementation Services, Consulting Services and Maintenance & Support Services)) by Application (Patent Management, Trademark Management, Intellectual Property (IP) Portfolio Management, Intellectual Property (IP) Licensing, Intellectual Property (IP) Reporting & Analytics and Others), by End-use Industry (Individuals (independent Inventors), and Enterprises (Banking, Financial Institutions, and Insurance (BFSI), Government, Healthcare, IT & Telecommunication, Electronics, Manufacturing and Others)), and by Region (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027u201d, is expected to be valued at US$ 8,830.32 Million by 2027, witnessing a CAGR of 13.3 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.<br><br>
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Coherent Market InsightsMarket Research and Business Consulting Serviceshttps://www.coherentmarketinsights.comINTELLECTUAL PROPERTY SOFTWARE MARKET ANALYSIS
Market Overview • Intellectual property refers to a category of property that encompasses intangible creations of the human intellect. Intellectual property software allows users and organizations to efficiently protect and manage their intellectual properties. There are different types of intellectual properties and some countries recognize more than others. Intellectual property software is being increasingly adopted by end users to protect and develop a brand, keep their work confidential and private, and protect exclusive tenure of their creations, in order to gain advantage in the competitive market. Intellectual property rights enable the Ministry of Micro, Small and Medium Enterprises (SMEs) to have exceptionality over the exploitation of their creative designs, and their innovative original or new products, and brands. • The global intellectual property software market is estimated to account for US$ 3,015.2 Mn in terms of value in 2019 and is expected to grow at a CAGR of 14.3% during the forecasted period 2019-27.
Market Dynamics- Drivers • Rising focus on managing and protecting intellectual property is expected to drive growth of the global intellectual property software market during the forecast period • The protection and management of the intellectual property have become a top priority for many private organizations, especially in applications such as artistic, cultural, and technology industries. An efficient and equitable intellectual property software can help enterprises understand potential of intellectual property as a catalyst for cultural and social well-being and economic development. Moreover, intellectual property assets drive economic development in several ways, since many companies gain royalty incomes from licensing their IP assets to other parties. Thus, rising emphasis on protection and management of intellectual property is expected to support the market growth in the near future. • Increasing adoption of IP in digital economy and growth of new business models is expected to propel the global intellectual property software market over the forecast period • The intellectual property system plays a crucial role in the expansion of the digital society. Security, privacy, customer protection, and intellectual property are key factors that need to be addressed in order to promote digital economy. Hence, increase in adoption of IP in the digital economy is expected to boost expansion of the market in the near future. Furthermore, business models are related to technological innovation. The enforcement of intellectual property rights can underpin the sustainability, rise, and growth of new business models. Moreover, new technologies ensure stronger implementation of licenses or certificates to protect IP assets from duplications. Thus, these factors are expected to propel the global intellectual property software market growth during the forecast period.
North America region dominated the global intellectual property software market in 2019, accounting for 34.1% share in terms of value, followed by Europe and Asia Pacific, respectively.
Market Dynamics- Restraints • Low awareness regarding IP systems is expected to hamper the global intellectual property software market growth during the forecast period • Low awareness related to IP systems and their usefulness is the major restricting factor for the market growth. Consumers are less aware of the fact that intellectual property software provides a number of benefits apart from protection and management of intellectual property assets. Moreover, this lack of awareness is highly prevalent in emerging economies such as MEA and Latin America. Thus, these factors are expected to hamper growth of the market during the forecast period. • High costs and complexity related IP system are expected to restrain growth of the global intellectual property software market over the forecast period • The major challenge in large scale adoption of intellectual property software is the perceived high cost of the system. This is owing to costs related to acquisitions of IP rights. Moreover, complexity or ineffectiveness of the intellectual property systems, particularly in terms of implementation of patent rights is another factor hampering the growth of the market. As a result of this, many small and medium-sized companies are reluctant to adopt these technologies. According to the General Accounting Office (GAO) report, small industries, primarily high technology organizations, were losing possible deals in overseas markets by not applying for patent protection abroad. This is primarily due to the limited knowledge, high costs, and limited resources among small and medium businesses (SMBs) about foreign patent systems and laws.
