According to a market report, published by Sheer Analytics and Insights, the total intellectual property management market was valued at $160.4 million in 2021 and it is expected to reach $350.4 million at a CAGR of 7.20% through the forecast period. Adoption of intellectual property management is generally growing in Asian countries such as India, and China. This growing demand is expected to drive the market during the forecast period. Government initiatives towards making a digital infrastructure and regulatory framework to protect creations are increasing at present days which are projected to double the growth of the market. The COVID-19 pandemic has badly impacted the intellectual property management market over the past two years. The government of various countries has imposed lockdown restrictions across the globe which generally had significant impacts on the growth of the market. However, after COVID-19, the market is expected to have a profitable growth over the forecast period and the adoption of intellectual property management software will gradually increase.
The term intellectual property rights are sometimes used for managing a company’s intangible assets such as the name of the company, services, music, computer programs, internal manual, working methods, and business concept. Furthermore, it helps the entrepreneur to manage these assets in a professional way to maximize the benefits. The government of China developed a special intellectual property segment in courts to deal with the breach. In addition, India is developing digital infrastructure with its national IP policy. Therefore, this new initiative would safeguard patents and protect intellectual properties. In 2020, North America has donated nearly 40% of the total market share. The IP rights and royalty management solutions offer several benefits to the organizations and users and it accompanies excessive cost of capital which is required proper execution or implementation.
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Intellectual property management is high resource-demanding work and it requires a large number of investments. Outsourcing intellectual property management helps organizations and enterprises in reducing costs, growth in productivity, and profitable improvements. Therefore, increasing demand for intellectual property management software in enterprises is expected to drive the market through the forecast period. Several organizations are adopting patent management software solutions. Such organizations are launching new business units that would address the essential needs of today’s law farms across the globe. Government initiatives and a comprehensive regulatory framework are also increasing. This will further expand the growth of the intellectual property management market.
Intellectual property management solutions help to track trademarks, patents, copyrights, design, and other intellectual property. Key players such as Anaqua Inc (U.S), IPfolio Corporation (U.S), Patrix AB (Sweden), AppColl Inc (U.S), FADEL (U.S), CPA Global (Jersey), Lecorpio (U.S), FilmTrack (U.S), Klopotek AG (Germany), Vistex Inc (U.S) Dependable Solutions (U.S), and others are dominating the intellectual property management market. These major players are planning to initiate new business strategies by providing intellectual property solutions to various organizations and enterprises.
The Intellectual Property Management Market Has Been Segmented Into:
The Intellectual Property Management Market – by Component
The Intellectual Property Management Market – by Deployment Type
The Intellectual Property Management Market – by End-User
The Intellectual Property Management Market – by Business Application
The Intellectual Property Management Market – by Region:
North America
Europe
Asia-Pacific
LAMEA
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