Intellectual Property Software Market to Witness Remarkable Growth from 2023-2032 - Anaqua Inc., Clarivate plc
Intellectual Property Software Market
Growing modernization and an increasing number of disputes are significant factors driving the growth of intellectual property software market.
PORTLAND, PORTLAND, OR, UNITED STATE, April 3, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Intellectual Property Software Market," The intellectual property software market was valued at $7.5 billion in 2022, and is estimated to reach $31.3 billion by 2032, growing at a CAGR of 15.6% from 2023 to 2032.
Key factors such as rapid modernization and an increasing number of disputes are driving the growth of the intellectual property software market. However, rise in costs associated with protection and enforcement is hampering the market growth. On the contrary, rapid digitalization is expected to provide lucrative opportunities for market growth during the forecast period.
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User experience and ease of use are becoming critical factors in the design of intellectual property (IP) software. Solutions with intuitive interfaces and user-friendly features are preferred as they contribute to better adoption rates within organizations. Furthermore, some trends suggest the exploration of blockchain technology to enhance the security and transparency of IP management. Blockchain can potentially be used to establish indisputable records of IP ownership and transactions. Moreover, businesses are increasingly viewing intellectual property as a strategic asset. IP software trends include features that support strategic portfolio management, helping organizations align their IP assets with overall business objectives.
Intellectual property (IP) software is an application designed for managing, protecting and enforcing IP rights. IP comprises of mind creations, inventions, symbols, names, designs, and others. The main type IP include patents, trademarks, copyrights and trade secrets. IP software helps track patents status, trademarks, copyrights, manage renewals, and manage compliance requirements. IP software helps organizations in navigating the complexities of patent filings, prosecution, and maintenance. In addition, it helps IP software helps in licensing, and monitoring the use of copyrighted material and ensuring copyright compliance. Furthermore, IP software helps secure the storage of confidential trade information. In addition, IP analytics helps in analyzing patent landscapes, assessing competitive landscapes, and making data-driven decisions regarding strategy.
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Major market players adopted product launch strategies to increase the competition and offer enhanced services to their customers in the intellectual property software market. For instance, in September 2023, Clarivate plc launched Forecast, the next generational AI driven solution to assist IP professionals to automate and simplify the process to enable faster budget approvals. Forecast is an IP cost forecasting and budgeting tool that provides IP professionals with strong predictive budget forecasting skills, in order to facilitate rapid budget approvals, to streamline and automate the procedure.
Furthermore, in April 2023, Patsnap launched AI-powered GPT product. The product is developed to revolutionize IP and R&D innovation services. PatsnapGPT comprises of three significant features: patent search expert, patent technical disclosure assistant and R&D assistant. While the patent technical disclosure assistant creates standardized patent technical disclosures for R&D staff, the patent search expert assists IP people in creating patent search queries automatically. To increase operational efficiency, the R&D assistant simplifies the technical document search and summary process. Therefore, such strategies foster intellectual property software market growth in the ICT sector.
Based on deployment mode, the on-premise segment dominated the intellectual property software market size in 2022. This is attributed to the fact that on-premise solutions allow companies to have greater control over data and intellectual property, thus reducing concerns in relation to data breaches and compliance issues. Therefore the demand and use of in-premise solutions is more as compared to cloud solutions.
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Based on application, licensing segment dominated the intellectual property software market share in 2022. This is because subscription and usage based licensing model are getting popular. In addition, the filings of intellectual property are growing at an increasing rate and therefore, businesses and organizations are increasingly relying on intellectual property software for efficient management and tracking of license agreements.
Based on industry vertical, IT & telecom segment dominated the intellectual property software market forecast in 2022. This is attributed to the fact that IT & telecom industry is a highly innovative industry and the IT and software companies require IP software to protect their assets from time to time.
Based on the region, North America dominated the intellectual property software market analysis in 2022. This can be attributed to concentration of high-tech industries, that highly demand intellectual property software solutions in the region.
The report analyzes the profiles of key players operating in the intellectual property software industry such as Clarivate Plc, Patsnap, Anaqua Inc., LexisNexis (REALX), Alt Legal Inc., Patseer Technologies Limited, Questel, Patrix AB, Flextrac and Innovation Asset Group, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the intellectual property software industry.
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