New York, June 22, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the report “Intellectual Property Management Software Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https: / /www.reportlinker.com/p06101227/?utm_source=GNW
Providing its creators or inventors with certain exclusive rights. The IP management software market increases the incremental adoption of outsourcing services.
Managing the organization’s intellectual property portfolio is as important as managing the business. It is a big piece in almost any enterprise’s value puzzle. Also, anyone who understands the importance of maximizing the return on investments related to employees, equipment, products, and services. However, multiple organizations overlook or short-change intellectual property.
Intellectual property is not just a collection of rights that lawyers alone should care about; This is a collection of many valuable business assets that help businesses maintain a competitive edge over their competitors. It includes patents, copyrights, trademarks, and trade secrets. Therefore, it becomes critical to review, organize, and manage the IP as its value driver.
Managing the potential intellectual property assets has become one of the most important parts of securing the market as the business grows. Vendors in the market can significantly help companies protect their competitive advantages from infringements. Making the use of the IP strategy a useful tool for developing the IP assets.
The outbreak of the COVID-19 pandemic impacted the market studied. A prolonged pandemic crisis heightened by the COVID-19 may push the intellectual property and legal services domain downwards, like other sectors and industries. However, the COVID situation ends, as the post-COVID world will be more likely to push the companies into the future. This will increase the demand for the market studied.
Key Market Trends
Intellectual Property Management Patent Expected to Drive the Market Growth
Patent IP management has observed a significant shift towards digitization in recent years. In 2021, the number of patent filings increased significantly. Patent Office report published in August 2021, NTT was the number one AI-related patent application in Japan, NTT was followed by other major Japanese corporations, such as Fujitsu, Hitachi, and Canon.
In a report published in February 2022, the international patent applications filed via WIPO’s Patent Cooperation Treaty (PCT), which grew by 0.9% in 2021 to reach 277,500 applications. Asia manifested its lead as the largest origin of international patent applications, accounting for 54.1% of all applications in 2021, up from 38.5% in 2011.
Moreover, for the fourth consecutive year, China-based telecom giant Huawei Technologies, with 6,952 published PCT applications, was the top filer in 2021. It was followed by Qualcomm Inc. of the US (3,931), Samsung Electronics of the Republic of Korea (3,041), LG Electronics Inc. of the Republic of Korea (2,885), and Mitsubishi Electric Corp. of Japan (2,673). Qualcomm Inc. reported the fastest growth (+ 80.9%) in the number of published applications in 2021, and as a result, it moved up from the fifth position in 2020 to the second spot in 2021. 1,486 in 2020 to 2,951 in 2021 – helping drive strong overall growth.
The commercial enterprises and patent offices across the world are also leveraging the emerging technologies to unlock major benefits. For example, the US patent office has implemented AI solutions to suggest patent classes, which should look to make the process more effective. The European Patent Office has also published a tool that can translate patents published in 32 different languages.
The use of AI opens up legal issues that depend on the specifics of the technology used. While human inventors behind AI are still easy to identify, it is only a matter of time until the machine will bypass its creators and develop its process for more efficient R&D. This is likely to lead legislators, patent offices, and courts to complex questions of attributing inventors or even awarding patent protection at all.
Asia Pacific is Expected to Witness Highest Growth Rate
According to the World Intellectual Property Indicators (WIPO), Asia manifested its largest origin of international patent applications, accounting for 54.1% of all applications in 2021, up from 38.5% in 2011, with China driving overall growth in intellectual demand property (IP) rights.
Among the top five PCT filers at WIPO in 2021, four of them were from the Asia-Pacific region. China-based telecom giant Huawei Technologies, with 6,952 published PCT applications, was the top filer in 2021, followed by Qualcomm Inc. of the United States (3,931), Samsung Electronics of the Republic of Korea (3,041), LG Electronics Inc. of the Republic of Korea (2,885), and Mitsubishi Electric Corp. of Japan (2,673).
However, the Chinese patent office witnessed Approximately 815,000 patent application irregularities in 2021. For example, in December 2021, the China National Intellectual Property Administration identified a total of 4 batches of 815,000 irregular patent applications. The current withdrawal rate of the first three batches has reached 93.1%. This would indicate that ~ 15% of all Chinese patent applications were irregular (or abnormal), out of about 5.2 million patent applications filed in 2020. At the press conference, there were also 376,000 malicious trademark registration applications.
Furthermore, according to the CEO and Managing Director of Tech Mahindra, the pandemic increased the rate of technology adoption since IT industries went virtual. As a result, cloud-based digital solutions will enhance the technology and technology-enabled services (ITeS) sector in India that has been at the forefront of digital transformation and enterprises.
In March 2021, Huawei released a new white paper on innovation and intellectual property at the Forum on Innovation and IP Prospects in 2021 and Beyond. Huawei stated that it became one of the world’s largest patent holders through sustained investment in innovation. By the end of 2020, Huawei held over 100,000 active patents in more than 40,000 patent families worldwide.
The Intellectual Property Management Software Market is competitive and consists of several major players. Many companies are increasing their market presence by introducing innovative solutions. Some of the recent developments in the market are:
December 2021 – Clarivate PLC announced the acquisition of Patient Connect, a provider of patient engagement tools that assess clinical and commercial outcomes and inform healthcare development.
June 2021 – BritAsia Fund partners with a digital intelligence platform, PatSnap, to inspire business and economic growth. By unlocking the potential of diligent, passionate, and driven entrepreneurs, the company finds the UK PLC back on its feet. As such, BritAsia Fund has created a system whereby entrepreneurs can access opportunities based on merit.
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06101227/?utm_source=GNW
ReportLinker is the award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.