Intellectual property (IP) is something of value – an asset – that is created from an original idea.
This includes creations of the mind such as software code, musical, literary, and artistic works; inventions; and symbols, names, images, and designs used in commerce. Under intellectual property law, the holder of one of these abstract “properties” has certain exclusive rights to the creative work, commercial symbol, or invention by which it is covered.
Intellectual property rights (IPR) provide certain exclusive rights to the creators of intellectual property so they can reap commercial benefits from their ideas. Copyrights cover works of authorship, such as books, logos and software and patents protect inventions. Other types of IP protections include trademarks, designs and trade secrets.
Preventing intellectual property theft and copyright infringement is a priority for both businesses and the government. The FBI, for example, specifically focuses on investigating the theft of trade secrets and counterfeit products that would negatively impact consumer health and safety.
A huge boom
The intellectual property software market size is expected to increase by USD 2.28 billion from 2020 to 2025. Moreover, the market’s growth momentum will accelerate at a CAGR of 13.75% during the forecast period.
This intellectual property software market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers intellectual property software market segmentation by deployment (on-premises and cloud-based) and geography (North America, Europe, APAC, MEA, and South America). The intellectual property software market report also offers information on several market vendors, including Aistemos Ltd., Anaqua Inc., Clarivate Analytics, Dennemeyer Group, Innovation Asset Group Inc., LexisNexis Legal & Professional, Patrix AB, QUESTEL SAS, and Thales Group among others.
Furthermore, increasing government initiatives toward creating a digital infrastructure and regulatory framework to monetize and protect creations are also expected to contribute to the market’s growth.
For instance, China’s central government has developed a specialized intellectual property division in courts to deal with infringement and is committed to streamlining enforcement processes for trademark violations.
Additionally, India is building digital infrastructure in line with the country’s national IP policy. This initiative will safeguard and promote patents while protecting intellectual properties.
The outbreak of the COVID-19 pandemic has negatively impacted the growth of the market for intellectual property management software. The lockdown restrictions imposed by various governments across the globe have significantly impacted the use of the software. However, the market is expected to witness significant growth with the gradual leniency in restrictions and resumption of businesses.