Webinars and Virtual Meetings Being Held in Response to COVID-19 Outbreak
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.
Advanced Research Methodologies Enable Media Companies to Avoid Potential Conflicts from Unanticipated Sources
Apart from IP protection and IP valuation, companies in the intellectual property services market are providing comprehensive copyright, trademark, and entertainment title research solutions to clients. IP Innovations® based in Washington D.C. is providing comprehensive services in copyright and trademark protection to entertainment and creative content producing businesses. IP services are in high demand in order to escape potential conflicts from unanticipated sources.
State-of-the-art database resources and advanced research methodologies are being used by companies in the intellectual property services market. Clients in the entertainment & media industry are demanding services such as secure financing and background research for litigation purposes. IP due diligence is becoming increasingly important for the sale or acquisition of copyrighted property. Companies are increasing efforts to offer tailored services to clients pertaining to complex copyright research projects and document services.
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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Intellectual Property Services Market: Overview
- According to Transparency Market Research’s latest research report on the global intellectual property services market for the historical period 2018–2019 and the forecast period 2024–2030, increasing adoption of outsourced services to protect the rights and privileges of intellectual property (IP) owners are factors expected to boost the global intellectual property services market during the forecast period
- In terms of revenue, the global intellectual property services market was valued over US$ 2.1 Bn in 2019 and is projected to expand at a CAGR of ~12% from 2024 to 2030. The market is expected to surpass the value of US$ 5.8 Bn by the end of the forecast period.
Growing Adoption of IP in Digital Economy and Development of New Business Models
- Growth of the digital economy needs a rethinking of copyright and copyright protection. The intellectual property system is essential for the expansion of an enterprise’s digital network. Privacy, security, intellectual property, and customer protection are major factors that need to be considered to promote a digital economy. Therefore, an increase in the adoption of IP services in the digital economy is anticipated to boost the expansion of the intellectual property services market during the forecast period.
- Different business and revenue models are primarily associated with technological innovations. Implementation of commercial intellectual property rights can maintain sustainability, growth, and rise of new business and revenue models. New IP technologies need implementation of certificates or licenses to secure IP products or assets from piracy or duplication of products. Thus, technological development is a major factor that is consequently boosting the demand for intellectual property services around the globe. The impact of this driver is likely to be medium in the short-term and high in medium and long-term.
- On the other hand, lack of awareness about IP solutions and services and its application in enterprises is a major roadblock in the market. Lack of awareness is negatively impacting the growth of the intellectual property services market. Consumers are less aware about intellectual property services and their application in the management and protection of intellectual property assets. These factors have hindered the expansion of the intellectual property services market.
- However, adoption rate of intellectual property services is growing among end users. Therefore, overcoming this hurdle would require less time. Rapid developments in information technology and increased adoption of intellectual property services and other advanced technologies are estimated to help market players address issues arising from lack of awareness of IP systems and their usefulness. This factor is likely to have a high impact in the short-term, and the impact is set to reduce to medium in the medium and long-term.
Intellectual Property Services Market: Competition Landscape
- Detailed profiles of providers of intellectual property services have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global intellectual property services market include
- Acumum Group
- AIPEX, Anaqua, Inc.
- Baker McKenzie
- Clarivate Analytics
- CPA Global Ltd.
- Dennemeyer Group
- Dolcera Information Technology Services Pvt. Ltd.
- Evalueserve
- Foley & Lardner LLP
- ipMetrix Consulting Group
- Lawrie IP Limited
- LexisNexis
- Linklaters
- McDermott Will & Emery LLP Inc.
- Patent Outsourcing Limited
- Patrix AB
- PatSnap Pte. Ltd.
- Synoptic Intellectual Patents (P) Limited
- Wynne-Jones IP Ltd.
Intellectual Property Services Market: Key Developments
- Key providers of intellectual property services, such as McDermott Will & Emery LLP Inc., LexisNexis, PatSnap Pte. Ltd., Clarivate Analytics, and CPA Global Ltd. are focusing on advanced technologies and cost-effective intellectual property services to attract commercial customers. Some other key developments in the global intellectual property services market are highlighted below:
- In July 2024, Baker McKenzie LLP announced a partnership with SparkBeyond Ltd., a provider of AI-powered problem solving platform. The company is estimated to help SparkBeyond Ltd to reimagine legal client services in the future.
- In June 2024, Patrix AB announced a strategic partnership with H.C. Park & Associates, a leading corporate and intellectual property-related service provider. The company is improving its services by collaborating with other industry leaders, which help to expand its market share in Europe and internationally.
- In May 2024, Anaqua, Inc. announced a strategic partnership with Clarivate PLC, a leading trusted insights and analytics solution provider. The company is expanding its business operations in Europe with advanced IP solutions and services.
- In July 2019, CPA Global Ltd. announced partnership with Brügmann Software GmbH, based in Papenburg, Germany. Under this partnership, both companies provide the next level of smart data integration solution across the IP management system.
- In the global intellectual property services market report, we have discussed individual strategies, followed by company profiles of providers of intellectual property services solution. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global intellectual property services market.
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