Skyrocketing Revenues: Global Intellectual Property Software Market to Reach $28 Billion by 2031
According to a recent report by Astute Analytica, the global intellectual property software market is expected to generate a revenue of $28 billion by 2031. This growth is attributed to the increasing demand for intellectual property (IP) protection in various industries and the need for efficient management of IP portfolios.
Intellectual property software provides a suite of tools that help organizations manage and protect their IP assets. The report by Astute Analytica identifies several key drivers behind the growth of the global intellectual property software market. One of the primary factors is the increasing number of patent applications worldwide, particularly in emerging economies such as China and India. In China, there were 152,342 patent applications in 20201 compared with 133,612 in 2015. As companies seek to protect their innovations, they are turning to intellectual property software to manage their patent portfolios efficiently.
Furthermore, the demand for intellectual property management software in academia is expected to rise due to various factors, such as the increasing emphasis on research and development and the need to safeguard intellectual property rights. The rising global demand for intellectual property protection will also drive the adoption of IP software in the academic market resulting in educational institutions investing in technology to protect their intellectual assets, which is anticipated to significantly contribute to the growth of the IP software market.
However, these challenges are expected to be outweighed by the increasing demand for IP protection and the growing adoption of digital solutions in the business world. In the 2022 International Property Rigts Index (IPRI), data has shown that Finland is the leader in international property rights, followed by Singapore and Switzerland2.
Overall, the global intellectual property software market is poised for significant growth in the coming years. As businesses continue to recognize the value of their intellectual property, they will increasingly turn to software solutions to manage and protect these assets, driving the market’s growth and providing opportunities for companies in this space to thrive.
1 https://data.worldbank.org/indicator/IP.PAT.NRES?end=2020&start=2014 2 https://atr-ipri22.s3.amazonaws.com/IPRI_ExecSummary2022_v5.pdf