Management and Protection of Intellectual Property Fuel the Growth of Intellectual Property Services Market
Many private enterprises have made intellectual property protection, and administration a primary concern, particularly in areas such as the arts, culture, and technology. This is expected to boost the revenue generation in intellectual property services market. According to WIPO's World Intellectual Property Indicators, IP offices in North America accounted for a little over one-fifth of the global total (20.4 %). Those in Europe, accounted for slightly over one-tenth of the total (11.3 %). The United States had one of the greatest numbers of patent applicants in North America, with 621,453 applications.
The World Intellectual Property Indicators Report (WIPI) from the World Intellectual Property Organization (WIPO) also revealed that patent and industrial design filing activity increased in 2020, demonstrating the tenacity of human invention despite the dismal global health condition. According to the WIPI, which compiles new data from 150 national and regional authorities and shows how innovators, designers, and brands are increasingly relying on intellectual property tools to expand their enterprises and seek new growth opportunities. Accordingly, trademark filing activity rose by 13.7 %, patent filing activity increased by 1.6 %, and design filing activity by 2%.
Intellectual property software that is both efficient and equitable can assist businesses in realising the potential of intellectual property as a catalyst for cultural and social well-being as well as economic development. Furthermore, intellectual property assets contribute to economic development in a variety of ways, as many businesses earn royalties by licensing their IP assets to third parties. Thus, the increased emphasis on intellectual property protection and management is projected to drive the growth of intellectual property services market in the near future.
Increased in Patent Filling to Enhance Growth of Intellectual Property Services
The Patent Intellectual is expected to be the fastest-growing segment of the intellectual property services market over the forecast period. The number of patent submissions has risen dramatically in the first few months of 2020. According to a Nasscom analysis released in June 2020, the number of IoT patents in India has increased sixfold in the last five years, with more than 80% of these patents directly tied to Industry 4.0 applications. Between 2009 and 2019, around 6,000 IoT patents were filed in the country, with approximately 5,000 being filed in the last five years.
According to a report released in March 2021, despite a 3.5 percent drop in global GDP, the number of international patent applications filed via WIPO's Patent Cooperation Treaty (PCT), which is one of the most widely used metrics for measuring innovative activity, increased by 4% in 2020 to 275,900, the highest number ever. Huawei Technologies, a Chinese telecoms behemoth, was the top filer in 2020 for the fourth year in a row, with 5,464 published PCT applications. Samsung Electronics of South Korea (3,093), Mitsubishi Electric Corporation of Japan (2,810), LG Electronics Inc. of South Korea (2,759), and Qualcomm Inc. of the United States were the next companies on the list (2,173). LG Electronics recorded the fastest growth (+67.6%) in the number of published applications in 2020 among the top 10 filers.
Increasing Importance of Intellectual Property Protection Among Businesses in North America Intellectual Property Services Market
North America’s intellectual property services market is expected to grow at the fastest rate in the forecasted period. The growing emphasis of enterprises on intellectual asset protection and the increasing need for effective and efficient management of intellectual properties, as well as an increase in the number of innovations in the region, are driving demand for intellectual property software, thereby pushing intellectual property services market ahead. The aerospace, automobile, computer, consumer electronics, pharmaceutical, and semiconductor industries all rely on patent protection. The software, data processing, motion picture, publishing, and recording sectors are all depending on copyright. Most businesses employ trademarks and trade secrets, although certain industries, such as textiles, pharmaceuticals, and electronics, are particularly trademark-intensive.
In the case of pharmaceuticals, the US and other industrialised countries generally favour broad patent rights as vital to encourage innovation and allow rights holders to recoup R&D and regulatory costs while also investing in future advances. Some developing countries, on the other hand, believe that patents will boost drug prices and postpone the introduction of lower-cost generic competitors, causing concerns about affordability and access to medicines. Retailers, merchants, and transportation enterprises, for example, gain directly or indirectly from IPR protection because they assist the spread of goods and services produced from intellectual property.
Global Intellectual Property Services Market: Competitive Landscape
In January 2020, In Japan, Questel confirmed the purchase of the NRI Cyber Patent. NRI Cyber Patent is a service and solution provider for intellectual asset management and IP business analytics. Questel was able to increase its business offerings as a result of the acquisition. On the other hand, in October 2020, Clarivate, research, and analytics firm, announced the integration of Darts-ip case law data with Innography's IP intelligence and analytics solution to better strategic decision-making throughout the intellectual property lifecycle.
Few of the players in intellectual property services market include Acumum Group, Baker McKenzie, AIPEX, Anaqua, Inc., CPA Global Ltd., Clarivate Analytics, Dolcera Information Technology Services Pvt. Ltd., Dennemeyer Group, Foley & Lardner LLP, Patent Outsourcing Limited, Evalueserve, LexisNexis, McDermott Will & Emery LLP Inc., Wynne-Jones IP Ltd, ipMetrix Consulting Group, Patrix AB, PatSnap Pte. Ltd., Lawrie IP Limited, Linklaters, Synoptic Intellectual Patents (P) Limited.
Global Intellectual Property Services Market is Segmented as Below:
By IP Type
Key Elements Included In The Study: Global Intellectual Property Services Market
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