As businesses are increasingly focusing on re-aligning their business strategies to suit changing business dynamics, advancement in patent portfolio tools offer advanced IP renewal services, thus stoking growth in the global IP renewal services market.
Key benefits offered by the IP renewal services include enhanced decision support, accurate reporting of trademark issues on main IP products, cost-saving benefits in patent renewal fees, and coverage of the most comprehensive insurance policy through the services. These major advantages would facilitate favorable growth curve during the forecast tenure in IP renewal services market. IP renewals services mitigate the risks pertinent to the IP assets and cover all the eventualities. Its services are designed to address multiple IP asset-specific challenges in IP assets. It helps reduce financial burden and administrative tasks, expediting improved IP strategies. This has resulted in strong foundation of IP activities increasing the market attractiveness of the Global IP renewals services market in recent years.
IP renewal services market is expected to exceed over 10 million USD by 2028, clocking at a CAGR value of 5% through the forecast span, 2021-2028. Different countries have different rules for IP assets and cost and the renewal process varies across countries. Due to internalization of firms they have multiple IP assets in different countries and experience a greater need of a system that helps them keep detailed information about their patents, monitor each IP asset, and track the patents that need renewal. These are the key influencing factors of the global IP renewals services market pushing growth. Other key factors leading to the rise in the market are development in production sources, changing consumer preferences, and new business policies.
In an IP portfolio, even the smallest error carries significant risks, making the IP portfolio complex and burdensome to maintain. However, the current economic downturn has led businesses across the world to limit from filing the IP renewal applications. This may hamper the Global IP renewals services market in foreseeable times. The intellectual property (IP) assets foster technical innovation leading to significant opportunities for business competitiveness and overall economic growth of a business. Thus, recent years have seen considerable growth in innovation of technologies such as Artificial Intelligence driving millions of IP filing activities substantially propelling the market.
The latest report on global IP renewals services market by Adroit Market Research delivers an unbiased market overview to encourage uncompromised growth throughout the forecast years, 2021-28. The report highlights key pointers such as market drivers, restraints, opportunities, and threats. The report is studied for historical years 2018 to 2020 with 2020 considered as the base year and 2021-28 as the forecast period. The report evaluates market developments across the current status and future prospects. The report is based on Porter's five forces analysis and evaluates various leading players based on product and service portfolios besides assessing geographical footprint.
The Global IP renewals services market has solid competition amongst the existing players and the emerging ones. Thus, the market has witnessed tremendous change in the past few years and may vary significantly in the projected period 2021-2028. The market players are continuously investing towards improving their services to align with industry demands and client expectations such as efficiently handle IT assets or patent management. The companies are also improving the safety features for IP assets to ensure safety. It is estimated that with the economic recovery in the market post lockdown, the companies with strong portfolios of intangible assets will get the maximum advantage from new market opportunities.
The market trends indicate that the type segments including patents, utility models, and trademarks may see substantial adoption of IP renewal service fostering high-end growth in the global IP renewal services market in forecasted years. Developed regions such as Europe and North America will continue to remain prime growth hotspots for the forecast years. Countries such as Germany are improving customer experience with novel technology integration.
In a recent development, German IP Office has unveiled an online support system to simplify customer services such as patent and trademark renewal design improvement and the like. Users will effectively be guided by virtual search experts to ensure customized experience. Federation are projected to accumulate highest growth in the forecast years 2021-2028. LMIC nations have also exhibited growth in the market. This is due to increasing government funding for R&D in the IP field.
The key IP renewals service providers in the global IP renewals services market are Anaqua, CPA Global, Dennemeyer, IP Centrum, IPRIS, and IP Pragmatics, Clarivate, MaxVal, and Valipat Envoy, among others. These are the leading companies in the market that provide innovative and tailor-made solutions to their clients across the globe.
Key Segments of the Global IP Renewal Services Market
Type Overview, 2018-2028 (USD Million)
- Residential application
- Non-residential applications
Application Overview, 2018-2028 (USD Million)
- Research Institute
- Educational institutes
Regional Overview, 2018-2028 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and Africa