Intellectual Property (IP) Management Software Market Market Trends

Growth Drivers

• Digitalization of IP management: The intellectual property management software market has the potential to unlock additional benefits from IPs. This attracts businesses to seek such advancement in managing their assets. The need for digitalization has paved a new way of fostering profit through licensing, sales, and partnerships. The new technologies can help to handle a large number of IP assets while maximizing their values. This has further propelled the demand for management software with innovative features. For instance, in December 2022, IamIP launched an AI-based smart monitoring tool that can penetrate into traditional systems to generate more precise search results for patents.
• Rising awareness about IP protection: The growing focus on monetizing company assets has enlarged the intellectual property (IP) management software market. Businesses are now heavily investing in adopting these tools to secure their intellectual rights while assuring compliance. According to a report published by WIPO in August 2024, worldwide patent filing grew by 2.7% in 2023, compared to the last year. Alongside, the applications for utility models and industrial designs also increased respectively by 3.9% and 2.8%. This clearly shows the increment in awareness about preserving IP assets. Moreover, the risk of theft and infringement has escalated the need for such encrypted platforms to track, protect, and enforce their IP rights.

Challenges

• High initial cost: The cost of implementing such software can be higher than the budget of many SMEs. This may further prevent these businesses from investing in the intellectual property management software market. The whole process of licensing, customization, integration, and training can also be expensive, increasing the economic burden on companies. Such financial barriers may hinder the optimum adoption of these IP management tools, limiting consumer access in various industries.
• Concern about data security: The progress in the intellectual property management software market may raise questions about data privacy. Integration of automation in IP handling comes with a concern about securing sensitive asset information of businesses. This can further create threats of cyberattacks, breaches, and unauthorized access, vandalizing consumer trust in service providers. In addition, this pushes software vendors to upgrade security features, which can be costly, restricting them from innovating.