The intellectual property management software market is expected to register a CAGR of over 14% over the forecast period 2020 - 2025. The intellectual property right is becoming the central force of today'economy owing to the growing significance of knowledge as the driving force of economic growth and innovation worldwide.
- The growing importance of staying competitive and widespread implementation of smart system management is encouraging end-user industries to invest in intellectual property management software.
- The strong adoption of intellectual property management software across numerous industries such as healthcare, IT & Telecommunication, BFSI, and Aerospace & Defense, among others, are boosting the growth of the market.
- For instance, a large number of organizations are emphasizing on the protection of intellectual property assets through patenting or licensing their products and services. Additionally, frequent customization in the product by end-users is benefiting the market's growth as they safeguard and protect the essentials of intellectual property handlings and treatment.
- Moreover, increase in government initiatives and a comprehensive regulatory framework to protect and monetize creations, innovations, and technologies is also anticipated to create new opportunities for the intellectual property software market to grow over the forecast period. The central government of China has specialist IP courts to deal with infringement and is particularly active when it comes to trademark squatting.
Scope of the Report
Intellectual property management software helps in the tracking of patents, trademarks, copyrights, design, and other intellectual property. This software facilitates paperless work and is used by various corporates that aim to frame an enhanced IT infrastructure and system. Additionally, the software enables the corporate’s IPR Departments, to perform periodic activities efficiently, effectively, and accurately. Vendors are offering this software through on-premise and cloud deployment for end-user industries such as BFSI, Healthcare, IT, and Telecom, among others considered in this study.
Key Market Trends
Increase in Number of Patents Boosting the Need for Patent Management Software
- 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.
- Different organizations are adopting patent management software solutions. For instance, Anaqua, Inc., one of the leading provider of innovation and intellectual property management solutions announced that Canon Inc, the global imaging solutions company, selected the ANAQUA platform to manage its global patent portfolio.
- As more and more firms are focusing on protecting their patents from unlicensed usage and organizing them tactically, the adoption of patent management software market is expected to grow over the forecast period.
Asia-Pacific is Expected to Witness Highest Growth Rate
- Asia-Pacific is expected to witness the highest growth rate owing to the growing demand for IP management solutions from economies such as China and India, among others.
- Organizations from the region are driving growing demand for international IP rights, led by high tech companies in China. IP protection and innovation have been encouraged by the Chinese government. According to President Xi Jinping, China will strengthen the protection of intellectual property right by developing a sound environment for innovation and business to protect the IP right of all enterprises.
- According to the National Bureau of Statistics of China, the goal of the "Made in China 2025" plan is to increase the number of invention patents to 1.1 per CNY 100 million revenue by 2025. According to the China National Intellectual Property Administration (CNIPA), the number of patent applications for invention in China was 1.542 million in 2018. Additionally, According to CNIPA, the number of trademark registration applications in China was 7.371 million in 2018.
- In India, Innovators and research organizations filed 1,583 patent applications with the WIPO in 2018. The start-ups in India are taking all precautions to safeguard their intellectual property rights, thereby driving the demand for IP management.
- Taiwan is a market of enormous innovation and home to some of the world's most progressive organizations, who need to manage and protect IP rights locally, regionally, and internationally. Therefore, there is an increasing demand for high-quality IP management software and services, from law firms and corporate clients.
- CPA Global, one of the specialists in intellectual property management software and services, has strengthened its presence in Asia-Pacific with the opening of an office in the Taiwanese capital, Taipei.
The intellectual property management software market is highly competitive and consists of several major players. Many companies are increasing their market presence by introducing innovating solutions, or by entering into strategic partnerships.
- January 2019 - Anaqua, Inc. announced AQX, a software platform which enables organizations to align their IP portfolio strategy with business objectives and offers law firms powerful new automation and business development tools. Built on modern, fast technologies in conjunction with Anaqua’s customers, the new software delivers many benefits, including simplified data-rich analytics and business intelligence tools, and end-to-end financial management capabilities.
- August 2018 - CPA Global, announced the acquisition of Filing Analytics and Citation Eagle, two leading IP data and analytics software solutions, from Practice Insight, a wholly-owned subsidiary of IPH Ltd. This acquisition will enable the company's customers to incorporate deeper and richer insight into IP decision-making.
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