INTELLECTUAL PROPERTY SOFTWARE MARKET ANALYSIS

Intellectual Property Software Market Size and Trends

Global intellectual property software market is estimated to be valued at US$ 12.46 Bn in 2024 and is expected to reach US$ 32.88 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.9% from 2024 to 2031.

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Global intellectual property software market is expected to witness growth during the forecast period due to  increasing need for better management of intellectual property rights among enterprises. Intellectual property software helps businesses to effectively track patents, copyrights, trademarks, and other such legal documentation related to their products and services. Increasing use of data-driven insights and analytics among corporate organizations can boost demand for this software. Advanced AI and machine learning capabilities being added to IP solutions can boost adoption of IP software in the near future. However, data privacy and security concerns around sensitive IP data can hamper the market growth.

Globalization of intellectual property

As the world becomes increasingly interconnected through advancements in technology and transportation, intellectual property has also become more global in nature. Ideas, inventions, and creative works are no longer confined to specific geographical regions or domestic markets, but can potentially have worldwide commercial appeal and application. To fully capitalize on their innovations, companies must strategically manage and protect their intellectual property on an international scale.

Globalization of IP compels corporation to adopt intellectual property software solutions that facilitate multi-jurisdictional filing, monitoring, and enforcement. Firms need systems to streamline the process of obtaining patents, trademarks, designs, and copyrights in foreign countries where these operate or seek to expand. As other enterprises operating abroad attempt to infringe upon or imitate a company's brands, inventions, and creative works, global IP software becomes invaluable for carefully scrutinizing foreign IP registers and taking prompt legal action against violators across the world.

Rising new economic powers like China, India, and countries within the ASEAN have created enormous consumer populations that global organizations wish to target. However, doing business on an international scale raises the stakes of IP protection. . Investing in specialized IP management solutions has become crucial for safeguarding valuable innovations when venturing into rapidly growing yet institutionally diverse global markets. Such software allows firms to preserve their competitive advantages and refrain from legal headaches caused by infringement abroad, encouraging further globalization of their activities.

For instance, in March 2022, Questel, a leading provider of intellectual property solutions, acquired Markify, a prominent provider of trademark search and watch services. This strategic acquisitionprovided Questel access to Markify's extensive global trademark database, significantly enhancing Questel's ability to offer comprehensive end-to-end IP services to its clients worldwide.

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Increasing complexity of intellectual property rights management

The increasing complexity of intellectual property (IP) regimes globally has created significant challenges for multinational corporations in managing their IP rights. Traditionally, patents, copyrights, trademarks, and designs were handled independently within separate organizational units. However, the boundaries between different types of intangible assets are now blurring in the current business environment. Emerging areas such as industrial designs, geographical indications, plant varieties, and databases involve hybrid IP considerations that transcend traditional categories. Furthermore, established protections now extend to the digital sphere, encompassing 3D printing schematics, software code, and online multimedia content. This growing complexity poses serious organizational hurdles for enterprises striving to keep pace with legal developments and leverage synergies across diverse IP portfolios. Manual processes are inadequate for effectively tracking these interrelated IP assets.