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Intellectual property (IP) is a term used for any intangible asset that doesn't exist as a physical object but has a proprietary value to an organization. Intellectual property includes designs, concepts, software, inventions, trade secrets, business strategies and formulas among others. IP software protects an organization's inventions, strategies, processes, and concepts which is crucial to maintaining brand and competitive edge in the market. Intellectual property software helps the organization with effective and efficient management of their property and the protection of their rights.
Further, it helps the organization to differentiate their products and services, promote them to their customers and increase competitiveness in the market. According to WIPO (World Intellectual Property org), there were around 58 Mn intellectual property rights in operation in 2017 and is expected to reach a value of 70 Mn at the end of 2020.
Evolution of industries to paperless or cloud-based business models, adoption of AI technology, lower data storage costs, expansion of Blockchain technology and high growth rate data are the major drivers expected to grow the intellectual property software market globally. By integrating advanced AI, assisted algorithms in intellectual property are key factors that drive the growth of this market.
For instance, in 2017, Ambercite Inc. introduced its hybrid AI algorithm ‘Ambercite Ai’ by combining high volumes of data using intelligent and quick algorithms with advanced processing. It helps the organization with a better capability to make decisions and convenience.
Key players operating in the global intellectual property software market include Ambercite, IP Checkups, Inc., Clarivate Analytics, Alibaba group, IPfolio, Wellspring Worldwide, LexisNexis, XLPAT, Innography, Inc., Aistemos, TORViC Technologies, Inc.
● Cloud-based solutions
● Development & Implementation Services
● Consulting Services
● Maintenance & Support Services
● Patent Management
● Trademark Management
● Intellectual Property (IP) Portfolio Management
● Intellectual Property (IP) Reporting & Analytics
By Industry Vertical
● IT & Telecommunication
● North America (the USA and Canada)
● Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
● Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
● Latin America (Brazil, Mexico and Rest of Latin America)
● Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Globally, North America is expected to hold the most significant market size in the market by region in forecast period. In this region, developed countries such as the U.S. and Canada have a mature and well-established market of cloud computing and advance IPs management with an inclining economy. Further, the intellectual property software market in the Asia Pacific is expected to grow at a higher growth as compared to other regions. For instance, during 2016-17, Indian government releases the National IPR Policy, focusing on awareness, generation of IPRs, commercialization, enforcement, human capital development, legal and legislative reforms, and management of IPRs. This programs would help to boost the growth of intellectual property software market in APAC.
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