Intellectual Property Management Software Market - Growth, Trends, and Forecasts (2020 - 2025)
The intellectual property management software market is expected to register a CAGR of over 14% over the forecast period 2020 - 2025. Intellectual property is a legal approach for preserving the ideas or inventions for commercial benefits by providing its creators or inventors certain exclusive rights.
New York, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Intellectual Property Management Software Market - Growth, Trends, and Forecasts (2020 - 2025)" - https://www.reportlinker.com/p06009475/?utm_source=GNW
The tremendous increase in the adoption of outsourcing services by large enterprises contributes significantly to the growth of the intellectual property management software market.
- Furthermore, in-house IP management is a huge resource-demanding task and requires huge investments. Outsourcing IP management helps enterprises in cost reduction, productivity growth, and profitability improvements. Thus, increasing emphasis on enterprises on optimizing business operations is anticipated to drive the intellectual property outsourcing services market over the forecast period. Moreover, increasing demand for unique IPs for goods fuels the growth of the intellectual property outsourcing market.
- With the evolution of more advanced technologies, protection, and management of IP creation have become a mandate in every business to ensure faster commercialization of the IP developed. This means more companies are expected to rely on the latest technology with a strategic focus on protecting their IP assets.
- Different organizations are adopting patent management software solutions. For instance, Anaqua, the leading provider of innovation and intellectual property management solutions, announced the launch of a new business unit that will address the diverse needs of today’s global law firms. As part of this expansion, Anaqua is making additional investments in its leadership and law firm platforms, AQX Law Firm and PATTSY WAVE. The move underscores Anaqua’s commitment to the law firm market, as an essential part of the IP ecosystem, as well as the company’s strategy of organizing to meet the needs of this market.
- The emerging industrial applications of products in the market studied are also expanding the scope of the vendors. For instance, in May 2019, US-based Anaqua, intellectual property management solutions provider, made a strategic partnership with prominent global law firms, such as Hogan Lovells. Hogan intellectual proper ty practice has over 400 dedicated professionals spanning the Americas, Europe, and Asia; and boasts a client base that includes over 50% of the world’s largest brand owners.
- An increase in government initiatives and a comprehensive regulatory framework to protect and monetize creations will also expand the growth of the market studied. For instance, the central government of China has specialist IP courts to deal with infringement and is particularly active when it comes to trademark squatting/trademark violations.
- Further, the outbreak of the COVID-19 pandemic has impacted the market studied. A prolonged pandemic crisis heightened by the COVID-19 may push the intellectual property & legal services domain downward, just like other sectors & industries. However, the possibility of significant growth in the intellectual property domain cannot be ignored once the COVID situation ends as a Post-COVID world will more likely push tech companies to go after the licensing of their existing IP portfolio to incentivize their financial reserves. This would increase the demand for the market studied.
*Key Market Trends*
*Growing Number of Patents is Expected to Drive the Market Growth*
- Patent offices today face an increasingly critical operational challenge. They cope with the steady growth in patent and trademark applications owing to increased globalization and intellectual property protection. For instance, According to WIPO, the number of patent grants worldwide increased to around 1.4 million in 2017 from 1 million in 2011.
- Patent management software delivers collaborative patent management services for different corporate requirements. This growing emphasis on managing and protecting patents is fueling the growth of the patent management software, thereby impacting the market’s growth positively.
- Due to the increasing IP activity, companies are focusing on protecting and monetizing IP rights, as well as incorporating the best global practices to increase their return on investment on IP assets. The steady adoption of intellectual property management software across numerous industries, such as healthcare, IT and telecom, BFSI, and aerospace and defense, boosts the growth of the market.
- For instance, many organizations emphasize the protection of intellectual property assets through patenting or licensing their products and services. Additionally, various customizations in the product by end-users benefit the market’s growth, as they safeguard and protect the essentials of intellectual property handlings and treatment.
Asia-Pacific is Expected to Witness Highest Growth Rate
- According to World Intellectual Property Indicators (WIPO), Asia accounted for more than two-thirds of all patent, trademark and industrial design applications in 2018, with China driving overall growth in demand for intellectual property (IP) rights.
- China’s Intellectual Property office experienced the highest number of patent applications in 2018. It recorded 1.54 million applications that amount to 46.4% of the global total and are similar in magnitude to the combined total of the offices ranked two through 11. Intellectual property protection in China is a significant concern for foreign businesses and a key target for establishment reforms. In March 2018, the National People’s Congress approved setting up the State Administration for Market Regulation (SAMR), which governs China’s National Intellectual Property Administration (CNIPA).
- Further, the region has been witnessing increased government activities encouraging patent filing internationally. For instance, India and Japan’s patent offices have inked an agreement for expeditious patents to Indian entities and individuals. In November 2019, The Union Cabinet approved a proposal for the Bilateral Patent Prosecution Highway (PPH) program between the Indian Patent Office and patent offices of other interested countries.
- With the increasing focus towards digitalization, the market studied is anticipated to gain traction. In February 2020, India announced plans to set up a digital platform for seamless application and capture of Intellectual Property Rights. India has been building infrastructure for IPR over the past couple of years, with the latest move in line with the National IP Policy. Stronger IPR will also create a positive business environment. The country is focusing on this digital platform for easier submission of applications combined with technology transfer centers and prototyping/proof of concept facilities to boost India’s innovations and startups. This is anticipated to offer significant opportunities for the growth of the market studied in the region.
*Competitive Landscape*
*The intellectual property management software market is competitive and consists of several major players. Many companies are increasing their market presence by introducing innovating solutions, or by entering into strategic partnerships. Some of the recent developments in the market are:*
- January 2020 - Questel, the global intellectual property software and services company, signed the acquisition of NRI Cyber Patent in Japan, an IP Business Intelligence and Intellectual Asset Management solutions provider.
- November 2019 - CPA Global Limited announced the next phase of its ambitious customer-focused strategy to drive better IP outcomes from improved data-enabled IP decision-making and improved IP productivity across the industry at its annual customer conference, IGNITE.
*Reasons to Purchase this report:*
- The market estimate (ME) sheet in Excel format
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