Growing modernization and increasing number of disputes are significant factors driving the growth of intellectual property software market.
NEW CASTLE, Del., Jan. 24, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Intellectual Property Software Market by Deployment Mode (On-premise and Cloud), Application (Licensing, Patent Management, Trademark Management, Copyright Management, Contract Management, and Others) and Industry Vertical (IT & Telecom, BFSI, Manufacturing, Healthcare, Automotive, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032"
According to the report, the global intellectual property software industry generated $7.5 billion in 2022, and is anticipated to generate $31.3 billion by 2032, witnessing a CAGR of 15.6% from 2022 to 2032.
Prime determinants of growth
The key factors such as rapid modernization and increasing number of disputes are driving the growth of the intellectual property software market. However, rise in costs associated with protection and enforcement is hampering the market growth. On the contrary, rapid digitalization is expected to provide lucrative opportunities for the market growth during the forecast period.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022-2032 |
Base Year | 2022 |
Market Size in 2022 | $7.5 Billion |
Market Size in 2032 | $31.3 Billion |
CAGR | 15.6 % |
No. of Pages in Report | 400 |
Segments covered | Deployment Mode, Application, Industry Vertical, and Region |
Drivers | Growing modernization Increasing number of disputes |
Opportunities | Rising costs associated with protection and enforcement |
Restraints | Rapid digitalization |
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The on-premise segment to maintain its leadership status throughout the forecast period
Depending on deployment type, the on-premise segment held the highest market share in 2022, accounting for more than two-thirds of the global intellectual property software market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that on-premise solutions allow companies to have greater control over data and intellectual property, thus reducing concerns in relation to data breaches and compliance issues. Therefore, the demand and use of in-premise solutions is more as compared to cloud solutions. However, the cloud segment is projected to register the highest CAGR of 17.9% from 2022 to 2032. This is attributed to the fact that the cloud technology is increasingly integrating with upcoming technologies such as artificial intelligence (AI) and machine learning (ML). These technologies are helping in enhancing patent search capabilities, prior art analysis, and automating intellectual property tasks.
The licensing segment to maintain its leadership status throughout the forecast period
By application, the licensing segment held the highest market share in 2022, accounting for nearly one-third of share in the global intellectual property software market and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that subscription and usage-based licensing model are getting popular. In addition, the filings of intellectual property are growing at an increasing rate and therefore, businesses and organizations are increasingly relying on intellectual property software for efficient management and tracking of license agreements. However, the patent management segment is projected to register the highest CAGR of 20.5% from 2022 to 2032. This is attributed to the fact that large-, medium-, and small-scale companies are growing globally at an increasing rate and are demanding patent management software to secure their rights to ownership of their patents.
The IT & telecom segment to maintain its lead position during the forecast period
As per industry vertical, the IT & segment held the largest share in 2022, thus contributing to more than one-fourth of share in the intellectual property software market and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that IT & telecom industry is a highly innovative industry and the IT and software companies require IP software to protect their assets from time to time. However, the manufacturing segment is expected to portray the largest CAGR of 22.5% from 2022 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to high amount of physical products generated and produced in the manufacturing segment, thus demanding intellectual property software to protect their assets.
North America to maintain its dominance by 2032
Region wise, North America acquired the largest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global intellectual property software market revenue, and is likely to dominate the market during the forecast period. This is attributed to concentration of high-tech industries, which highly demand intellectual property software solutions in the region. However, Asia-Pacific is expected to witness the fastest CAGR of 19.8% from 2022 to 2032 due to increase in economic growth and innovation which is leading to an increase in intellectual property filings in the region.
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Leading Market Players: -
- Clarivate Plc
- Patsnap,
- Anaqua Inc.
- LexisNexis (RELX)
- Alt Legal Inc.
- Patseer Technologies Limited
- Questel,
- Patrix AB,
- Flextrac
- Innovation Asset Group, Inc.
The report provides a detailed analysis of these key players of the global intellectual property software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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