Global Intellectual Property Audit System Market: Introduction
Intellectual property audit system is a business assessment tool designed for the identification of risk and value associated with IP assets.
The Intellectual property audit system provides law firms and corporate organization with services to handle IP properties effectively in order to protect them from illegal copy and data breach.
A successful business is well-managed. Intellectual property is part of a business and requires management just as does equipment, inventory, and accounts receivable.
If a business does not know what intellectual property it owns, it cannot handle that property and protect it from damage or loss.
Any existing IP-related agreements, such as licensing agreements, assignments, employment and independent contractor agreements, joint venture agreements, tech transfer agreements, and settlement agreements, can be reviewed to help ensure that IP rights have not been encumbered or compromised.
An IP audit can assist companies in anticipating possible disputes and planning successful avoidance and resolution strategies.
An audit may identify a need for a freedom-to-operate study, which identifies competitors’ conflicting intellectual property rights and options such as designing around, licensing, or anonymously challenging competitors’ rights.
Global Intellectual Property Audit System Market: Overview
intellectual property audit system market was worth USD 1.5 billion in 2022 and is anticipated to amplify at a CAGR of 14.5% over 2022-2030, thereby accumulating a valuation of USD 11.2 billion by end of the assessment timeline.
The global intellectual property audit market will witness a significant growth during the forecast years.
Intellectual property audit systems are widely in utilization by law firms to decrease the operational cost through automation, by streamlining IP management processes and lowering the risk for clients
Intellectual property policies keep on toughening, to safeguard the interest of consumers and protect enterprises from fraudulent activities, which has resulted into complexities for law firms.
This has fuelled the intellectual property audit system market throughout the world.
The global intellectual property audit system market is anticipated to gain expand during the forecast period due to increasing awareness about key benefits of management and development of intellectual properties for overall economic development of a country.
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Key Trends: Growth Determinants and Challenges:
o Audits identifies new opportunities to profit from IP:
Intellectual property law has many nooks and crannies and is not well understood. A high percentage of non-IP lawyers and business people do not know the difference between patents, trademarks, and copyrights, much less whether their companies own those types of IP.
Many do not know the level of inventiveness required to obtain a U.S. patent or the kinds of things that can be permitted, the extent of and limitations on rights accorded by a patent, and the good IP value accorded by design patents and copyright registrations and what they protect.
They are not aware that new commercial opportunities in domestic and foreign markets can be exploited via IP licenses, and that their competitors’ efforts to obtain IP can be monitored and sometimes stopped.
Segmental Analysis of Global Intellectual Property Audit System Market:
Based on Solution
- Services
- Solutions
Based on Deployment
- On-Cloud
- On-Premises
Based on Type
- Design Protection Management
- Patents Management
- Trademark Management
- Copyright Management
- Others
Based on End-users
- Law Firms
- BFSI
- Government Institutions
- IT and Telecom
- Healthcare
Based on Region
North America (Canada, Rest of North America), Europe (Germany, France, Italy, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Rest of Asia Pacific), Middle East & Africa (GCC, South Africa)
Asia Pacific is anticipated to gain significant share of the global market during the forecast period owing to an increase in number of patent applications in countries such as China and India.
Government authorities are encouraging innovation through various initiatives, which is anticipated to boost the intellectual property audit system market.
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Major Developments:
In January 2020, Questel signed the acquisition of NRI Cyber Patent, a key business management & intellectual asset management solutions provider based in Japan.
Major questions answered in the report:
- What are major growth factors and challenges in this market?
- Which leading players are contributing in the growth of this market?
- Which regional segments accounts for the largest share of the global intellectual property audit system market?
Key Takeaways from the report:
- Deep-insights on regional and other segmental analysis.
- Challenges, growth factors and trends.
- The global intellectual property audit market will witness a significant growth during the forecast years.
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