According to a recent FMI report, the intellectual property software market is expected to grow at a CAGR of 12.7% during the forecast period, reaching US$ 14.9 billion by 2032. In 2022, the intellectual property software market is expected to be worth $4.5 billion. According to the study, unauthorised public usage can harm a company’s financial line as well as its overall business plan, resulting in this rising demand, which reflects the adoption of intellectual property software.
Sales of intellectual property software are expected to skyrocket. Furthermore, sales of intellectual property software are expected to reach $7.7 billion by 2026. Increased intellectual property software sales are also expected to contribute to the expansion of the intellectual property software market share.
Effective intellectual property software tools are required in the market to gain a competitive advantage. The extremely competitive business environment is influencing companies to invest in technology that ensures businesses and sales of intellectual property software policies are strictly matched to ensure the smooth operation of the organisation.
- As companies place a greater emphasis on protecting and managing their intellectual property portfolios, the global corporate intellectual property software market is expanding.
- Corporate intellectual property software is gaining popularity as more businesses focus on tactically organising their intellectual property software assets and protecting them from unauthorised use.
- Furthermore, frequent product customization by end users benefits the enterprise intellectual property management software market by protecting and safeguarding the most important aspects of intellectual property software and treatment in a systematic manner, such as inventions, patents, trademarks, and other intellectual property software contracts.
- Despite these advantages, these service providers face a number of challenges and impediments in the early stages, the majority of which are related to the high cost of establishing services in an organisation.
- The global enterprise intellectual property management software market is expected to grow at a healthy rate between 2016 and 2026.
Some of the major players in the global intellectual property management software industry include Anaqua, Inc., Patrix AB, IPfolio, SimpleLegal, Pattsy, FlexTrac, Lecorpio, WebTMS, and CPA Worldwide (Patrafee).