The “Global Intellectual Property Software Market, By Component(Software (Cloud-based and On Premise) and Services (Development &Implementation Services, Consulting Services and Maintenance & Support Services)) by Application (Patent Management, Trademark Management, Intellectual Property (IP) Portfolio Management, Intellectual Property (IP) Licensing, Intellectual Property (IP) Reporting & Analytics and Others), by End-use Industry (Individuals (independent Inventors), and Enterprises (Banking, Financial Institutions, and Insurance (BFSI), Government, Healthcare, IT & Telecommunication, Electronics, Manufacturing and Others)), and by Region (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 8,830.32 Million by 2027, witnessing a CAGR of 14.3% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Intellectual property software refers to computer software that is protected by law under copyright or trade secrete or trademark or software patent Intellectual property software allows users to effectively manage and protect their intellectual properties. When software or a product is treated as intellectual property, its owner has more control over who can use it or how it gets to the public. There are four types of intellectual property rights relevant to the software including trade secrets, trademarks, copyrights, and patents. Trade secrets, patents, and copyrights can protect the software, while trademarks do not protect the software. However, it is used to distinguish the symbol and names of used software.
The global intellectual property software market is estimated to account for US$ 3,015.2 Mn in terms of value in 2019 and is expected to grow at a CAGR of 14.3% during the forecasted period 2019-27.
Rising illegal sales of tangible and intangible assets are expected to drive growth of the global intellectual property software market during the forecast period
A number of technologies are developed to protect products from duplication and forgery. Rising unauthorized and illegal sales of tangible and intangible assets is expected to boost the demand for intellectual property software in the near future. Furthermore, owners of intellectual property are focused on adopting intellectual property software, in order to protect IP with law and regulations from the unauthorized use. IP software allows intangible assets into private property rights although for short period of time. It also allows small and medium-sized enterprises (SMEs) to claim proprietorship over their intangible assets and let them take advantage of it to their extreme potential. For instance, financial advisers, stock market brokers, and investors are becoming aware of increasing unauthorized utilization of the software and technology and have initiated to value IP assets highly. Various enterprises, including SMEs, have initiated to accept IP audits and regular technology. Thus, these factors are expected to drive the growth of the global intellectual property software market in the near future.
Rising demand from the healthcare sector can present lucrative growth opportunities
The IP software is expected to witness significant demand from the healthcare sector in the near future. The U.S. biopharmaceutical industry powers the nation’s R&D economy to enhance technological development and protect their IP assets in the country. For instance, the two significant free trade agreements laid down by WTO: North American Free Trade Agreement (NAFTA) and The General Agreement on Tariffs and Trade (GATT) have established high values for IP protection in end-use industries, specifically in healthcare and pharmaceuticals industries. The major U.S. government agencies, research-based industries in Japan and Europe, and the U.S. pharmaceutical industry are working together to enhance enforcement of Trade-Related Aspects of Intellectual Property Rights (TRIPs) in crucial developing markets for IP protection across the world
Lack of awareness of IP systems is expected to hamper global intellectual property software market growth over the forecast period
Lack of awareness of IP systems and their usefulness among organizations is one of the restricting factors to this market. Furthermore, the adoption rate of intellectual property software is increasing among the end-user as the awareness of IP systems and their usefulness increases. Low awareness creates a hurdle in the intellectual property software market. There is low awareness among consumers about what intellectual property software brings numerous advantages alongside the protection and management of intellectual property assets. Hence, these factors are expected to hamper the global intellectual property software market growth in the near future.
Growing focus on patent protection for software-implemented innovations
Rising focus on patent protection for software-implemented innovations is expected to offer major opportunities for key players in the regional market. Currently, technology holds a significant position in the digital economy and majority of its value lies in the software. Moreover, all financial sectors are dependent on software to leverage growth and development. This, in turn, has increased the demand for IP software and has significant implications for intellectual property law across the region. For instance, the European Patent Convention (EPC) as interpreted by the boards of appeal allows and gratifies the European Patent Office (EPO) to grant patents for several innovations in which software makes technical support, such as enhancing a graphic display, a new and innovative computer-controlled procedure functioning a robot arm, and monitoring data storage.
Rising significance of IP in Asia Pacific
Asia Pacific is expected to witness significant growth in the global intellectual property software market during the forecast period. This is owing to growing significance of IP in emerging economies such as India, China, South Korea, and Japan. For instance, from January 2005 to December 2014, India granted 3,575 patents to overseas businesses against only 1,039 patents to domestic companies in the pharmaceuticals sector. Moreover, China accepted IP as a main driver in an invention-based economy. China also introduced robust regulations, laws and court schemes needed to safeguard intellectual property rights at the turn of the century. For instance, In 2015 China completed 30,000 global applications under the Patent Corporation Treaty system, a substantial ratio of the 218,000 global (Patent Corporation Treaty) patents applied for in 2015. In 2015, among the top 50 companies in Patent Corporation Treaty applicants, six companies for patent applications were from China.
Key players operating in the global intellectual property software market are XLPAT, IP Checkups, Inc., Aistemos, Wellspring Worldwide, Ambercite, VajraSoft Inc., Anaqua, Inc., TORViC Technologies, Inc., Clarivate Analytics, Questel, Dennemeyer, PatSnap Pte. Ltd., Evalueserve Netherlands B.V., Patrix AB, Gemalto NV, O P Solutions, Inc., Gridlogics, Minesoft Ltd, Innography, Inc., LexisNexis, Innovation Asset Group, Inc., IPfolio, Inteum Company, LLC, IP Street Holdings, LLC, and Iolite Softwares Inc.