According to a new market report published by Transparency Market Research titled ‘Intellectual Property Software Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026, the global intellectual property software market is expected to reach a value of US$ 8,071.1 Mn by 2026. The market is estimated to expand at a CAGR of 14.9% during the forecast period from 2018 to 2026.The intellectual property software market in Asia Pacific is projected to expand at a rapid pace during the forecast period.
According to the report, the global intellectual property software market is mainly driven by growing focus of companies for 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 to 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.
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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 in patent portfolio mining, and licensing/ litigation support. 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 the long-term.
The intellectual property software market has been segmented based on component, application, end-use industries, and region. Based on component, the market is categorized into software, and services. Among these components, software segment is further divided into cloud-based and on premise. Services segment is categorized into development and implementation services, consulting services, and maintenance & support services. Among these services, maintenance & support services sub-segment is anticipated to see flourishing growth during the forecast period.]
Based on applications, the global intellectual property software market has been categorized into patent management, trademark management, intellectual property portfolio management, intellectual property licensing, intellectual property reporting & analytics, and others. Intellectual property licensing, reporting, & analytics segments are projected to see healthy growth during the forecast period. On the basis of end-use industry, the market has been segmented into individuals (independent inventors); banking, financial services and insurance (BFSI); government; healthcare; IT and telecommunication; electronics; manufacturing; and others. Among these, healthcare; IT & telecommunication; and electronics are the key industries supplementing the growth of the intellectual property software market.
In terms of geography, North America dominated the global intellectual property software market in 2018 with more than 34% share and is expected to maintain its leading position during the forecast period, followed by Europe. In Asia Pacific, China and Japan are dominating the intellectual property software market, followed by Australia and India. The market in Asia Pacific is projected to expand at a fast pace as the region is on the verge of an economic revolution. Emerging economies of India, China, and Indonesia are expected to be key contributors to the intellectual property software market.
