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.
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.
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.
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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