Sep 16, 2020 10:36 AM ET
iCrowd Newswire – Sep 16, 2020
Findings from Facts and Factors report “Patent Management Software Market By Deployment (Cloud-based, and On –Premises); By End Users (Individuals, Government, Enterprises, Universities, and Research Institutes): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global patent management software market in 2019 was approximately USD 1,733.9 Million. The market is expected to grow at a CAGR of 15.8% and is anticipated to reach around USD 4651.57 Million by 2026.
Patent management software allows users to monitor the due dates effectively, to create a centralized case archive, and to efficiently handle patent cases. It helps users to prepare, and store search reports, and store patent inquiries. The software enables the user to turn the concept into case dockets, so that one can regulate it. The patent management software is used by industries, government, enterprises, and universities among others.
An increase in the number of patents filings, customized, and vendor-specific offerings of the key contenders are flourishing the adoption of such platforms. A growing focus on patent management and security is driving the growth of the patent management software market. However, the high transactional cost associated with patent applications is hindering the market growth in recent years. Furthermore, the integration of machine learning technologies in patent solutions and the growing adoption of patent tools in emerging economies will augment the market demand in upcoming years.
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The patent management software market is segmented based on deployment and end-users. On the basis of deployment segmentation, the market is classified into cloud-based, and on-premises. The on-premises segment holds the largest market revenue in the global patent management software market. The cloud-based solutions are expected to grow at the fastest rate during the forecast timeline as it supports emerging technologies such as big data analytics, machine learning that make the patent process more efficient and faster. Based on end-user, the market has been bifurcated into individuals, government, enterprises, universities, and research institutes. The enterprise segment holds the largest market revenue and expected to be the fastest-growing market over the projected years. It is due to the growing adoption of patent tools by various industries such as BFSI, It & telecom, healthcare, and automotive among others.
On the basis of geography, the market has been analyzed into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2019, North America dominated the global patent management software market owing to the presence of some leading R&D investors of the U.S. such as Amazon.Com Inc., IBM Corporation is representing a high degree of specialization in technology innovations and developments. Moreover, the presence of leading innovators in this region is contributing to market growth. Asia Pacific region is expected to register a high growth rate during 2020 to 2025. It is due to the rise in the number of patent applications by Asian countries such as India, China, and Japan. Thereby, certain factors are aiding the global market of patent management software to grow in the next few years.
Some of the essential players operating in the patent management software market, but not restricted to include Anaqua Inc., CPA Global, Gridlogics, IAMIP Sverige AB, Patrix AB, Questel, LexisNexis, AppColl, Alt Legal, MineSoft Ltd, PatSnap, Inteum Company LLC, and Dennemeyer Group amongst others.
This report segments the global Patent Management Software market as follows:
Global Patent Management Software Market: By Deployment Segmentation Analysis (Customizable)
- On –Premises
Global Patent Management Software Market: By End Users Segmentation Analysis (Customizable)
- Research Institutes
Global Patent Management Software Market: Regional Segmentation Analysis (Customizable)
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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Keywords: Patent Management Software Market