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.
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.
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.
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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.