According to Future Market Insights research, the intellectual property software market is likely to register a CAGR of 12.7% during the forecast period (2022 to 2032). The intellectual property software market is projected to be valued at USD 4.5 Billion in 2022 and is expected to reach USD 14.9 Billion by 2032. This growth can be attributed to the following factors:
| Attributes | Details |
|---|---|
| Intellectual Property Software Market CAGR (2022 to 2032) | 12.7% |
| Intellectual Property Software Market Value (2022) | USD 4.5 Billion |
| Intellectual Property Software Market Value (2032) | USD 14.9 Billion |
Individual and commercial end-users are likely to become more aware of and use Intellectual Property (IP) rights, which is anticipated to boost demand for intellectual property software.
The sales of intellectual property software are projected to grow due to rising demand for a well-documented and secure method to handle intellectual property within an organization.
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In recent years, the administration of patent IP has noticed a substantial movement in favor of digitalization. The number of patent applications dramatically rose in 2021. NTT, with 790 domestic filings that had the patent publication granted as of May 2021, was the leading firm based on the total number of AI-related patent applications in Japan, as per a Japan Patent Office analysis published in August 2021. Other significant Japanese businesses like Hitachi, Fujitsu, and Canon came after NTT.
One of the commonly used measures for gauging inventive activity, the number of foreign patent applications submitted under the Patent Cooperation Treaty (PCT) of the WIPO increased by 0.92% in 2021 to reach 275,500 applications, according to a study released in February 2022. As the major source of foreign patent applications, Asia demonstrated its dominance, accounting for 54.1% of all applications in 2021, increasing from 38.5% in 2011.
Huawei Technologies, a Chinese telecom behemoth, was the top filer in 2021 with 6,962 filed PCT applications, winning the title for a fourth straight year. Following it was Samsung Electronics of the Republic of Korea, Qualcomm Inc. of the US (3,931), LG Electronics Inc. of the Republic of Korea, and Mitsubishi Electric Corp. of Japan (2,673). In 2021, the number of published applications increased at the quickest rate (+80.9%), which helped Qualcomm Inc. rise from fifth place in 2020 to second place in 2021. The number of digital communication-related filings by Qualcomm nearly quadrupled, reaching 1,486. Thus, with such increasing numbers, the demand for intellectual property software is on the rise too.
China is the main driver of global growth in demand for intellectual property (IP) rights, and Asia has established itself as the major source of foreign patentability, accounting for 54% of all application domains in 2021, up from 38.5% in 2021. Asia-Pacific was home to four of the leading five PCT filers at WIPO in 2021. The largest filer in 2021 was indeed the Chinese telecom giant Huawei Technologies, which had 6,962 published PCT applications.
On the other hand, in 2021 the Chinese Patent Office recorded close to 815,000 anomalies in patent applications. For instance, the China National Intellectual Property Administration discovered four batches totaling 815,000 erroneous patent applications in December 2021. The first three batches' rate of return as of right now is 93.1%. As there were over 5.2 million patent applications filed in 2020, this would suggest that approximately 15% of all Chinese patent applications were irregular (or aberrant). Additionally, there were 376,000 fraudulent trademark registration applications during the press conference.
As IT sectors become virtual, the pandemic accelerated the rate of technology adoption, according to the CEO and Managing Director of Tech Mahindra. As a result, for the information technology-enabled services (ITeS) sector in India, which has been at the forefront of technological transformation and organizations, cloud-based technology services would empower hybrid workspaces, improve agility, and encourage intellectual property (IP)-led innovation.
Principal Consultant
The shift of industries to paperless or cloud-based business models, the adoption of AI technology, decreased data storage costs, the expansion of Blockchain technology, 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 boosting the demand for intellectual property software.
The demand for intellectual property software is growing as end users are increasingly using intellectual property software to secure and establish a brand, keep their work exclusive and private, and protect the exclusive tenure of their works in order to obtain a competitive advantage in the intellectual property software market.
The Ministry of Micro, Small, and Medium Enterprises (SMEs) has exclusive rights to the use of their creative designs, inventive original or new goods, and brands owing to intellectual property rights. The demand for intellectual property software is also rising as many private enterprises have made intellectual property protection and administration a primary concern, particularly in areas such as the arts, culture, and technology.
The sales of intellectual property software are rising as it is both efficient and equitable and can assist businesses in realizing the potential of intellectual property as a catalyst for cultural and social well-being as well as economic development.
Intellectual property assets contribute to economic development in a variety of ways, as many businesses earn royalties by licensing their IP assets to third parties. As a result, increased emphasis on intellectual property protection and management is projected to drive intellectual property software market growth during the forecast period.
In the evolution of information and communication technologies, intellectual property plays a critical role. Companies may reach out to markets at a lower cost and in a much shorter time frame, thanks to ICT. Furthermore, IP systems are crucial for SMEs to employ in order to take benefit of ICT.
The intellectual property software market competitiveness of SMEs is predicted to improve with the integration of intellectual property protection and information and communication technology. As a result of this, the demand for intellectual property software is predicted to rise rapidly.
