The market for intellectual property software is expected to expand at a pace of 12.7% throughout the course of the forecast period and reach US$ 14.9 billion by 2032, according to a recent report from FMI. The market for software related to intellectual property is projected to be valued US$ 4.5 billion in 2022. According to the report, the growing necessity for intellectual property software is a result of the potential harm that unlicensed public usage may do to a company’s entire business strategy and financial performance.
Sales of software related to intellectual property are expected to rise significantly. Furthermore, it is anticipated that by 2026, software with intellectual property protection would sell for US$ 7.7 billion more.Increasing sales of intellectual property software are also projected to contribute to the growth of the intellectual property software market share.
To gain a competitive advantage, effective intellectual property software tools are required in the market. Companies are being influenced by the extremely competitive business climate to invest in technology that ensures businesses and sales of intellectual property software policies are strictly matched to ensure the smooth operation of the organisation.
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Enterprise management of intellectual property software is gaining popularity throughout the world as businesses realise that unauthorised public use can harm not just the company’s overall bottom line but also its whole business strategy.
The intellectual property software industry is growing due to an increase in application and understanding of intellectual property rights among end-users. The expansion in the intellectual property software industry is fueled by an increase in demand for a secure and well-documented system inside a company.
However, problems such as the difficulty of maintaining software and the high cost of investment, as well as a low rate of awareness and data security, are impeding the intellectual property software market growth.
Furthermore, advancements in information and communication technology, as well as increased awareness and acceptance of intellectual property software in emerging nations like India, are expected to provide significant market potential.
Component, deployment, end-user, application, and geography are all used to segment the intellectual property software industry. The market is divided into two components: software and service. The market is divided into cloud and on-premise deployment modes. The market is divided into two types of end-users: individual and commercial. BFSI, IT and telecom, automotive, education, retail and agriculture, healthcare, and others are sub-segments of the commercial segment. The intellectual property software industry is divided into patent management, trade management, licensing, and other applications. It is divided into four regions: North America, Europe, Asia Pacific, Latin America, and the Caribbean.
Manufacturers in the intellectual property software market get a big platform from which to serve the whole demand for intellectual property software. The worldwide sales of intellectual property software are seeing increased competition. With growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for intellectual property software more accessible to customers.
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Key Takeaways:
- The worldwide corporate intellectual property software market is growing as companies place a greater emphasis on safeguarding and managing their intellectual property portfolios.
- As more companies focus on tactically organising their intellectual property software assets and safeguarding them from unlicensed use, corporate intellectual property software is gaining appeal.
- Furthermore, frequent product customization by end-users benefits the enterprise intellectual property management software market, as it protects and safeguards the most important aspects of intellectual property software and treatment, such as inventions, patents, trademarks, and other intellectual property software contracts, in a systematic manner.
- However, despite all of the benefits, these service providers face a number of hurdles and impediments in the early phases, the majority of which are related to the high cost of establishing services in an organisation.
- During the forecast period, 2016–2026, the worldwide enterprise intellectual property management software market is expected to develop at a healthy rate.
Competitive Landscape
Anaqua, Inc., Patrix AB, IPfolio, SimpleLegal, Pattsy, FlexTrac, Lecorpio, WebTMS, and CPA Worldwide are some of the prominent players in the global intellectual property management software industry (Patrafee).
- To cope with infringement, China’s central government has created a specialist intellectual property software section in courts, and it is devoted to simplifying trademark enforcement operations. In addition, India is developing a digital infrastructure in accordance with its national IP strategy. This strategy will preserve intellectual property software while also safeguarding and promoting patents.
- CPA Global unveiled its customer-centric approach in November 2019 to improve intellectual property software outcomes through better data-enabled intellectual property software decision-making and increased intellectual property software productivity throughout the sector. CPA Global now operates in two major business divisions: Software and Tech-Enabled Services, after the purchase of ipan/Delegate Group.
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Key Segments
By Component:
- Software
- Cloud-based
- On Premise
- Services
- Development & Implementation Services
- Consulting Services
- Maintenance & Support Services
By Application:
- Patent Management
- Trademark Management
- Intellectual Property (IP) Portfolio Management
- Intellectual Property (IP) Licensing
- Intellectual Property (IP) Reporting & Analytics
- Others
By End-use:
- Individuals (independent Inventors)
- Enterprises
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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