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.
1. 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.
2. 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.