A number of businesses intend to develop new products with a variety of services in order to suit the diverse demands of intellectual property software market clients. As a result of the availability of such technology, SMEs are implementing IP systems to safeguard their tangible and intangible assets in order to remain competitive and boost the sales of intellectual property software.
In 2021, the on-premise segment dominated the intellectual property software market, accounting for nearly 50.9 percent of total revenue. An organization's internal infrastructure is used to install and run this software. Individuals who file a patent can also track and manage their applications using the intellectual property software on their PC. Internal teams can use the on-premise deployment to patch problems and detect faults in the systems.
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In 2021, the software segment led the intellectual property software market with a CAGR of 13.5%. The increased adoption of intellectual property management software in many industries, such as BFSI, IT and telecom, technology, automotive, healthcare, and jewelry, can be related to the segment's rise. These industries rely on software to apply for and manage their intellectual property rights
From 2022 to 2032, the patent management segment is expected to lead the intellectual property software market with a CAGR of 11.5%. The growth is due to a rise in the number of patent applications filed over time. According to Nasscom data, India saw a six-fold increase in the number of Internet of Things (IoT) applications in June 2020, with approximately 80 percent of patents relating to Industry 4.0.
| Regions | CAGR (2022 to 2032) |
|---|---|
| USA Market | 11.1% |
| UK Market | 13.2% |
| China Market | 13.4% |
| Japan Market | 12.7% |
| India Market | 15.5% |
During the forecast period, North America is predicted to dominate the intellectual property software market. The USA intellectual property software market is growing at a CAGR of 11.1%.
The region's rise can be ascribed to end-user knowledge of intellectual property and its management, a large number of internet users in the USA and Canada, and the presence of businesses like Anaqua Inc., CPA Global, and Questel in the USA.
In addition, the growing number of intellectual property offices in the region is aiding the intellectual property software 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.
Meanwhile, from 2022 to 2032, the Asia Pacific market is expected to grow at the fastest rate. The region's market growth is expected to be boosted by an increase in the number of IT and telecom enterprises, as well as numerous automobile manufacturing units in nations like India and China.
India’s intellectual property software market is projected to grow at the fastest rate in APAC with a CAGR of 15.5%.
Major players in the intellectual property software market are concentrating on business expansion in order to strengthen their market position. In order to acquire a competitive advantage in the industry, key market players are forming partnerships and collaborations.
Recent Developments in the Intellectual Property Software Market
The intellectual property software market is projected to register a CAGR of 12.7% during the forecast period (2022 to 2032).
North America is predicted to dominate the intellectual property software market.
The patent management segment is likely to lead the intellectual property software market with a CAGR of 11.5% through 2032
The intellectual property software market is projected to be valued at USD 14.9 Billion by 2032.
The Asia Pacific market is expected to grow at the fastest rate.
1. Preface 2. Assumptions and Research Methodology 3. Executive Summary: Global Market 4. Market Overview 5. Product Overview 6. Global Market Analysis and Forecast, by Component 6.1. Software 6.1.1. Cloud-based 6.1.2. On-Premise 6.2. Services 6.2.1. Development & Implementation Services 6.2.2. Consulting Services 6.2.3. Maintenance & Support Services 6.3. Component Comparison Matrix 7. Global Market Analysis and Forecast, by Application 7.1. Patent Management 7.2. Trademark Management 7.3. Intellectual Property (IP) Portfolio Management 7.4. Intellectual Property (IP) Licensing 7.5. Intellectual Property (IP) Reporting & Analytics 7.6. Others 8. Global Market Analysis and Forecast, by End-user Industry 8.1. Individuals (independent Inventors) 8.2. Enterprises 8.2.1. Banking, Financial Institutions, and Insurance (BFSI) 8.2.2. Government 8.2.3. Healthcare 8.2.4. IT & Telecommunication 8.2.5. Electronics 8.2.6. Manufacturing 8.2.7. Others 9. Global Market Analysis and Forecast, by Region 9.1. North America 9.2. Europe 9.3. Asia Pacific 9.4. Middle East and Africa 9.5. South America 10. North America Market Analysis and Forecast 11. Europe Market Analysis and Forecast 12. Asia Pacific Market Analysis and Forecast 13. Middle East and Africa (MEA) Market Analysis and Forecast 14. South America Market Analysis and Forecast 15. Competition Landscape 15.1. Aistemos 15.2. Ambercite 15.3. Anaqua, Inc. 15.4. Clarivate Analytics 15.5. Dennemeyer 15.6. Evalueserve Netherlands B.V. 15.7. Gemalto NV 15.8. Gridlogics 15.9. Innography, Inc. 15.10. Innovation Asset Group, Inc. 15.11. Inteum Company, LLC 15.12. Iolite Softwares Inc. 15.13. IP Checkups, Inc. 15.14. IP Street Holdings, LLC 15.15. LexisNexis 15.16. Minesoft Ltd 15.17. O P Solutions, Inc. 15.18. Patrix AB 15.19. PatSnap Pte. Ltd. 15.20. Questel 15.21. TORViC Technologies, Inc. 15.22. VajraSoft Inc. 15.23. Wellspring Worldwide 15.24. XLPAT 16. Key Takeaway
Technology
July 2023
REP-GB-1573
342 pages
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Intellectual Property Software Market
