The international spread of COVID-19 (coronavirus) is rewriting the nature of the global society. The World Intellectual Property Organization (WIPO) has ensured continuous delivery of IP (Intellectual Property) services where its official meetings are being adapted toward hybrid and virtual modes. Companies in the intellectual property services market are taking cues from the WIPO and are offering a wide range of webinars to disseminate important information about their business continuity plans and services. They are making use of cloud-based, multi-lingual virtual conferencing platforms to help their stakeholders and clients participate remotely.
Remote interaction is becoming increasingly mainstream for IP service providers. Companies in the intellectual property services market are organizing free webinars in response to the COVID-19 outbreak in order to provide training for its employees and clients. Scientists and policymakers are gaining easy access to IP service providers’ databases to attain crucial information.
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Companies Educate Indigenous Entrepreneurs on IP Rights to Scale eCommerce Business
Entrepreneurs from the Indigenous Peoples and Local Communities (IPLC) have been affected by the COVID-19 pandemic. Customers are transitioning from buying traditional knowledge-based goods and services in physical stores to e-Commerce platforms. Even entrepreneurs from IPLCs are adapting to online sales, but this transition has created IP challenges to protect their work, images, and ideas in a vast digital environment. Hence, companies in the intellectual property services market are increasing awareness about interactive webinars conducted by the WIPO, which help entrepreneurs to distinguish their goods and services in the competitive eCommerce sector.
Companies in the intellectual property services market are educating entrepreneurs from IPLCs about their IP rights to prevent cultural infringement and protect their intellectual assets. Simple measures such as placing a copyright notice on the first page of an eCommerce website helps to safeguard traditional knowledge of indigenous entrepreneurs.
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Evaluation Based on Intrinsic Value of Patents and Portfolios Bolsters Market Growth
The intellectual property services market is expected to reach a revenue of US$ 5.8 Bn by the end of 2030. This signals that business owners are transitioning from owning the most number of patents to filing right patents. However, data inconsistencies pertaining to accurate patent count is emerging as a challenge for companies in the intellectual property services market. Thus, companies are increasing their research in reliable methods for qualitative and quantitative evaluation of patents and portfolios. This is evident since patents are predicted to hold the highest revenue share among all IP types in the market landscape.
Patents and portfolios are now being evaluated based on their intrinsic value. Companies are adopting evaluation methods, which draw an analysis of the technology being used to protect the patent.
Harmonized Legal Frameworks Between EU and Partner Countries Help SMEs
Though large enterprises are expected to hold the lion’s share in terms of revenue as compared to small & medium enterprises (SMEs), companies in the intellectual property services market are focusing on digital innovations for SMEs. For instance, the European Union (EU) is increasing awareness about IP right among SMEs to strike the right balance between interests of innovators and wider public interest. Promotion and protection of IP spurs economic growth and creates employment opportunities.
Increasing number of Eastern partner countries are becoming members of the WIPO. Harmonized legal frameworks between the EU and partner countries are contributing toward the expansion of the intellectual property services market. This explains why the market is predicted to register a robust CAGR of ~12% during the forecast period.
Data-based Healthcare Business Models Being Leveraged with AI
The launch of international brands and their content releases are acting as a key driver for the intellectual property services market. Curated data and artificial intelligence (AI) are being deployed in the digital health sector to meet the demanding needs of clinicians and patients. The protection of data has become a form of asset for healthcare companies. Data helps to spur market growth, and is the fundamental basis to empower AI in medical applications. The continuous data influx has triggered the demand for IP protection and management services. Thus, AI holds promising potentials to sophisticatedly manage large data volumes.
Data-based business models and commercialization of data are on the rise. Currently, digital services are being provided in exchange of data rather than a service fee. Thus, data has become the new currency to resolve associated legal issues in the IP services industry.
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