According to Future Market Insights (FMI) estimate of the South Korean Intellectual Property (IP) market, demand will grow at a remarkable 17.8% CAGR from 2022 to 2032. By 2032, the market will be worth roughly US$ 4.7 billion.
According to the analysis, the market is estimated to reach a value of US$ 0.9 billion in 2022. In the coming years, the market is expected to be driven by rising IP use in the digital economy and the development of innovative business models.
Adoption of IP in developing countries fosters research and development, consequently elevating ideas and innovations and facilitating the rapid application of new technologies and the country’s economic progress. In growing economies, domestic enterprises rely substantially on trademark protection, which will drive demand.
Legislative measures, evidence collection processes, and the introduction of k-discovery will all contribute to the market’s growth. Intellectual Asset Management (IAM), which is also offered as a service by consulting and law companies for IP protection, has been formed by many institutions and large organizations.
Environment of Competition
To achieve a competitive advantage in the South Korean intellectual property industry, leading businesses are investing in technological developments to increase the performance of solutions and software.
- Dennemeyer Group finalized the acquisition of De Simone & Partners, an Italian IP law practice, in December 2019.
- Anaqua, a provider of innovation and intellectual property management solutions, announced the development of a new innovative unit aimed at meeting the needs of today’s worldwide law firms. The business is also investing in its leadership and law firm platforms, AQX Law Firm and PATSY WAVE demonstrating the firm’s commitment to serving as an important element of the IP ecosystem and meeting market needs.