Intellectual property (IP) software offers services for patent workflow automation, trademark monitoring and management, IP analytics, and more. They help law firms, corporations, and individual inventors protect their inventions and creations in a cost-effective manner through digitization of IP processes.
The global Intellectual Property Software Market is estimated to be valued at US$ 1.87 billion in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Automation and digitization is one of the primary drivers accelerating growth of the intellectual property software market. IP software automates routine tasks associated with patent prosecution, renewals, docketing and more through their digital platforms. They facilitate end-to-end management of IP portfolios in an integrated manner with capabilities like e-filing, infringement analysis and online trademark watches. This has streamlined IP processes globally and the intellectual property industry is increasingly transitioning from paper-based practices to digital methods of IP management. The automation and digitization trend offered by IP software is thus expected to continue fueling adoption over the forecast period.
Segment Analysis
The global intellectual property software market is dominated by the legal services segment. It accounts for nearly 35-40% share of the overall market. This is because intellectual property management is a complex process which requires expertise in patent laws as well as knowledge of different filing procedures across countries. Intellectual property software helps legal professionals to efficiently track intellectual property filings, payments and deadlines. They can also analyze patent landscapes and monitor competition with the help of these solutions.
Key Takeaways
The Global Intellectual Property Software Market Size is expected to witness high growth over the next five years.
North America currently dominates the market owing to presence of major software players and high awareness regarding intellectual property rights protection among businesses. However, Asia Pacific is expected to be the fastest growing regional market due to rapid economic development and increase in the number of patents filed from countries like China, India and South Korea.
Key players operating in the intellectual property software market are Anaqua, CPA Global, Clarivate, Dennemeyer, Gemalto, Oami, Questel, and IBM. Anaqua is one of the leading providers of integrated intellectual property management technology. It offers a comprehensive SaaS platform for IP lifecycle management and litigation to enterprises as well as law firms and intellectual property attorneys.
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