INTELLECTUAL PROPERTY SOFTWARE MARKET ANALYSIS

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Coherent Market InsightsMarket Research and
Business Consulting Serviceshttps//www.coheren
tmarketinsights.comINTELLECTUAL PROPERTY
SOFTWARE MARKET ANALYSIS
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Market Overview

• Intellectual property refers to a category of
  property that encompasses intangible creations of
  the human intellect. Intellectual property
  software allows users and organizations to
  efficiently protect and manage their intellectual
  properties. There are different types of
  intellectual properties and some countries
  recognize more than others. Intellectual property
  software is being increasingly adopted by end
  users to protect and develop a brand, keep their
  work confidential and private, and protect
  exclusive tenure of their creations, in order to
  gain advantage in the competitive market.
  Intellectual property rights enable the Ministry
  of Micro, Small and Medium Enterprises (SMEs) to
  have exceptionality over the exploitation of
  their creative designs, and their innovative
  original or new products, and brands.
• 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.

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Market Dynamics- Drivers

• Rising focus on managing and protecting
  intellectual property is expected to drive growth
  of the global intellectual property software
  market during the forecast period
• The protection and management of the intellectual
  property have become a top priority for many
  private organizations, especially in applications
  such as artistic, cultural, and technology
  industries. An efficient and equitable
  intellectual property software can help
  enterprises understand potential of intellectual
  property as a catalyst for cultural and social
  well-being and economic development. Moreover,
  intellectual property assets drive economic
  development in several ways, since many companies
  gain royalty incomes from licensing their IP
  assets to other parties. Thus, rising emphasis on
  protection and management of intellectual
  property is expected to support the market growth
  in the near future.
• Increasing adoption of IP in digital economy and
  growth of new business models is expected to
  propel the global intellectual property software
  market over the forecast period
• 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.

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• 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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Market Dynamics- Restraints

• Low awareness regarding IP systems is expected to
  hamper the global intellectual property software
  market growth during the forecast period
• Low awareness related to IP systems and their
  usefulness is the major restricting factor for
  the market growth. Consumers are less aware of
  the fact that intellectual property software
  provides a number of benefits apart from
  protection and management of intellectual
  property assets. Moreover, this lack of awareness
  is highly prevalent in emerging economies such as
  MEA and Latin America. Thus, these factors are
  expected to hamper growth of the market during
  the forecast period.
• High costs and complexity related IP system are
  expected to restrain growth of the global
  intellectual property software market over the
  forecast period
• 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.

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Market Opportunities

• Rampant development of information and
  communication technologies can provide
  significant growth opportunities
• Intellectual property plays a major role in the
  development of information and communication
  technology (ICT). ICT provides industry players
  to reach out to markets at a lower cost in a
  significantly short period. Moreover, it is
  critical for SMEs to use IP systems, they are
  taking advantage of ICT. An integration of
  intellectual property protection and information
  and communication technologies is expected to
  improve the competitiveness of SMEs in the
  market. For instance, various enterprises are
  planning to design new products with different
  services to meet the diversified requirements of
  customers in the market. Therefore, with the
  availability of such technology, SMEs are
  adopting IP systems to protect their tangible and
  intangible assets to remain competitive and
  manage their customers in the market.
• Rising adoption of IP for economic development in
  emerging economies can offer major business
  opportunities
• 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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• In global intellectual property software market,
  by application segment patent management
  sub-segment dominated the global intellectual
  property software market in 2019, accounting for
  21.6 share in terms of value, followed by
  trademark management and intellectual property
  (IP) licensing.

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Market Trends

• Trends by components
• Rising penetration of cloud-based intellectual
  property solutions
• Cloud-based IP solutions are witnessing
  significant demand to support and protect IP
  assets across industries. Since the cloud offers
  excellent flexibility and value over a
  locally-installed intellectual property
  management system, it is witnessing high demand.
  Furthermore, cloud-based solutions enable
  integration of intellectual property data with
  other business data such as RD, tax, and sales,
  in order to control analytics and
  decision-support systems. It also provides
  automated advancements throughout the systems,
  which do not require any hardware assurance. For
  instance, Anaqua, Inc. offers a cloud-based IP
  management platform ANAQUA8, which brings
  workflow, docketing, email management,
  collaboration, and document management into a
  unified system.
• Trends by Applications
• Developing innovation process and markets for
  technology
• Policy improvements are necessitated to reinforce
  innovation and production outcomes. Reforming the
  business environment for modernization and
  innovation is crucial, as the business is the key
  driver of modernization. This, in turn, is
  expected to boost the demand for intellectual
  property software in the near future. Moreover,
  rampant developments in new technologies and
  globalization have strengthened the importance of
  innovation.

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Regulations

• Currently, designers, inventors, authors, and
  developers are adopting IP rights such as patents
  and trademarks to safeguard the designs they have
  developed. Governments of countries enact various
  policies and regulations to control the
  unauthorized usage of IP assets.
• At the national level, the State Intellectual
  Property Office (SIPO) is responsible for
  granting patents for national offices and local
  SIPO offices. Additionally, the SIPO is
  responsible for listing semiconductor layout
  designs (national office) and organizing national
  foreign-related intellectual property rights
  issues (including trademarks and patents).

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Competitive Section

• Key players operating in the global intellectual
  property software market are 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.

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Key Developments

• Major companies in the market are focused on
  business expansion, in order to enhance the
  market presence. For instance, in January 2017,
  Dennemeyer Group inaugurated its new local office
  in Moscow. This office would support the
  companys existing customers to safeguard their
  intellectual property rights in the Russian
  Federation and Eurasia and help start Dennemeyer
  Associates as law and regulation firm of
  high-quality for local companies.
• Key players in the market are involved in
  partnerships and collaborations, in order to gain
  a competitive advantage in the market. For
  instance, in March 2017, Gridlogics Technologies
  Pvt. Ltd. entered into a partnership with
  ProQuest Dialog based in North Carolina, the U.S.
  Under this partnership, ProQuest Dialog clients
  access to PatSeer, Gridlogics' web-based
  platform, where the clients can quest 42
  full-text patent authorities and operate results
  with visualization tools and powerful analytics.

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