Asia-Pacific driving enterprise IP management software growth
The global enterprise IP management software market is expected to reach a value of $16.5 billion by 2025, spurred on by growth in the manufacturing and pharmaceutical sectors in the Asia-Pacific region, according to research.
The data, from syndicated research providers the Insight Partners, also revealed that the global enterprise IP management software market is expected to see a compound annual growth rate ( CAGR) of almost 17% between 2017 and 2025.
“The increasing demand for the software by various end-use industries, coupled with the increasing awareness about the software among various firms, is anticipated to be the primary reason for the expansion of the market in the Asia-Pacific region,” said the report.
The Asia-Pacific region “is dominating the market for enterprise IP management software thanks to increasing investments in various sectors, primarily technological, manufacturing, and pharmaceutical fields, of emerging economies. This is resulting in an increasing number of IP filings,” said the report.
The report, "Global Enterprise Intellectual Property Management To 2027", also points to an increasing global demand for “well-documented and secure systems” as a driving force behind the growth of the IP software market.
However, several factors are still restraining the market’s growth, such as the high costs of initial investments, and data security concerns, the report added.
Enterprise IP management software can be defined as software of computer systems that support trademark business operations, from initial search, through to clearance and disputes, and onto enforcements, licensing, and renewals.
This latest report comes as further evidence of Asia's increasing importance to innovation and IP. A 2018 report by research company Clarivate Analytics revealed that the Asian region as a whole had once again reclaimed its title as the centre for global innovation, taking the top spot from the US.
And, World Intellectual Property Organization ( WIPO) research released at the end of last year also revealed the 30 most-prolific collaboration hotspots for inventors, with just five countries (China, Germany, Japan, the US and South Korea) accounting for 26% of all international collaborations and co-inventions.
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