Due to increased knowledge and application of intellectual property rights among individual and commercial end-users, the intellectual property management software is growing at a significant rate.
Covid-19 impact and Market status
Due to the spread of COVID-19 virus in the first half of 2020, the intellectual property management software market faced negative growth along with many other industries. Many manufacturing units and administrative offices, as well as several organizations were closed temporarily because of the worldwide lockdown. Shutdown of various plants and factories has affected the global supply chains which has also negatively affected the manufacturing, delivery, and sales of products in the global market. Though, there has been a little ease in the lockdown now so an increase in the market demand can be expected during the forecast period. The growth in the adoption of outsourced services to protect the IP rights and privileges might fuel the growth of the global intellectual property service market.
Patent Intellectual property service is likely to grow at a significant rate
The Patent management software is seen to be much better than the traditional alternatives, the software is widely used by various organizations to provide efficient service’s to their users. The software falls under the category of administrative software which helps managing the work flow process of the portfolio managers for the allocation of deadlines, remainder alerts for renewals, case document the docketing, as well as due filing and submissions.
Increased use by government agencies and education institutions
The market will grow at significant rate by increased adoption by education institutions and government agencies. The main use of the service will be on the implementation of digital education and high technology-based e-learning services by many education institutions. While, the largest share in the intellectual property rights and royalty management market is owned by media and entertainment.
Shift in the Intellectual property service market on the necessity to monetize the assets
The market might be influenced by various organizations that are now shifting from on premise deployments to cloud-based solutions. There has been high demand of the users to upgrade their intellectual property rights. According to many end-users, it expected that the major growth in the global intellectual property service market will be driven by the increasing need of protecting intellectual property assets against fake or piracy and the growing necessity to monetize the assets.
Outsourcing IP management benefits small and large enterprises productive growth, profitability improvement, protecting revenues, and cost reduction. The need to manage intellectual properties within an organization has boosted the demand for a well-documented and secured system contributing to the market growth.
Intellectual Property Management software helps users to access to their intellectual property data remotely. It also helps them to easily store and protect their intellectual properties under a trademark, copyright, designs and software patent. Patent management software falls under the category of administrative software which helps managing the work flow process of the portfolio managers for the allocation of deadlines, remainder alerts for renewals, case document the docketing, as well as due filing and submissions. Thus, being better than the traditional alternatives the software is widely adopted by various organisations to provide efficient sources to their users.
Lately there has been a lot of demand of Outsourcing IP Management Services by large Enterprises which is helping in the growth of the market. The house based IP management is expected to increase the market growth during the forecast period. The growing importance of enterprises on protecting innovations and growth in the revenues and many business operations is proving to increase the profit of the industry. There has been a steady increase in the use of outscoring services by big enterprises which is acting as an advantage in the growth of the IP management software market.
The increasing growth rate in the adoption of Intellectual Property Management software in various industries, such as, IT and telecom, technology, automotive, healthcare, and jewellery is a great advantage for the intellectual property service market. The software helps these sectors to apply and maintain track of their intellectual property rights. Nowadays, maintaining privacy has become a crucial need for every individual person and companies as well. Global Intellectual Property Management software market was valued at USD 6.96 billion in 2021 and it is expected to increase to the value of USD 18.55 Billion by 2029,registering a CAGR of 17.26% over the forecast period (2019-2029).
Intellectual property refers to the creation of any images, inventions, symbols, concepts, names and designs created by individual mind for the use in commerce sector. Intellectual property rights is a lawful approach for protecting first-hand inventions and ideas by offering the owners exclusive rights and enabling them to get commercial benefits from their work. Intellectual property right helps the actual creator of the content to protect their work so that no unauthorised person can claim it as their own.
Intellectual property service provide many benefits to the users but it cannot be afforded by every individual or small scale business who have low production budgets. The high cost of outsourcing intellectual property can act as a hindrance in the growth of the global intellectual property service market. If the prices of service can be reduced to an affordable rate there is a high chance that demand will increase at a faster pace. Though, the industry is still able to maintain a good place in market. There has been an increase seen in the demand of outsourced services that are used to protect the IP rights privileges, this is also another factor influencing the market growth of the intellectual property service market over the forecast period.
- Anaqua, Inc.
- Capgemini SE
- CPA global
- Dependable solutions, Inc.
- Filmtrack, Inc.
- Flowhaven Oy
- IBM corporation
Latest’s innovation in the global intellectual property service market- a snapshot
- IP services are being adapted toward hybrid and virtual modes
- Companies are taking cues from the World Intellectual Property Organisation (WIPO)
- Remote interaction is becoming increasingly mainstream for IP service providers.
- Scientists and policymakers are getting easy access to IP service providers database to attain crucial and important information.
The market research analysis's purpose is to give dependable research on the worldwide intellectual property service market. The study decodes complicated data and illustrates the industry's present and historical state, as well as expected market trends and size. The research examines all aspects of the sector, including market leaders, investors, customers, and new entrants.
Intellectual Property management software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 380 million|
|Growth Rate||CAGR of 10.6 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Abbott, Verathon Inc., BD, HOYA Corporation, Stryker, HOYA VISION CARE COMPANY, HEINE Optotechnik GmbH & Co. KG, Armstrong Medical Inc., Ambu A/S., Rudolf Riester GmbH, SCHLLY FIBEROPTIC GMBH, Medicon eG, Hill-Rom Services, Inc, Teleflex Incorporated, Olympus Corporation, and Henke-Sas|
Key Segments of the Global Intellectual Property management software Market
IP type overview, 2019-2029 (USD billion)
- Trade marks
Service type Overview, 2019-2029 (USD Billion)
- IP protection and management
- IP due diligence
- IP valuation
- IP landscape
Enterprise size Overview, 2019-2029 (USD Billion)
- Large enterprise
End-user overview, 2019-2029 (USD billion)
- IT and Telecom
- Media and Entertainment
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa