Intellectual Property Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The intellectual property management software market is expected to register a CAGR of over 13.54% over the forecast period 2021 - 2026. 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.

Scope of the Report

Intellectual property management software helps track patents, trademarks, copyrights, design, and other intellectual property. This software facilitates paperless work and is used by various corporates that aim to frame an enhanced IT infrastructure and system. Additionally, the software enables the corporate’s IPR Departments to perform periodic activities efficiently and accurately efficiently.

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Key Market Trends

Growing Number of Patents is Expected to Drive the Market Growth

• Patent offices today face an increasingly critical operational challenge. They cope with the steady growth in patent and trademark applications owing to increased globalization and intellectual property protection. For instance, According to WIPO, the number of patent grants worldwide increased to around 1.4 million in 2017 from 1 million in 2011.
• Patent management software delivers collaborative patent management services for different corporate requirements. This growing emphasis on managing and protecting patents is fueling the growth of the patent management software, thereby impacting the market's growth positively.
• Due to the increasing IP activity, companies are focusing on protecting and monetizing IP rights, as well as incorporating the best global practices to increase their return on investment on IP assets. The steady adoption of intellectual property management software across numerous industries, such as healthcare, IT and telecom, BFSI, and aerospace and defense, boosts the growth of the market.
• For instance, many organizations emphasize the protection of intellectual property assets through patenting or licensing their products and services. Additionally, various customizations in the product by end-users benefit the market's growth, as they safeguard and protect the essentials of intellectual property handlings and treatment.

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