Market Trends of Intellectual Property Management Software Industry
Patent Intellectual Property Management is Expected to Drive the Market's Growth
- Patent IP management has observed a significant shift toward digitization in recent years. The number of patent filings from various end-user industries has increased significantly in the past few years. For instance, according to WIPO, China led the ranking with 70,015 international patent applications filed in 2022. The United States and Japan followed behind with nearly 59,056 and over 50,345 international patent applications, respectively.
- Additionally, emerging economies such as India are expected to positively influence the demand for patent management software in the coming years. The country is witnessing substantial growth in patents each year. For instance, according to the data from Intellectual Property India, In the financial year 2022, there were 66.4 thousand patents filed in India. It significantly increased compared to the previous year's 58.5 thousand patents filed in 2021.
- Commercial enterprises and patent offices worldwide also leverage emerging technologies to unlock significant benefits. For instance, the US patent office has implemented AI solutions to suggest patent classes, which are searched to make the process more effective. The European Patent Office has also implemented a tool to translate patents published in 32 languages.
- The use of AI opens legal issues that depend on the specifics of the technology used. Although human inventors behind AI are still easy to identify, the machine may bypass its creators and develop a process for more efficient R&D. This trend will likely lead legislators, patent offices, and courts to complex questions of attributing inventorship or even awarding patent protection.
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Asia Pacific is Expected to Witness the Highest Growth Rate
- The Asia Pacific region is expected to witness the highest growth owing to the increase in patent, trademark, and industrial applications in countries like China, Japan, India, and South Korea. Further, end-user industries such as IT, Telecom, and BFSI in the Asia Pacific region are witnessing significant adoption of intellectual property management software owing to the growth in patents in the past few years.
- Further, according to the World Intellectual Property Indicators (WIPO), Asia manifested its lead as the most significant origin of international patent applications, accounting for 54.1% of all applications in 2021, up from 38.5% in 2011, with China driving overall demand growth for intellectual property (IP) rights.
- Furthermore, with the evolution of more advanced technologies and protection, management of IP creation has become a mandate in every business to ensure faster commercialization of the IP developed. This means that more regional companies are expected to rely on the latest technologies with a strategic focus on protecting their IP assets.
- China is expected to hold a significant share of the intellectual property management software market in the Asia Pacific region. The country's high adoption of intellectual property management software is primarily driven by the increasing growth in patent applications and growing adoption among end-user industries. Chinese market vendors are emerging as the leading companies to file patent applications. For instance, according to the data from WIPO, Huawei Technologies filed the highest number of international patent applications in 2022, with 7,689 applications. Samsung Electronics followed behind with almost 4,387.
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