Intellectual property software 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 others such as patent portfolio mining, and licensing/ litigation support.
Components– Software and Services
Applications- Patent Management, Trademark Management, Intellectual Property (IP) Portfolio Management, Intellectual Property (IP) Licensing, and Intellectual Property (IP) Reporting & Analytics
End-use Industry– Individuals (Independent Inventors) and Enterprises (Banking, Financial Institutions, and Insurance (BFSI), Government, Healthcare, IT & Telecommunication, Electronics, Manufacturing and Others
According to Transparency Market Research, the global Intellectual Property Software Market is expected to be worth US$6,758.4 mn by the end of 2025. During the forecast years of 2017 and 2025, the global market is expected to exhibit a CAGR of 14.3%. As of 2016, North America intellectual property software market held a share of 30% and is expected continue its dominance in the forthcoming years as well. Analysts expect the software segment will lead the global market as it held a share of 50.0% in 2016 in the overall market.
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Wide Range of Applications Identified as Key Growth Driver for Global Market
Global intellectual property software market is mainly driven by growing emphasis of companies towards the protection of intellectual assets by gaining patents, and licenses for their innovations and technologies. In addition, increasing demand for effective and efficient management of intellectual properties gained by companies is also contributing in the growth of intellectual property software across the world.
Apart from this, multiple end-use industries are adopting intellectual property software in order to protect intellectual assets, mainly due to transition into digital economy business model. All these factors are expected to drive the intellectual property software market during the forecast period.
High Cost of Initial Investment to Hamper Market Growth
Despite the strong market drivers, the global intellectual property software market faces some tough challenges. The initial high cost of investment is the biggest deterrent for the investors. The high legal costs associated with following intellectual property rights through is likely to impede the global market.
Some of the leading players in the global market are Ambercite, IP Checkups, Inc., Clarivate Analytics, IPfolio, Wellspring Worldwide, LexisNexis, XLPAT, Innography, Inc., Aistemos, TORViC Technologies, Inc. Players are expected to widen their product portfolio in the coming years. Many intellectual property software providers are emphasizing on developing enhanced licensing platforms for delivering high quality solution and reduce operational cost across the industries.