Intellectual Property Software Market, By Component (Service and Software), By Deployment Type (On-premise and Cloud), By Application (Patent Management, Trade Management, Licensing), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Jul 2024

Code : CMI3705

Pages :130

Formats :

Excel and PDF

Industry : Information and Communication Technology

Market Challenges: High deployment cost

The high deployment cost of intellectual property software can hamper the global intellectual property software market growth. Intellectual property software solutions require sizable investments in licensing, installation, customization, training, and support, which adds to the overall cost of ownership. These solutions also require specialized skilled resources for handling various IP related functions like patent land management, trademark watching, licensing workflows, and others. The costs associated with hiring and upskilling such talent adds further to the expenses.

The deployment expenditure depends on various factors like the size and complexity of operations, customization requirements, type of IP assets, number of users and geographical coverage. For large organizations dealing with a diversified global IP portfolio, the implementation of a comprehensive intellectual property management platform becomes a huge financial undertaking. According to the data published by the United States Patent and Trademark Office in 2021, small firms and individual inventors cited high costs as a major hurdle for availing IP services and leveraging the patent system to protect their innovations. This indicates that the steep price points of IP solutions restrict their adoption among small businesses with limited budgets.

Market Opportunities: Emergence of cloud-based platforms

The emergence of cloud-based platforms can offer opportunities for global intellectual property software market growth. With cloud, IP software providers can develop powerful yet affordable solutions that even small firms and individual innovators can access easily anywhere. This removes barriers around high upfront licensing costs and complex on-premise installations, allowing innovative ideas to be properly tracked, protected and commercialized more widely.

Many IP software solutions that traditionally required expensive servers are now available via the cloud with low monthly or annual subscriptions. This flexibility of cloud is attracting more customers beyond large enterprises.