According to a recent analysis from FMI, the market for intellectual property software is likely to grow at a rate of 12.7% over the course of the forecast period and reach US$ 14.9 billion by 2032. In 2022, it is expected that the market for intellectual property software would be worth US$ 4.5 billion. According to the survey, unlicensed public use can be detrimental to a company’s bottom line and overall business strategy, which is what is causing the increased need for intellectual property software.
It is anticipated that sales of intellectual property software will increase dramatically. Additionally, sales of software that is protected by intellectual property are expected to increase by US$ 7.7 billion by 2026.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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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