Global Enterprises Intellectual Property Management Software Market to grow USD 18.63 bn by 2028
The Global Enterprises Intellectual Property Management Software Market Size is projected to grow from USD 7.96 billion in 2021 to USD 18.63 billion by 2028 at a CAGR of 17.43% during the forecast period.
The intellectual property management software is protected by law by a copyright, trademark, trade secret, or software patent. Users and businesses can utilize intellectual property software to manage and protect their intellectual properties more effectively and efficiently. When software is recognized as intellectual property, the owner has more control over who can use it and how it is distributed to the general public. Otherwise, users may use it without authorization, resulting in the loss of money paid to the software's owner, or, in extreme situations, the software itself. There are four different kinds of intellectual property rights that apply to the software. Copyright, patents, trade secrets, and trademarks are examples of these. Patents, copyrights, and trade secrets are used to protect the software itself, whereas trademarks are the names and symbols that are used to distinguish a product in the intellectual property software market.
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The COVID-19 pandemic has impacted the enterprises intellectual property management software market. A prolonged pandemic crisis exacerbated by COVID-19 may, like other sectors and industries, push the intellectual property and legal services domain downward. However, once the COVID crisis is resolved, the likelihood of major expansion in the intellectual property sector cannot be overlooked, as a post-COVID world will more likely encourage IT businesses to license their current IP portfolio to supplement their financial reserves. This would boost demand for the market.
Patent Intellectual Property Management Is Expected to Drive Market
In recent years, patent IP administration has seen a substantial trend toward digitization. The number of patent submissions has risen dramatically in the first few months of 2020. In June 2020, according to Nasscom the number of IoT patents in India has increased six-fold in the last five years, with more than 80% of these patents directly tied to Industry 4.0 applications. Between 2009 and 2019, around 6,000 IoT patents were filed in the country, with approximately 5,000 being filed in the last five years.
According to a report released in March 2021, despite a 3.5 percent drop in global GDP, the number of international patent applications filed via WIPO's Patent Cooperation Treaty (PCT), which is one of the most widely used metrics for measuring innovative activity, increased by 4% in 2020 to 275,900, the highest number ever.
Integrating Advanced AI, Assisted Algorithms in Intellectual Property Drive Market Growth
The transition of sectors to paperless or cloud-based business models, the adoption of AI technology, the expansion of blockchain technology, decreased data storage costs, and a high growth rate of data are likely to propel the global intellectual property software market forward. The incorporation of advanced AI and aided algorithms in intellectual property are major drivers driving the market's growth. For instance, Ambercite Inc., developed its hybrid AI algorithm 'Ambercite Ai' in 2017, which combines large amounts of data with clever and speedy algorithms and advanced processing. It provides the organization with increased decision-making capability and convenience.
North America is the largest market for enterprises intellectual property (IP) management software due to the rising awareness about intellectual properties and their management among end-users, a large number of internet users in the United States and Canada, and the presence of businesses like CPA Global, Anaqua Inc., and Questel in the United States. In addition, the growing number of intellectual property offices in the region is aiding market expansion. According to data supplied by the World Intellectual Property Organization (WIPO), intellectual property offices in North America accounted for more than one-fifth of all IP offices worldwide in 2019.
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The Asia-Pacific region is the second-largest market for enterprises intellectual property (IP) management software due to the growing number of IT and telecom companies, as well as numerous automobile manufacturing plants in countries such as China and India. The Indian government released the National IPR Policy in 2016-17, concentrating on awareness, IPR generation, commercialization, enforcement, human capital development, legal and legislative reforms, and IPR administration. This program would aid in the expansion of the APAC intellectual property software sector.
KEY INDUSTRY DEVELOPMENTS:
In February 2021, TM Cloud Inc. updated its Document Management System with numerous new features. The following are some of the features: Another simple way to add documents to the TM Cloud DMS is to use the built-in selection interface to download them directly from the USPTO TSDR database. Statistical reports can be extracted from the documents, and so on.
In October 2020, Clarivate announced the integration of Darts-IP case law data with the Innography IP intelligence and analytics system, allowing for dramatically improved strategic decision making across the IP lifecycle. Following Clarivate's acquisition of CPA Global, the integration will provide multi-jurisdictional litigation data from 141 countries to corporate IP departments and law firm customers.
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