According to the South Korea Intellectual property (IP) market analysis by Future Market Insights (FMI), demand in the market will increase at an impressive CAGR of 17.8% from 2022-2032. The market valuation will reach nearly 4,657.2 Mn by 2032.
The report states that the market is expected to reach a valuation of US$ 0.9 Bn in 2022. Increasing adoption of IP in the digital economy and growth of new business models are anticipated to drive the market in the forthcoming years.
Adoption of IP in emerging nations encourages research and development, thereby uplifting of ideas and innovations to foster fast implementation of new technologies and economic development of the country. Domestic firms in emerging economies rely heavily on trademark protection, which will spur demand.
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Legislative measures, evidence gathering procedures and with its introduction of k-discovery that will create opportunities for growth in the market. Many universities and large organizations have established offices for Intellectual Asset Management (IAM), which is also offered as a service by consulting and law firms for protection of the IP.
Large enterprises are investing in IP for the protection of products. This enables organizations to enjoy benefits such as venture capital funding, license sales and using their trade secrets for revenue and creation of valuable IP assets.
The negative effects of free riding on innovation is one of the main reasons for protection of IPR and for the required funding from investors. Management of IP also serves organizations with the necessary economic benefits through legal rights to authors and inventors for the determining the way in which inventions and innovations are used.
Key Takeaways:
- By solution, the intellectual property (IP) management software segment is anticipated to expand at a 21% CAGR through 2032.
- By end user, sales in the law firms segment are forecast to increase at a CAGR of 19.4% between 2022 & 2032.
- Total demand in the south Korea intellectual property market is slated to rise at an impressive 17.8% CAGR through 2032.
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Competition Landscape
Leading players operating in the South Korea intellectual property market are investing in technological advancements to improve the performance of solutions and software to gain a competitive edge. For instance:
- In December 2019, Dennemeyer Group completed the acquisition of the Italian IP law firm De Simone & Partners. The acquisition will help company to expand their business in Italy.
- Anaqua, provider of innovation and intellectual property management solutions announced the launch of a new innovative unit which aims to address needs of today’s global law firms. The firm is also investing in its leadership and law firm platforms, AQX Law Firm and PATTSY WAVE which highlights the anaqua’s commitment to firm as an essential part of the IP ecosystem and meets the needs of the market.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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