Transparency Market Research observes that the global intellectual property software market is highly competitive in nature due to presence of several players in 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.
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
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.
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. The growing unauthorized and illegal sale of tangible and intangible assets and duplication of products is anticipated to supplement the large-scale adoption of intellectual property software over the forecast period.
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. However, low awareness and use of intellectual property software is a major concern restraining the market. Similarly, high cost associated with the software and complexity of intellectual property life cycle is limiting the growth of the intellectual property software market. Though, rapid development in the field of information and communication technologies, and growing awareness and adoption of intellectual property software across emerging economies especially India, Brazil, Indonesia, and Saudi Arabia is anticipated to offer lucrative opportunities in long-term.
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. Furthermore, the poor rate of awareness is also expected to work against the growth of the overall market. The high cost of software and the complexities of maintaining it are also likely to tug the market in the opposite direction.