Effective intellectual property (IP) management is essential to achieve competitive edge in the market. The highly competitive business environment is influencing companies to invest in technologies that ensure businesses and IP management strategies are categorically aligned to ensure smooth functioning of the organisation.
Enterprise management of intellectual property assets is gaining traction globally, as companies are realising that unlicensed public usage can be detrimental to not only the overall bottom-line of the company, but also to the entire business strategy.
Enterprise Intellectual Property Management Software Market: Drivers & Restraints
IP management software provides collaborative IP management services for different corporate requirements. Increasing emphasis on protecting and managing intellectual property portfolio is driving the growth of the global enterprise intellectual property management software market.
Adoption of enterprise management of IP is gaining traction, as more organisations focus on organising their IP assets tactically and protecting them from unlicensed usage. Changing perceptions on IP has also influenced businesses to invest in their proper and organised management. While IP was seen as a corporate property for a long time, today, it is viewed as an inherent component of a strong business strategy. Many businesses have boosted their bottom-line by monetising their IP assets.
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The importance of staying competitive and widespread implementation of smart system management is encouraging software developers to invest in intellectual property management software. High-end operations and large organisational functions is accelerating the adoption of these technologies in the end-use industries. In addition, frequent customisation in product by end users is benefiting the enterprise intellectual property management software market, as they protect and safeguard the essentials of intellectual property handlings and treatment such as inventions, patents, trademarks, and other IP related contracts in a systematic manner.
The market is also expected to gain from strategic partnerships between the leading industry members. For instance, industry pioneer IPfolio recently entered into a partnership with ProspeQt- a Brazilian player, to grow its presence in the emerging market of South America. However, with all the associated benefits these service providers come across number of challenges and obstacles predominantly in the initial stages, most of which have to do with the high cost of setting up the services in an organisation. High initial investment can impede the growth of the market during the forecast period.
Enterprise Intellectual Property Management Software Market: Segmentation
The global enterprise intellectual property management software market is segmented on the basis of module, service type, and end-user.
By module type, the global intellectual property management software market is segmented in:
• IPAB (Intellectual Property Appellate Board)
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By service type, the intellectual property management software market is segmented into:
• Development and implementation
• Support and Maintenance
By end-user, the intellectual property management software market is segmented into:
• Banking and Financial Services (BFSI)
• Aerospace and Defence
• Oil and Gas
• Electronics and Semiconductors
Enterprise Intellectual Property Management Software Market: Region-wise Outlook
The global enterprise intellectual property management software market is projected to register a favourable growth through the forecast period, 2016? 2026. North America is projected to maintain its lead in the global intellectual property management software market. Asia Pacific region is anticipated to increase its dominance in terms of growth owing to its consistent growing demand from China and India.
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Enterprise Intellectual Property Management Software Market: Key Players
Some of the key participants in global intellectual property management software market are: Anaqua, Inc., Patrix AB, IPfolio, SimpleLegal, Pattsy, FlexTrac, Lecorpio , WebTMS and CPA Global (Patrafee).