May 22, 2024
Intellectual Property Software Market

Intellectual Property Software Market Growth Fueled by Growing Applications in Patent Filing Processes

Intellectual property software is used by individuals and organizations for various functions related to patents, trademarks, copyrights and designs. These software help in identifying, managing, tracking and maintaining intellectual property assets. They assist users in several applications such as applying and receiving patents, tracking trademarks and performing tasks related to copyrights. Key features include online filing and renewal of intellectual properties, project and status tracking, document management and reporting. The global market offers both proprietary as well as open source software options across different platforms. The need for these software has increased significantly as businesses and professionals increasingly rely on automation to streamline intellectual property processes and cut costs.

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 key trends:

One of the major trends driving the growth of intellectual property software market is the rising adoption in patent filing processes. Patent processes often require collaboration between multiple parties such as inventors, attorneys, businesses and patent offices. Intellectual property software helps standardize patent activities, simplifies communication and facilitates exchange of documentation between stakeholders located globally. They reduce turnaround time for filing, search and prosecution activities significantly. Furthermore, intellectual property software offers functionalities for e-filing of patents with various global patent offices such as USPTO and EPO, eliminating physical paperwork and expediting processes. This has boosted their demand specifically for patent management applications.

Porter’s Analysis
Threat of new entrants: The intellectual property software market requires high capital investments for research and development of innovative solutions, thereby limiting threats from new entrants.

Bargaining power of buyers: Buyers can negotiate licensing rates and contracts as there are many vendors providing intellectual property software solutions.

Bargaining power of suppliers: A presence of large number of technology providers and availability of open source offerings provide alternatives to buyers, restricting suppliers’ bargaining power.

Threat of new substitutes: Continuous innovation in legal tech and related domains pose threats of substitutes and alternatives for intellectual property software.

Competitive rivalry: The competitive landscape is characterized by presence of both large and small players providing customized solutions to address the varying needs of clients.

Key Takeaways
The Global Intellectual Property Software Market Demand is expected to witness high growth over the forecast period. The North America region currently dominates the market owing to presence of major intellectual property software vendors and high focus on innovation and R&D.

Regional analysis:

North America accounts for the largest share of the global market primarily due to presence of established players and high focus of organizations on intellectual property management. Growing commercialization of intellectual assets in Asia Pacific is expected to drive fastest growth in the region during the forecast period.

Key players:

Key players operating in the Intellectual Property Software market are Anaqua Inc., Clarivate PLC, DoketTrak, WebTMS Limited, TM Cloud Inc. Anaqua Inc. and Clarivate PLC hold a significant share of the market due to large customer base and innovative product offerings.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it