South Korea’s intellectual property market is getting ready for some impressive growth, aiming to reach a total value of US$ 5.2 billion by the year 2033. This growth is expected to be quite strong, with an annual growth rate of about 17.4%. In simpler terms, South Korea is working on expanding its market related to ideas, inventions, and creative works like patents, trademarks, and copyrights. The goal is to make this market worth $5.2 billion by 2033, and it’s set to grow steadily each year at a rate of 17.4%. This indicates a significant focus on innovation and intellectual property in South Korea’s economy.
The intellectual property (IP) market in South Korea is expected to benefit from the increasing use of cloud-based IP solutions and the growing need for software to manage IP rights. South Korea is ranked 5th in the world for the number of patents registered, and its IP market makes up about 12% of the global market for IP management.
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Opportunities in the South Korean Intellectual Property Market?
- Protecting Ideas: They’re making sure people’s creative ideas and inventions are safe from being stolen.
- Using Technology: South Korea is really good at technology, like phones and computer chips. This helps them work with others to create new things.
- Innovation: Companies there are spending a lot of money on coming up with new ideas. They work with local groups to make sure these ideas are protected.
- Startups: Small, new businesses are popping up in South Korea, especially in areas like online shopping, medicine, finance, and gaming. These startups are also making sure their ideas are safe and can make them money.
- Help from the Government: The government is helping out by giving money, protecting ideas, and supporting research.
- Sharing Ideas: South Korea allows people to share their ideas with others through things like copyrights and patents. This way, they can make sure their ideas aren’t copied without permission.”
Key Takeaways from the South Korea Intellectual Property Market Report:
- Copywriting services in law firms may likely to secure a market share of 28.3% during the projected period.
- In the historical period, the market secured a valuation of US$ 621.0 million in 2018.
- The market secured a CAGR of 7.8% between 2018 and 2022. Whereas, the market recorded a valuation of 906.9 million in 2022.
The sales of intellectual property (IP) solutions and software are expected to increase due to fast globalization, innovation, changes in how products are made, and the rise of new companies. IP systems, which protect things like patents and copyrights, are always evolving to find the right balance between helping individuals and benefiting society as a whole.
In 2018, the market for these solutions and software was worth $621.0 million, and it’s predicted to grow to $906.9 million by 2022.
In South Korea, the government in your area has a very important job when it comes to making rules and laws. Recently, a part of the Korea Intellectual Property Office (KIPO), known as the Special Investigation Police (SIP), has been given more responsibilities. Originally, they were set up to look into things like fake trademarks and counterfeit goods. Now, they also investigate cases where people might be using someone else’s inventions without permission, and they make sure patent rights are enforced.
Key Players:
- Clarivate
- Dennemeyer
- Patrix
- LexisNexis Korea (Legal)
- Questel Korea
- PI IP LAW
- KASAN
- SU INTELLECTUAL PROPERTY Co. Ltd.
- WIPS Co. Ltd
- SIWONIP
- Kim & Chang
- Lee & Ko
- FirstLaw PC
Recent Developments in the South Korea Intellectual Property Market are:
- In November 2020, Patrix announced a partnership with Black Hills. This partnership provides customers with tools that help to automate IP operations. It also provides prosecution and patent analytics on their portfolios.
- In January 2018, Dennemeyer & Associates opened an IP law firm in Paris. This expansion was set up in collaboration with Frédéric Blanc and offered cutting-edge intellectual property-related legal services.
- In 2019, Dennemeyer Group announced its completion of the acquisition with De Simone & Partners. This acquisition took place to expand the business portfolio in Italy.
- Anaqua announced its newly launched product by investing in the platforms of PATTSY WAVE and AQX Law Firm.
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South Korea Intellectual Property Market Segmentation:
By Solution:
- Intellectual Property (IP) Management Software
- Cloud-based
- On-Premises
- IP Search and Analysis Software (Web-based)
- Intellectual Property Services
- IP Consulting and Analytics
- Law Firm Services
- IP Maintenance
- Others
By End User:
- Corporations
- Government & Academic
- Law Firms
- Others
By Region:
- North America
- Europe
- Latin America
- Asia Pacific
- The Middle East and Africa
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