Intellectual Property Software Market is Estimated to Witness High Growth Owing to Opportunity Around Increasing Patent

Intellectual property software provides various solutions to effectively monitor and manage patents, trademarks, designs, and copyrights. It helps organizations efficiently file, track, renew, and analyze their intellectual property portfolios. With the help of IP management software, businesses can organize their patent and trademark documentation, streamline workflows for prosecuting applications, and conduct market analysis to assess infringement risk and competitive intelligence.

The global Intellectual Property Software Market is estimated to be valued at US$ 137.74 million in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity around increasing patent filings is anticipated to fuel the growth of the intellectual property software market. The number of patent applications filed globally has risen significantly over the past few years. According to the World Intellectual Property Organization (WIPO), over 3.3 million patent applications were filed in 2020, representing a year-on-year growth of 3.6%. The surge in patenting activity can be attributed to factors such as enhanced R&D investments by companies, developments in new technology areas, and growing emphasis on innovation. As patent filings continue to climb worldwide, IP software solutions are expected to witness substantial adoption among businesses to automate and streamline patent management processes and handle the increasing workload efficiently. This rising trend of patent applications provides a lucrative growth opportunity for vendors in the intellectual property software market.

Porter's Analysis
Threat of new entrants: New entrants face high initial costs of investing in R&D and establishing brand recognition in the intellectual property software market. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative suppliers in the market. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of many established manufacturers. Threat of new substitutes: Threat of new substitutes is low as there are limited alternate solutions available for intellectual property management. Competitive rivalry: Market rivalry is intense as key players compete on basis of features, integrations and pricing.

SWOT Analysis
Strength: Intellectual property software enables centralized management of patents, trademarks and copyrights. It offers features like IP analytics, infringement detection and licensing management.
Weakness: High deployment costs and technical complexity associated with intellectual property software. Data security risks and regulatory compliance are also challenges faced.
Opportunity: Growing need to streamline IP operations and raise efficiency presents an opportunity for innovation. Cross-industry use cases in retail, manufacturing also open up new markets.
Threats: Intense competition from regional and open source vendors impacts pricing and sustains pressure on margins. Short product life cycles adversely impact upgrades and recurring revenues.

Key Takeaways
Global Intellectual Property Software Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising digitization across industries. North America currently holds the largest market share attributed to significant patent ownership in the US. Asia Pacific is expected to grow at the fastest pace during the forecast period led by India and China.
Regional analysis shows Asia Pacific is projected to witness the highest CAGR over the next 7 years due to increasing investments by regional tech companies in research and development driving focus on IP. The presence of major manufacturing hubs in China, India, and Japan also contributes to regional market growth.
Key players operating in the Intellectual Property Software market are Anaqua Inc., Clarivate PLC, DoketTrak, WebTMS Limited, and TM Cloud Inc. Clarivate emerged as the global leader in 2021 with its acquisition of IP management software provider Anthropic.