South Korea Intellectual Property Market

South Korea Intellectual Property Market Outlook (2023 to 2033)

The South Korea intellectual property market is capturing a valuation of USD 1 billion in 2023 and is predicted to reach USD 5.2 billion by 2033. The market is registering a CAGR of 17.4% during the forecast period.

The South Korea intellectual property (IP) market is anticipated to gain from the rising adoption of cloud-based IP solutions and the growing demand for IP management software. South Korea holds the 5th position across the globe in terms of patent registrations. South Korea Intellectual Property market accounts for nearly 12% of the global IP management market share.

There has been an uptick in demand for IP search analysis and intellectual property management software in South Korea. Surging patents in ICT are increasing as they provide a competitive advantage, proving to be strategic assets for the company.

With digital advancements and the introduction of new technologies, the possibility of producing and disseminating copies has also increased. It has resulted in growing cases of copyright violations, demanding the need for IPs. Driven by this, many companies are adopting patent management software solutions.

The government of South Korea initiated various policies and plans to enhance the performance of Intellectual Property in the nation. They are establishing institutes, including Korea Intellectual Property Office, to strengthen IP rights. The government plays a crucial role in maintaining a favorable environment for intellectual property transactions.

The increasing legal frameworks and growing awareness to protect intellectual property rights. Moreover, huge investments and international intellectual property fuel the South Korean market.

How is Growing Digital Transformation Boosting Sales in the South Korea Market?

Intellectual property rights allow creators to patent, trademark, or copyright their works to avoid mishandling and to benefit from their creation and innovation. Cloud-based IPs are in high demand as they support and remotely protect IP assets across various industries. Since the cloud offers excellent flexibility and value over locally installed intellectual property management systems. These sales are anticipated to increase in the forthcoming years.

Designers, inventors, authors, and developers are adopting IP rights such as patents and trademarks to safeguard their creations. In addition, regulations imposed by the government to control the unauthorized usage of IP assets are estimated to augment the growth in the market.

Local Government Initiatives Likely to Create Strong Opportunities for Growth

The local government plays a critical role in policy-making and regulations in South Korea. In recent years, the Korea Intellectual Property Office (KIPO) has expanded the role of the Special Investigation Police (SIP) within KIPO.

It was originally established to investigate trademark infringement and counterfeiting including investigations of patent infringement and the enforcement of patent rights.

The government of South Korea is planning to evolve in tandem with the changing landscape of the intellectual property sector. Moreover, investments in research and development by the government and various firms are propelling several patents to be issued, boosting sales in the market.

Attributes	Details
Market CAGR (2023 to 2033)	17.4%
Market Valuation (2023)	USD 1 billion
Market Valuation (2033)	USD 5.2 billion

South Korea Intellectual Property Market, 2018 to 2022 Historical Sales, Compared to 2023 to 2033 Future Outlook

Sales are projected to increase at a 17.4% CAGR between 2023 and 2033, compared with the 7.8% CAGR registered from 2018 to 2022. Companies in South Korea are implementing new editions of IP solutions into their current offerings with a wide range of new features and capabilities.

Rapid globalization, innovation, fragmentation of production value chains, and the emergence of new players are some factors expected to drive sales of IP solutions and software. IP systems are undergoing continuous changes as they seek to optimize the balance between private and social benefits to contribute to economic growth and the welfare of societies.

The market was valued at USD 621.0 million in 2018 and is anticipated to capture a valuation of USD 906.9 million in 2022.

Top Segments in the Global Market are

Why is the Demand for Intellectual Property (IP) Management Software Increasing?

Brands and Companies are Investing in Logo Copyright Registration

Based on solutions, demand in the intellectual property management software segment is expected to secure a share of 47.7%, accounting for a dominant market share.

Formal intangible assets such as technology, designs, and brands are important for appropriate returns for innovation and investments. These intangible assets are protected by formal intellectual property (IP) rights such as patents, utility models, industrial designs, trademarks, copyrights, and trade secrets. Owing to this, demand for IP management software across various end users is surging, thereby driving market growth.

Why are Sales of Intellectual Property in Law Firms Rising?

Surging Demand for Copyright Services in Law Firms is estimated to Drive Sales

Regarding end users, sales in the law firms segment are projected to secure a share of 28.3% over the forecast period. The segment is expected to grow 5.9X, creating an absolute opportunity of USD 2,061.2 million.

The growing popularity of IP management software is estimated to continue driving sales in this segment. For instance, in July 2021, Clarivate launched research and protection solutions powered by CompuMark into Ipfolio, and FoundationIP, IP management software (IPMS) solutions. These solutions are being adopted in corporations and law firms. Such developments are anticipated to bode well for the growth of the market.

How South Korea is Performing in the Intellectual Property Market

South Korea is one of the significant countries leading the intellectual property field to innovate and protect. South Korea's government takes several measures to strengthen the laws and enforcement for businesses and inventors.

The country ranks high internationally for IP indices, including the United States Chamber of Commerce's Global IP Index and the Global Innovation Index. The growing technological and electronics in IP enforcing rights and laws are fueling the market in the country. South Korea is enhancing its portfolio in licensing agreements with numerous IP disputes.

