Intellectual Property Management Software Industry Overview
The global intellectual property management software market size is anticipated to reach USD 431.6 million by 2028, expanding at a CAGR of 15.6% over the forecast period, as per the research conducted by Grand View Research, Inc. Development in the Information and Communication Technologies (ICT) sector, coupled with the growing awareness and adoption of intellectual property management software across emerging economies such as China and India, are expected to offer lucrative opportunities for the market growth.
Intellectual Property Management Software Market Segmentation
Grand View Research has segmented the global intellectual property management software market based on component, deployment type, end-user, application, and region:
Based on the Component Insights, the market is segmented into Service, Software.
- The software segment dominated the market and accounted for over 53.1% revenue share in 2020. The segment growth can be attributed to the increasing adoption of intellectual property management software in various industries, such as BFSI, IT and telecom, technology, automotive, healthcare, and jewelry.
- The service segment is anticipated to expand at the highest CAGR of 16.0% over the forecast period. IP services play a vital role in the deployment process of intellectual property management software. Vendors offering this software also provide services such as software upgrades, maintenance, and fixing bugs and errors in the software.
Based on the Deployment Type Insights, the market is segmented into On-premise, Cloud.
- The on-premise segment dominated the market and accounted for a revenue share of over 50.9% in 2020. This software is installed and operated from an organization’s internal infrastructure.
- The cloud segment is anticipated to expand at a CAGR of 16.3% from 2021 to 2028. The segment growth can be attributed to the increasing adoption of cloud deployment services owing to factors such as on-demand availability of solutions and services and no setup cost.
Based on the End-user Insights, the market is segmented into Individual, Commercial.
- The commercial segment accounted for a share of 62.7% of the overall market in 2020. The increasing application of patents by various industries globally is contributing to the segment growth. The commercial segment has further been segmented into BFSI, IT and telecom, automotive, technology, and others.
- The BFSI segment accounted for 35.6% of the commercial segment’s market share. The rising number of banking and financial institutions across the globe is likely to support the segment growth over the forecast period.
- The individual segment is anticipated to expand at a CAGR of 17.0% over the forecast period. Intellectual property management software solutions help individuals to file a patent and track their application seamlessly, thereby supporting the segment growth.
Based on the Application Insights, the market is segmented into Patent Management, Trade Management, Licensing.
- The market has further been segmented into patent management, trade management, and licensing. The licensing application segment accounted for over 55.6% share of the global revenue in 2020.
- The patent management segment is anticipated to expand at a CAGR of 16.1% from 2021 to 2028. The growth can be attributed to the increasing number of patent applications over the years. According to data published by Nasscom, in June 2020, India witnessed a six-fold growth in the number of Internet of Things (IoT) applications, out of which nearly 80% of patents were related to Industry 4.0.
Intellectual Property Management Software Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
These players adopted acquisitions, collaborations, and partnerships as their growth strategies to enhance their presence and gain a competitive edge in the market.
Some prominent players in the global intellectual property management software market include
- Anaqua Inc.
- Gemalto NV
- CPA Global
- Innovation Asset Group Inc.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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