Global Intellectual Property (IP) Law Firm Services Market: Introduction
Intellectual Property (IP) law firm services are IP and legal services offered to corporate houses, government, individual and assisting businesses to procure and protect Intellectual Property Rights. In the current market scenario, the different types of intangible assets of a business are often more important and valuable than its tangible assets. In view of the importance of intellectual property to businesses today, chambers of commerce and business associations across the world are experiencing a growing need to provide members with intellectual property support services.
Global Intellectual Property (IP) Law Firm Services Market – Dynamics
Rising Number of Intellectual Property Registrations across the Globe
The number of registrations for intellectual property across the globe has increased, with Asia Pacific holding the dominant market share. The number of conflicts among individuals as well as between enterprises has also recorded growth with the growing number of IP registrations. The growing number of IP registrations and need to manage the large number of IP conflicts is driving the growth of the market.
High Cost of Related Service
The cost of intellectual property (IP) law firm services is comparatively high. Protecting a person’s intellectual property entails a lot of money, particularly in the event of a highly complex product that involves designs, methods, and processes. In addition, an individual can expect to pay high legal costs if a lawyer is being hired to assist in the application process.
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Asia Pacific to Dominate the Global Intellectual Property (IP) Law Firm Services Market
In terms of region, the global intellectual property (IP) law firm services market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific is expected to dominate the intellectual property (IP) law firm services market during the forecast period due to its dominant share in global intellectual property registrations.
COVID-19 Impact on the Global Intellectual Property (IP) Law Firm Services Market
The COVID-19 pandemic is expected to moderately impact the global intellectual property (IP) law firm services market for a short-term period. The lockdown and shutdown has resulted in closure of constitutional institutions in many countries. But services are set to resume with the opening of different economies.