by Intellectual property (IP) software allows organizations to manage their intellectual property assets in an organized and efficient manner. IP software provides tools for patent research, patent analytics, trademark management, and more. It helps streamline workflows for activities related to IP prosecution, renewal, licensing, and enforcement. Particularly for R&D intensive organizations, IP software aids in monitoring patent landscapes, identifying infringements, benchmarking relative to competitors, and strengthening brands through trademarks. The global intellectual property software market is highly fragmented with a variety of proprietary and open-source solutions catering to organizations of all sizes. Major end-users of IP software include law firms, corporations, academic institutions, and government agencies involved in patent, trademark, and copyright management.
The global intellectual property software market is estimated to be valued at US$ 137.74 million in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing IP Registration Activities: Growing awareness about intellectual property rights, coupled with expanding R&D activities is driving more organizations to file for patents, trademarks and copyrights. For example, as per WIPO, patent filings for technologies such as renewable energy grew by 14% in 2020 compared to the previous year. This rise in IP registration activities is augmenting demand for specialized software that can simplify the complicated tasks in IP lifecycle management.
The other driver stated in the heading, flourishing of intellectual property software market by increasing IP registration activities, will propel the market forward. Streamlined IP processes, advanced search functionalities, and analytics offered by IP software expedite registration workflow and offer value to organizations focused on innovation. However, the report does not discuss key players.
Segment Analysis
The intellectual property software market is dominated by the legal services sub-segment. Around 45% of intellectual property software sales are in the legal services segment as IP lawyers and attorneys heavily rely on such software to manage their client portfolios, draft contracts and agreements and handle various IP related tasks such as patent prosecution management or trademark monitoring. The intellectual property software provides centralized platforms for IP stakeholders to track filings, renewals and entire lifecycle of intellectual assets.
PEST Analysis
Political: Globalization and trade agreements have promoted cross-border trade and stricter IP laws. However, inconsistent regulations across countries continues to pose challenges.
Economic: A knowledge-based economy and rise of startups driving the need to protect brands and innovations is boosting demand. However, budget constraints of SMEs limits adoption.
Social: Higher awareness about branding and protecting creations. Demand from academic institutions and research organizations is also growing.
Technological: Advancements like AI, analytics are aiding functionalities. Cloud deployment enhances access and collaboration.
Key Takeaways
Global Intellectual Property Software Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: The market is dominated by North America currently due to stringent IP laws and presence of major companies. However, Asia Pacific is emerging as the fastest growing region supported by developments in countries like China, India and Japan.
Key players:
Key players operating in the intellectual property software market are Anaqua Inc., Clarivate PLC, DoketTrak, WebTMS Limited, TM Cloud Inc. Anaqua is a leading player offering a comprehensive suite while Clarivate provides solutions focused on patents and trademarks.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
