Intellectual Property Software Market Growth Accelerated by Automation and Digitization
Intellectual property (IP) software offers services for patent workflow automation, trademark monitoring and management, IP analytics, and more. They help law firms, corporations, and individual inventors protect their inventions and creations in a cost-effective manner through digitization of IP processes.
The global Intellectual Property Software Market is estimated to be valued at US$ 1.87 billion in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Automation and digitization is one of the primary drivers accelerating growth
of the intellectual property software market. IP software automates routine
tasks associated with patent prosecution, renewals, docketing and more through
their digital platforms. They facilitate end-to-end management of IP portfolios
in an integrated manner with capabilities like e-filing, infringement analysis
and online trademark watches. This has streamlined IP processes globally and
the intellectual property industry is increasingly transitioning from
paper-based practices to digital methods of IP management. The automation and
digitization trend offered by IP software is thus expected to continue fueling
adoption over the forecast period.
Segment
Analysis
The global
intellectual property software market is dominated by the legal services
segment. It accounts for nearly 35-40% share of the overall market. This is
because intellectual property management is a complex process which requires
expertise in patent laws as well as knowledge of different filing procedures
across countries. Intellectual property software helps legal professionals to
efficiently track intellectual property filings, payments and deadlines. They
can also analyze patent landscapes and monitor competition with the help of
these solutions.
Key Takeaways
The
Global Intellectual Property Software Market Size is expected to
witness high growth over the next five years.
North America currently dominates the market owing to
presence of major software players and high awareness regarding intellectual
property rights protection among businesses. However, Asia Pacific is expected
to be the fastest growing regional market due to rapid economic development and
increase in the number of patents filed from countries like China, India and
South Korea.
Key players operating in the intellectual property software
market are Anaqua, CPA Global, Clarivate, Dennemeyer, Gemalto, Oami, Questel,
and IBM. Anaqua is one of the leading providers of integrated intellectual
property management technology. It offers a comprehensive SaaS platform for IP
lifecycle management and litigation to enterprises as well as law firms and
intellectual property attorneys.
https://www.dailyprbulletin.com/intellectual-property-management-software-market-analysis/
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