Intellectual Property Management Market to Reach $37.7 Billion, Globally, by 2032 at 16.3% CAGR: Allied Market Research
The global intellectual property management market is experiencing growth due to several factors, including rapid modernization, and an increase in disputes.
PORTLAND, Ore., July 3, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Intellectual Property Management Market by Component (Software and Services), Deployment Mode (On-premise and Cloud), Application (Licensing, Patent Management, Trademark Management, and Others), End User (IT and Telecom, BFSI, Manufacturing, Healthcare, Automotive, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global intellectual property management industry generated $8.6 billion in 2022, and is estimated to reach $37.7 billion by 2032, witnessing a CAGR of 16.3% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities:
The global intellectual property management market is experiencing growth due to several factors, including rapid modernization, and an increase in disputes. However, rising costs associated with protection and enforcement limit market growth. Moreover, greater emphasis on digitalization is expected to provide lucrative opportunities for market growth in the upcoming years.
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The software segment to maintain its leadership status throughout the forecast period
By component, the software segment held the major share in 2022, contributing to nearly three-fourths of the global intellectual property management market revenue, and is projected to maintain its leadership status throughout the forecast period. Due to a number of businesses implementing intellectual property management solutions for security and protection, the adoption of these solutions is further aided by the automated capabilities and improved visibility that digital immune technologies provide for identifying and thwarting threats. However, the services segment would showcase the fastest CAGR of 18.4% during the forecast period, owing to the use of software programmes that maximize the cost of an existing installation by optimizing it and reduce deployment costs and risks, all of which contribute to the growth of the market for intellectual property management.
The on-premise segment to maintain its dominance during the forecast period
By deployment mode, the on-premise segment contributed to the highest share in 2022, accounting for more than three-fifths of the global intellectual property management market revenue, and is expected to maintain its dominance during the forecast period. owing to a broad spectrum of advantages, including end-to-end control of the software, protection of intellectual property within the business, and the ability to manage significant customization of the software whenever required. On the other hand, the cloud segment would exhibit the fastest CAGR of 18.2% throughout the forecast period, owing to solutions hosted and maintained by a third-party provider. This enables enterprises to pay on a need-based basis and efficiently scale up or down depending on user requirements, overall consumption, and the growth of the company.
The IT and telecom segment to rule the roost by 2032
By end user, the IT and telecom segment accounted for nearly one-third of the global Intellectual property management market share in 2022 and are projected to rule the roost by 2032. Due to the fact that they offer a framework for sharing and licensing intellectual property. Intellectual property management also makes corporate partnerships and collaborations easier. The manufacturing segment would cite the fastest CAGR of 20.6% throughout the forecast period, owing to the identification, protection, and exploitation of a company's intellectual assets, such as patents, trademarks, copyrights, and trade secrets, which constitute intellectual property management in the manufacturing industry.
Asia-Pacific garnered the major share in 2032
By region, North America held the major share in 2022, garnering more than one-third of the global intellectual property management market revenue. Due to the increase in the need to protect creations of the mind in the U.S., which is further driven by the economic, technological, and cultural significance of intellectual property, as well as the need to combat counterfeiting, piracy, and global competition. On the other hand, the Asia-Pacific region is projected to retain its dominance in terms of revenue by 2032. The same region would also portray the fastest CAGR of 19.3% during the forecast period. Owing to significant technological advancements in areas such as electronics, telecommunications, automotive industries, and consumer goods. As a result, these advancements have led to a surge in intellectual property creation and the need for effective management and protection.
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Leading Market Players
The report analyzes these key players in the global intellectual property management market. These players have adopted various strategies, such as expansion, new product launches, partnerships, and others, to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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