Market Opportunities • Rampant development of information and communication technologies can provide significant growth opportunities • Intellectual property plays a major role in the development of information and communication technology (ICT). ICT provides industry players to reach out to markets at a lower cost in a significantly short period. Moreover, it is critical for SMEs to use IP systems, they are taking advantage of ICT. An integration of intellectual property protection and information and communication technologies is expected to improve the competitiveness of SMEs in the market. For instance, various enterprises are planning to design new products with different services to meet the diversified requirements of customers in the market. Therefore, with the availability of such technology, SMEs are adopting IP systems to protect their tangible and intangible assets to remain competitive and manage their customers in the market. • Rising adoption of IP for economic development in emerging economies can offer major business opportunities • Intellectual property assets have witnessed significant importance in the market, owing to major shift towards technology-based rivalry and beginning of a knowledge-based economy in the international markets. Emerging economies such as Middle East & Africa, Asia Pacific, and Latin America are expected to boost the demand for intellectual property software in the market. Currently, these countries are focused on adoption of new technologies for economic development. For instance, India, Russia, Brazil, and China are accommodating their national systems of the invention with international intellectual property (IP) management. Henceforth, the increasing adoption of the agreement on Trade-related Aspects of Intellectual Property Rights (TRIPS) by these economies is anticipated to maximize worldwide economic welfare in forthcoming years.
In global intellectual property software market, by application segment patent management sub-segment dominated the global intellectual property software market in 2019, accounting for 21.6% share in terms of value, followed by trademark management and intellectual property (IP) licensing.
Market Trends • Trends by components • Rising penetration of cloud-based intellectual property solutions • Cloud-based IP solutions are witnessing significant demand to support and protect IP assets across industries. Since the cloud offers excellent flexibility and value over a locally-installed intellectual property management system, it is witnessing high demand. Furthermore, cloud-based solutions enable integration of intellectual property data with other business data such as R&D, tax, and sales, in order to control analytics and decision-support systems. It also provides automated advancements throughout the systems, which do not require any hardware assurance. For instance, Anaqua, Inc. offers a cloud-based IP management platform ‘ANAQUA8’, which brings workflow, docketing, email management, collaboration, and document management into a unified system. • Trends by Applications • Developing innovation process and markets for technology • Policy improvements are necessitated to reinforce innovation and production outcomes. Reforming the business environment for modernization and innovation is crucial, as the business is the key driver of modernization. This, in turn, is expected to boost the demand for intellectual property software in the near future. Moreover, rampant developments in new technologies and globalization have strengthened the importance of innovation.
Regulations • Currently, designers, inventors, authors, and developers are adopting IP rights such as patents and trademarks to safeguard the designs they have developed. Governments of countries enact various policies and regulations to control the unauthorized usage of IP assets. • At the national level, the State Intellectual Property Office (SIPO) is responsible for granting patents for national offices and local SIPO offices. Additionally, the SIPO is responsible for listing semiconductor layout designs (national office) and organizing national foreign-related intellectual property rights issues (including trademarks and patents).
Competitive Section • Key players operating in the global intellectual property software market are XLPAT, IP Checkups, Inc., Aistemos, Wellspring Worldwide, Ambercite, VajraSoft Inc., Anaqua, Inc., TORViC Technologies, Inc., Clarivate Analytics, Questel, Dennemeyer, PatSnapPte. Ltd., Evalueserve Netherlands B.V., Patrix AB, Gemalto NV, O P Solutions, Inc., Gridlogics, Minesoft Ltd, Innography, Inc., LexisNexis, Innovation Asset Group, Inc., IPfolio, Inteum Company, LLC, IP Street Holdings, LLC, and Iolite Softwares Inc.
Key Developments • Major companies in the market are focused on business expansion, in order to enhance the market presence. For instance, in January 2017, Dennemeyer Group inaugurated its new local office in Moscow. This office would support the company’s existing customers to safeguard their intellectual property rights in the Russian Federation and Eurasia and help start Dennemeyer & Associates as law and regulation firm of high-quality for local companies. • Key players in the market are involved in partnerships and collaborations, in order to gain a competitive advantage in the market. For instance, in March 2017, Gridlogics Technologies Pvt. Ltd. entered into a partnership with ProQuest Dialog based in North Carolina, the U.S. Under this partnership, ProQuest Dialog clients access to PatSeer, Gridlogics' web-based platform, where the clients can quest 42 full-text patent authorities and operate results with visualization tools and powerful analytics.
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