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pos-software-transforming-businessesIntellectual property (IP) management software is an application businesses and law firms use to manage and protect intellectual property such as trademarks, licenses, inventions, patents, copyrights, royalties, and brands. It enables the automation of forms and correspondence for new and existing intellectual property ownership and the tracking of cases of infringement and potential legal rights violations that may result in subsequent prosecution. It also facilitates the preparation and execution of intellectual property filings, such as patent applications, trademark rights acquisition, and litigation.
The market's increasing reliance on various patents to produce a product and improve its functionality is compelling businesses to improve their IP management. Therefore, there has been a substantial increase in patent applications worldwide in recent years. Similarly, according to the Federal Service for Intellectual Property (Rospatent), the number of trademark applications filed in Russia increased by approximately 7.3% between 2019 and 2020 (93,926 applications filed in 2020 and 87,509 in 2019). Moreover, patents contribute significantly to the revenue of numerous industries. According to Mondaq, in 2021, the EPO received 188,600 patent applications worldwide in 2020, a 4.5% increase from the year prior. Such advancements increase the significance of IP management software solutions, thereby driving market expansion.
With a growing emphasis on digitalization, the market is anticipated to expand during the forecast period. For instance, India announced in February 2020 its intention to establish a digital platform for the application and capture of intellectual property rights. The National IP Policy is the most recent development in India's intellectual property rights infrastructure over the past few years. A stronger IPR will result in an environment more conducive to business. India invests in its innovation and startup ecosystem by creating a digital platform for application submission simplification, technology transfer centers, and prototyping/proof-of-concept facilities. This is anticipated to present substantial market expansion opportunities.
Asia-Pacific is the most significant global IP management software market shareholder and is anticipated to exhibit a CAGR of 19.94% during the forecast period. According to the World Intellectual Property Indicators (WIPO), Asia demonstrated its dominance as the leading source of international patent applications, accounting for 54.1% of all applications in 2021, up from 38.1% in 2011, with China driving the overall increase in demand for intellectual property (IP) rights. In addition, as the region's demand for IP management rises, the market is undergoing significant mergers and expansions aimed at expanding its brand recognition and consumer base. For instance, in March 2022, MaxVal Group Inc. ("MaxVal"), the leading provider of comprehensive intellectual property solutions, opened a new office in Noida. Following the establishment of facilities in Bengaluru, Chennai, and Coimbatore, Noida marks the fourth location for the company's operations in India. The new office will accommodate over a hundred workers.
Additionally, the region has witnessed increased government efforts to promote international patent filing. For example, the patent offices of India and Japan inked an expedited grant of patents to Indian entities and individuals. Recently, the Union Cabinet approved a Bilateral Patent Prosecution Highway (PPH) program between the Indian Patent Office and patent offices in other countries. These aspects contribute to the growth of the regional market.