United States/WA: The global intellectual property software market is estimated to account for US$ 3,015.2 Mn in terms of value in 2019 and is expected to grow at a CAGR of 14.3% during the forecasted period 2019-27.

Report Pages:[130 Pages]

Major Key Companies Involving in Intellectual Property Software Market:
XLPAT, IP Checkups, Inc., Aistemos, Wellspring Worldwide, Ambercite, VajraSoft Inc., Anaqua, Inc., TORViC Technologies, Inc., Clarivate Analytics, Questel, Dennemeyer, PatSnap Pte. Ltd., Evalueserve Netherlands B.V., Patrix AB, Gemalto NV, O P Solutions, Inc., Gridlogics, Minesoft Ltd, Innography, Inc., LexisNexis, Innovation Asset Group, Inc., IPfolio, Inteum Company, LLC, IP Street Holdings, LLC, and Iolite Softwares Inc.

The intellectual property system plays a crucial role in the expansion of the digital society. Security, privacy, customer protection, and intellectual property are key factors that need to be addressed in order to promote digital economy. Hence, increase in adoption of IP in the digital economy is expected to boost expansion of the market in the near future. Furthermore, business models are related to technological innovation. The enforcement of intellectual property rights can underpin the sustainability, rise, and growth of new business models. Moreover, new technologies ensure stronger implementation of licenses or certificates to protect IP assets from duplications. Thus, these factors are expected to propel the global intellectual property software market growth during the forecast period.

North America region dominated the global intellectual property software market in 2019, accounting for 34.1% share in terms of value, followed by Europe and Asia Pacific, respectively.

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The major challenge in large scale adoption of intellectual property software is the perceived high cost of the system. This is owing to costs related to acquisitions of IP rights. Moreover, complexity or ineffectiveness of the intellectual property systems, particularly in terms of implementation of patent rights is another factor hampering the growth of the market. As a result of this, many small and medium-sized companies are reluctant to adopt these technologies. According to the General Accounting Office (GAO) report, small industries, primarily high technology organizations, were losing possible deals in overseas markets by not applying for patent protection abroad. This is primarily due to the limited knowledge, high costs, and limited resources among small and medium businesses (SMBs) about foreign patent systems and laws.

Intellectual property assets have witnessed significant importance in the market, owing to major shift towards technology-based rivalry and beginning of a knowledge-based economy in the international markets. Emerging economies such as Middle East & Africa, Asia Pacific, and Latin America are expected to boost the demand for intellectual property software in the market. Currently, these countries are focused on adoption of new technologies for economic development. For instance, India, Russia, Brazil, and China are accommodating their national systems of the invention with international intellectual property (IP) management. Henceforth, the increasing adoption of the agreement on Trade-related Aspects of Intellectual Property Rights (TRIPS) by these economies is anticipated to maximize worldwide economic welfare in forthcoming years.

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