The Global Intellectual Property Management software market was valued at USD 6. 39 billion in 2020, and it is expected to reach a value of USD 15. 57 billion by 2026, registering a CAGR of 17. 43% over the forecast period (2021-2026).
New York, July 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Intellectual Property Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06101227/?utm_source=GNW
. The outbreak of the COVID-19 pandemic has impacted the market studied. A prolonged pandemic crisis heightened by the COVID-19 may push the intellectual property & legal services domain downwards, just like other sectors & industries. However, the possibility of significant growth in the intellectual property domain cannot be ignored once the COVID situation ends as a Post-COVID world will more likely push tech companies to go after the licensing of their existing IP portfolio to incentivize their financial reserves. This would increase the demand for the market studied.
- Intellectual property is a legal approach for preserving the ideas or inventions for commercial benefits by providing its creators or inventors certain exclusive rights. The tremendous increase in the adoption of outsourcing services by large enterprises contributes significantly to the growth of the intellectual property management software market.
- Furthermore, in-house IP management is a huge resource-demanding task and requires huge investments. Outsourcing IP management helps enterprises in cost reduction, productivity growth, and profitability improvements. Thus, increasing emphasis on enterprises on optimizing business operations is anticipated to drive the intellectual property outsourcing services market over the forecast period. Moreover, increasing demand for unique IPs for goods fuels the growth of the intellectual property outsourcing market.
- With the evolution of more advanced technologies, protection, and management of IP creation have become a mandate in every business to ensure faster commercialization of the IP developed. This means more companies are expected to rely on the latest technology with a strategic focus on protecting their IP assets.
- Different organizations are adopting patent management software solutions. For instance, Anaqua, the leading provider of innovation and intellectual property management solutions, announced the launch of a new business unit that will address the diverse needs of today’s global law firms. As part of this expansion, Anaqua is making additional investments in its leadership and law firm platforms, AQX Law Firm and PATTSY WAVE. The move underscores Anaqua’s commitment to the law firm market, as an essential part of the IP ecosystem, as well as the company’s strategy of organizing to meet the needs of this market.
- The emerging industrial applications of products in the market studied are also expanding the scope of the vendors. For instance, in May 2019, US-based Anaqua, intellectual property management solutions provider, made a strategic partnership with prominent global law firms, such as Hogan Lovells. Hogan intellectual proper ty practice has over 400 dedicated professionals spanning the Americas, Europe, and Asia; and boasts a client base that includes over 50% of the world’s largest brand owners.
- An increase in government initiatives and a comprehensive regulatory framework to protect and monetize creations will also expand the growth of the market studied. For instance, the central government of China has specialist IP courts to deal with infringement and is particularly active when it comes to trademark squatting/trademark violations.
- Further, the outbreak of the COVID-19 pandemic has impacted the market studied. A prolonged pandemic crisis heightened by the COVID-19 may push the intellectual property & legal services domain downward, just like other sectors & industries. However, the possibility of significant growth in the intellectual property domain cannot be ignored once the COVID situation ends as a Post-COVID world will more likely push tech companies to go after the licensing of their existing IP portfolio to incentivize their financial reserves. This would increase the demand for the market studied.
Key Market Trends
Patent Intellectual Property Management is Expected to Drive the Market Growth
- Patent IP management has observed a significant shift towards digitization in recent years. In the past few months in 2020, the number of patent filings has increased significantly. For instance, according to a Nasscom report published in June 2020, there has been sixfold growth in IoT patents in India over the past five years, and more than 80% of these patents were directly related to applications regarding Industry 4.0. Approximately 6,000 IoT Patents were filed in the country from 2009-2019, of which approximately 5,000 were filed in the last five years.
- In a report published on March 2021, the international patent applications filed via WIPO’s Patent Cooperation Treaty (PCT), which is one of the widely used metrics for measuring innovative activity, grew by 4% in 2020 to reach 275,900 applications, the highest number ever, despite an estimated drop in global GDP of 3.5%.
- Moreover, for the fourth consecutive year, China-based telecoms giant Huawei Technologies, with 5,464 published PCT applications, was the top filer in 2020. It was followed by Samsung Electronics of South Korea (3,093), Mitsubishi Electric Corp. of Japan (2,810), LG Electronics Inc. of South Korea (2,759) and Qualcomm Inc. of the United States (2,173). Among the top 10 filers, LG Electronics reported the fastest growth (+67.6%) in the number of published applications in 2020, and as a result it moved up from 10th position in 2019 to 4th position in 2020.
- India is building a digital infrastructure for IPR over the last few years, with the latest move in line with the National IP Policy. The country has proposed a budget to set up a digital platform to simplify patent application. This strategic move will promote and safeguard patents at this time when protecting intellectual property has assumed global significance, as it becomes one of the critical talk points in the current US-China trade negotiations.
North America is Expected to Witness Highest Growth Rate
- The intellectual property software market’s major driving factor is the growing emphasis of companies toward the protection of intellectual assets and increasing demand for effective and efficient management of intellectual properties, along with a rising number of innovations in the region.
- Industries that rely on patent protection include the aerospace, automotive, computer, consumer electronics, pharmaceutical, and semiconductor industries. Copyright-reliant industries include software, data processing, motion picture, publishing, and recording industries. Trademarks and trade secrets are widely used in most industries, but specific sectors are especially trademark-intensive, including the apparel, pharmaceuticals, and electronics industries. Other industries that directly or indirectly benefit from IPR protection include retailers, traders, and transportation businesses, which support the distribution of goods and services derived from intellectual property.
- In, the context of pharmaceuticals, the United States and other developed countries generally support substantial patent rights as necessary to provide incentives for innovation and enable rights holders to recoup R&D and regulatory costs and invest in future innovations. However, some developing countries maintain that patents may raise the prices of drugs and delay the entry of lower-cost generic competitors into the market, leading to concerns about affordability and access to medicines.
- According to World Intellectual Property Indicators (WIPO), IP Offices located in North America accounted for just over one-fifth (20.4%) of the world total. In comparison, those in Europe accounted for just above one-tenth (11.3%). Among North America, United States accounted for 621,453 patent applicants, one of the highest number of applications worldwide.
The intellectual property management software market is competitive and consists of several major players. Many companies are increasing their market presence by introducing innovating solutions, or by entering into strategic partnerships. Some of the recent developments in the market are:
- May 2021 - Anaqua Inc., announced that it acquired SeeUnity, a premium provider of API-based content integration and migration software products. The transaction provides Anaqua customers greater interconnectivity between its IP management software and other mission-critical enterprise systems and builds on SeeUnity’s success in delivering enhanced connectivity solutions to the broader legal industry.
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