Intellectual Property Software Market – Snapshot
Intellectual property refers to the inventions, symbols, names, and images used by organizations, and other properties such as works of art. Intellectual property software enables users and organizations to effectively and efficiently manage and protect their intellectual properties. In addition, intellectual property software also helps to gain and maintain patents, trademarks, licenses, rights, and agreements across the intellectual property lifecycle. It supports the business across a wide range of applications which includes prior art search, intellectual property filings, product teardowns, patent landscape, patent portfolio analysis, business strategies, and in patent portfolio mining, and licensing/ litigation support.
Based on component, the intellectual property software market has been segmented into software, and services. The software segment is further segmented into cloud-based and on premise. Furthermore, services segment is categorized into development and implementation services, consulting services, and maintenance & support services. Based on services segment, maintenance & support services sub-segment is anticipated to see flourishing growth during the forecast period. This is primarily due to rising adoption of intellectual property software across multiple end-use industries especially manufacturing, healthcare, and IT & telecommunication. Cloud-based segment is expected to see increasing adoption, due to transition of businesses to paperless or cloud-based business models.
Based on application, the global intellectual property software market has been categorized into patent management, trademark management, intellectual property portfolio management, intellectual property licensing, intellectual property reporting & analytics, and others. Intellectual property licensing, reporting, & analytics segments are projected to see healthy growth during the forecast period. In addition, increasing demand for effective and efficient management of intellectual properties gained by companies is contributing to the growth of intellectual property software across the world.
In terms of end-use industries, the market has been categorized into individuals (independent inventors); banking, financial services and insurance (BFSI); government; healthcare; IT and telecommunication; electronics; manufacturing; and others. Healthcare, IT & telecommunication, and electronics are the key industries supplementing the growth of the intellectual property software market. Multiple end-use industries are adopting intellectual property software in order to protect intellectual assets, mainly due to transition to the digital economy business model. Rapid development in information and communication technologies, and growing awareness and adoption of intellectual property software across emerging economies especially India, Brazil, and Saudi Arabia is anticipated to create lucrative opportunities in the long-term.
Based on geography, the intellectual property software market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. North America dominated the market in terms of revenue in 2018, followed by Europe. The high rate of patenting has been the driving force for this market in the last few years. Growing application and awareness of intellectual property rights amongst end-use industries has also benefitted the overall market. The report states that emergence of information and communication technologies are likely to contribute to the growth of this regional market in the forthcoming years. China and India are expected to be key contributors to the intellectual property software market.