The growing awareness, promotion, and education of intellectual property drive the South Korea market. Increasing research and development activities, supporting small businesses, startups, and collaborations with research institutions are expanding the market in the country. These factors are performing in the South Korea intellectual property market during the forecast period.

How can Manufacturers Expand the South Korea Intellectual Property Market?

Manufacturers can expand the South Korea market through various steps as follows:

• Conduct Market Research: The growing industrial trends, legal framework, security, and several key players drive the South Korea market.
• Protect Your Intellectual Property: Manufacturers can expand the market in South Korea by ensuring their consumer's Intellectual property protection. It involves copyrights, patents, and trademarks with South Korean authorities.
• Partnerships: Manufacturers seek to collaborate with local distributors, agents, and key companies to expand their business portfolio in the country. These manufacturers are helping to navigate, provide valuable insights and regulate challenges in the market.
• Offer Customization: Manufacturers provide various products to their customers as per their specific needs and requirements. They are expanding their market by enhancing users' experiences, product packaging, and quality.
• Collaborating with Research Institutions: Manufacturers are innovating new technology products by collaborating with research institutions. These manufacturers can expand the market through technology transfer and reach local talent.

These are a few of the steps on which manufacturers can expand the South Korea market during the forecast period.

Trends in the South Korea Intellectual Property Market are

• Increasing Intellectual Property Filling: South Korea is a significantly growing market with steady growth in IP fillings, including trademarks and patents. This trend builds innovations and protects IP rights in the country.
• Focus on Technology: South Korea highly invests in innovations and technologies to upsurge the market. Several end-use industries, such as information technology, electronics, and telecommunications, influence the South Korea market.
• International Reach: South Korea is expanding the market by increasing international intellectual property fillings. This trend secures competitive advantages and protects intellectual property.
• Strengthening Intellectual Property Protection: South Korea implements various regulations to protect intellectual property. Such as strict regulations, increased penalties, and enhanced patent examination process.

Competitive Landscape

Key companies operating in the South Korea intellectual property market include Clarivate, Dennemeyer, Patrix, LexisNexis Korea (Legal), Questel Korea, PI IP LAW, KASAN, SU INTELLECTUAL PROPERTY Co. Ltd., WIPS Co. Ltd, SIWONIP, Kim & Chang, Lee & Ko, and FirstLaw PC, among others. Companies are emphasizing innovations and expanding their global footprint through acquisitions and partnerships.

The market is highly competitive by these key players. These key players are innovating better and unique products to stay ahead of the competition. The key players are adopting several marketing tactics to upsurge the global market to another level.

Other Essential Players in the South Korea Intellectual Property Market are

• Clarivate
• Dennemeyer
• Patrix
• LexisNexis Korea (Legal)
• Questel Korea
• PI IP LAW
• KASAN
• SU INTELLECTUAL PROPERTY Co. Ltd.
• WIPS Co. Ltd
• SIWONIP
• Kim & Chang
• Lee & Ko
• FirstLaw PC

Recent Developments in the South Korea Intellectual Property Market are:

• In November 2020, Patrix announced a partnership with Black Hills. This partnership provides customers with tools that help to automate IP operations. It also provides prosecution and patent analytics on their portfolios.
• In January 2018, Dennemeyer & Associates opened an IP law firm in Paris. This expansion was set up in collaboration with Frédéric Blanc and offered cutting-edge intellectual property-related legal services.
• In 2019, Dennemeyer Group announced its completion of the acquisition with De Simone & Partners. This acquisition took place to expand the business portfolio in Italy.
• Anaqua announced its newly launched product by investing in the platforms of PATTSY WAVE and AQX Law Firm.

Scope of Report

Attribute	Details
Forecast Period	2023 to 2033
Historical Data Available for	2018 to 2022
Market Analysis	USD billion for Value
Key Countries Covered	United States, United Kingdom, Japan, India, China, Australia, Germany
Key Segments Covered	Solution, End User, Region
Key Companies Profiled	Clarivate; Dennemeyer; Patrix; LexisNexis Korea (Legal); Questel Korea; PI IP LAW; KASAN; SU INTELLECTUAL PROPERTY Co. Ltd.; WIPS Co. Ltd; SIWONIP; Kim & Chang; Lee & Ko; FirstLaw PC
Report Coverage	Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing	Available upon Request

South Korea Intellectual Property Market by Category

By Solution:

• Intellectual Property (IP) Management Software
  • Cloud-based
  • On-Premises
• IP Search and Analysis Software (Web-based)
• Intellectual Property Services
  • IP Consulting and Analytics
  • Law Firm Services
  • IP Maintenance
  • Others

By End User:

• Corporations
• Government & Academic
• Law Firms
• Others

By Region:

• North America
• Europe
• Latin America
• Asia Pacific
• The Middle East and Africa

Frequently Asked Questions

How was the Historical Performance of the Market?

The market registered 7.8% of CAGR from 2018 to 2022.

What is the Growth Potential of the South Korea Intellectual Property Market?

The growth potential of the market is 4% through 2033.

What Limits the Growth Potential of the Market?

High cost of adoption and lack of awareness are likely to limit market growth.

What is North America's expected share in 2023?

North America is likely to generate 25% revenue in 2023.

What Opportunities Await for the Market Players?

Substantial investment in research and development.