PUBLISHER: Allied Market Research | PRODUCT CODE: 1414943
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414943
According to a new report published by Allied Market Research, titled, "Intellectual Property Software Market," The intellectual property software market was valued at $7.5 billion in 2022, and is estimated to reach $31.3 billion by 2032, growing at a CAGR of 15.6% from 2023 to 2032.
The market is growing as a result of important reasons like the increasing number of disputes and the fast modernization. The need for intellectual property software is rising as a result of emerging technologies like biotechnology, blockchain, and artificial intelligence. Additionally, as modernization advances, more companies, academic institutions, and individuals are collaborating, which is driving up need for intellectual property software. Furthermore, as a result of growing globalization, there are more jurisdictions with distinct intellectual property laws and regulations. This is leading to an increase in conflicts, which in turn is driving up demand for the intellectual property software industry. Moreover, the need for high innovation is being fueled by growing industry competitiveness. Businesses are attempting to use patents to safeguard their discoveries and ideas, this is leading to a rise in legal conflicts, which is driving up demand for intellectual property software. However, market expansion is being hampered by the growing expenses of enforcement and protection. Budgetary restrictions prevent small and medium-sized businesses from implementing intellectual property software. Furthermore, the implementation of intellectual property software by large firms is hindered by ongoing costs related to intellectual property. Moreover, the increasing trend of digitalization is creating a chance for market expansion. Intellectual property software market growth is expected due to factors such as growing innovation, market globalization, data analytics, cloud computing advancements, collaboration in digital environments, automation and efficiency, cyber-security concerns, and difficult regulatory compliance.
The intellectual property software market is segmented into deployment mode, application, industry vertical and region. By deployment mode, the market is bifurcated into on-premise and cloud. By application, the market is divided into licensing, patent management, trademark management, copyright management, contract management and others. Depending on industry vertical, the market is classified into IT & Telecom, BFSI, manufacturing, healthcare, automotive, retail and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific and LAMEA.
The report analyzes the profiles of key players operating in the intellectual property software market such as Clarivate Plc, Patsnap, Anaqua Inc., LexisNexis (RELX), Alt Legal Inc., Patseer Technologies Limited, Questel, Patrix AB, Flextrac and Innovation Asset Group, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the intellectual property software market.
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