Market Trends of Intellectual Property Management Software Industry
Patent Intellectual Property Management Type Expected to Witness Significant Market Growth
- Patent IP management software is a tool designed to streamline and organize the process of managing intellectual property assets, such as patents, trademarks, and copyrights. It typically includes features like document management, patent portfolio analysis, deadline tracking, and collaboration tools.
- Patent IP management has observed a significant shift toward digitization in recent years. The number of patent filings from various end-user industries has increased significantly in the past few years. For instance, according to USPTO, in the fiscal year of 2023, 346,152 patents were granted at the United States Patent and Trademark Office. This was an increase from the last two decades, when 182,218 patents were issued.
- Commercial enterprises and patent offices worldwide also leverage emerging technologies to unlock significant benefits. For instance, the US patent office has implemented AI solutions to suggest patent classes, which are searched to make the process more effective. The European Patent Office has also implemented a tool to translate patents published in 32 languages.
- The use of AI opens legal issues that depend on the specifics of the technology used. Although human inventors behind AI are still easy to identify, the machine may bypass its creators and develop a process for more efficient R&D. This trend is expected to lead legislators, patent offices, and courts to complex questions of attributing inventorship or even awarding patent protection.
- In May 2024, Elekta announced acquiring Philips Healthcare’s Pinnacle Treatment Planning System (TPS) patent portfolio. This strategic move bolsters Elekta’s position in treatment planning and underscores its commitment to innovation in radiation therapy. Such patent expansion across various end-user industries may further propel the studied segment demand.
- With businesses expanding globally, the need for efficient management of patents across different countries and regions has increased. IP management software provides centralized control and visibility over international patent portfolios. According to IFI CLAIMS Patent Services, Samsung Electronics was awarded 6,165 US patents in 2023, the most of any company.
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Asia-Pacific is Expected to Hold the Considerable Growth Rate
- Asia-Pacific is expected to grow significantly due to increased patent, trademark, and industrial applications in countries like China, Japan, India, and South Korea. Further, end-user industries such as IT, telecom, and BFSI in Asia-Pacific are witnessing significant adoption of intellectual property management software owing to the growth in patents in the past few years.
- According to IIF reports in April 2024, the Department of Telecommunications (DoT) pushed multinational companies like Nokia, Ericsson, Cisco, and Qualcomm to collaborate with university institutions and work on the latest technologies as part of their attempts to create intellectual property rights (IPRs) and build locally produced products. Further, the government is expected to target at least 3% of IPRs in next-generation essential patents by 2027 in mobile telecom technologies. The official also stated that the government hopes to capture 3% of the worldwide telecom equipment market in the coming years.
- Emerging economies such as India are expected to positively influence the demand for patent management software in the coming years. The country has surged globally, with the Indian Patent Office (IPO) marking a significant milestone in 2023. The latest data released showcases India's unique ability to innovate and adapt, setting a record with over 75,000 patents granted in the fiscal year.
- The Indian Patent Office, in collaboration with research conducted by the State Bank of India (SBI), revealed a striking 17% surge in patent filings, reaching over 90,000 in 2023. This translated to an astonishing average of nearly 247 patents applied daily, marking the highest number recorded in the past two decades.
- Furthermore, with the evolution of more advanced technologies and protection, management of IP creation has become a mandate in every business to ensure faster commercialization of the IP developed. This means that more regional companies are anticipated to rely on the latest technologies with a strategic focus on protecting their IP assets.
- China is expected to hold a significant share of the intellectual property management software market in the Asia Pacific region. The country's high adoption of intellectual property management software is primarily driven by the increasing growth in patent applications and growing adoption among end-user industries. Chinese market vendors are emerging as the leading companies in filing patent applications. For instance, according to the data from WIPO, Huawei Technologies filed a significant number of international patent applications in 2023, with 6,494 applications.
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