Intellectual Property Management Software Market Growth & Trends
The global intellectual property management software market size is anticipated to reach USD 431.6 million by 2028, expanding at a CAGR of 15.6% over the forecast period, as per the research conducted by Grand View Research, Inc. Development in the Information and Communication Technologies (ICT) sector, coupled with the growing awareness and adoption of intellectual property management software across emerging economies such as China and India, are expected to offer lucrative opportunities for the market growth.
Furthermore, increasing government initiatives toward creating a digital infrastructure and regulatory framework to monetize and protect creations are also expected to contribute to the growth of the market. For instance, China’s central government has developed a specialized intellectual property division in courts to deal with infringement and is committed to streamlining enforcement processes for trademark violations. Additionally, India is building a digital infrastructure in line with the country’s national IP policy. This initiative will safeguard and promote patents while protecting intellectual properties.
The outbreak of the COVID-19 pandemic has negatively impacted the growth of the market for intellectual property management software. The lockdown restrictions imposed by various governments across the globe have significantly impacted the use of the software. However, the market is expected to witness significant growth with the gradual leniency in restrictions and resumption of businesses.
North America contributed around 40.0% to the total market share in 2020, attributed to the increasing use of patents in the region. For instance, as per the data published by United States Patents and Trademarks Office, the number of patents used in the U.S. totaled 399,055 in 2020, compared to 370,423 in 2019. The regional market is anticipated to witness steady growth over the forecast period as well.
Some of the prominent players in the market for intellectual property management software include Anaqua Inc.; Clarivate; Innovation Asset Group, Inc.; Gemalto NV; CPA Global; and Questel. These players focus on launching new products, applications, and services to enhance their business operations. For instance, in November 2019, CPA Global announced its customer-focused strategy to enhance IP outcomes from improved data-enabled IP decision-making and improved IP productivity across the industry. After the acquisition of ipan/Delegate Group, CPA global operates in two core business divisions namely Software and Tech-Enabled Services.
Intellectual Property Management Software Market Report Highlights
- The service component segment is expected to dominate the market owing to the increasing demand for post-sale services for software across the globe. The segment is expected to reach USD 237.8 million by 2028
- The cloud deployment segment is anticipated to expand at the highest CAGR of 16.3% over the forecast period
- The commercial end-user segment is expected to dominate the market over the forecast period. It is anticipated to reach USD 255.2 million by 2028
- The patent management segment is anticipated to witness the fastest CAGR of 16.1% over the forecast period. The growth can be attributed to increasing patent registrations and applications globally
- North America is projected to account for the largest market share over the forecast period. The regional market is anticipated to reach USD 163.9 million by 2028. The rapid adoption of technological innovations and the presence of various prominent players in the region are some of the major growth drivers for the market in this region
- Prominent industry participants include Anaqua Inc.; Innovation Asset Group, Inc.; Gemalto NV; CPA Global; and Questel