PUBLISHER: SkyQuest | PRODUCT CODE: 1174440
PUBLISHER: SkyQuest | PRODUCT CODE: 1174440
Global Intellectual Property Management Software Market was valued at USD 6.54 billion in 2021, and it is expected to reach a value of USD 14.37 billion by 2028, at a CAGR of more than 15.76% over the forecast period (2022-2028).
The term "intellectual property" designates a class of property that includes intangible works produced by the human mind. Utilizing software for intellectual property allows individuals and businesses to effectively manage and safeguard their intellectual property. Different intellectual property types exist, and some nations recognize them more than others. In order to gain an advantage in the cutthroat market, end users are increasingly adopting intellectual property software to safeguard and build a brand, maintain the privacy and confidentiality of their work, and safeguard the exclusive tenure of their creations. The Ministry of Micro, Small and Medium Enterprises (SMEs) is given exceptional control over the exploitation of their innovative original or new products and brands thanks to intellectual property rights.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global intellectual property management software market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global intellectual property management software market is segmented based on the component, deployment, end use, and region. Based on the component, the market is bifurcated into service and software. Based on deployment, the market is segmented into on-premise and cloud. Based on end use, the market is segmented into individual, commercial. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
A variety of ways exist for intellectual property assets to support economic growth. For instance, many companies receive royalties from licensing their IP to other companies. As a result, the market is anticipated to grow during the forecast period due to increased emphasis on intellectual property management and protection. The development of information and communication technologies is heavily influenced by intellectual property. Thanks to ICT, businesses can reach out to markets more quickly and at a lower cost. Additionally, IP systems are essential for SMEs to use in order to benefit from ICT.
Intellectual property software's perceived high cost is a major barrier to widespread adoption. This is due to expenses associated with purchasing IP rights. Another factor impeding market expansion is the complexity or inefficiency of intellectual property systems, particularly with regard to the enforcement of patent rights. Many small and medium-sized businesses are hesitant to adopt these technologies as a result. The General Accounting Office (GAO) report claims that by failing to seek patent protection abroad, small industries, primarily high technology companies, were missing out on potential business opportunities in foreign markets. This is primarily due to small and medium-sized businesses' (SMBs) limited familiarity with foreign patent systems and laws, high costs, and scarce resources.
Due to a significant shift in the market toward technology-based competition and the emergence of a knowledge-based economy in global markets, intellectual property assets have gained significant market importance. The market demand for software that protects intellectual property is anticipated to increase as a result of emerging economies in the Middle East and Africa, Asia Pacific, and Latin America. These nations are currently concentrating on implementing new technologies for economic development. For instance, India, Russia, Brazil, and China are integrating international intellectual property (IP) management into their national systems of invention. As a result, it is anticipated that these economies will increasingly adopt the agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) in the years to come, maximizing global economic welfare.