The patent management software is a system designed to streamline various processes that are related to intellectual property rights, for the efficient and effective functioning of organizations. Law firms that deal with designers, companies, artists, and other such clients that have patented products and services, often use this software. The system has a central repository where it stores clients’ information, their licence agreements, and opposition fillings, which helps law firms in guiding their clients. The software has the ability to organize existing patents, copyrights, and designs, and create a consolidated report to help the user in decision-making.
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The global patent management software market is growing at a CAGR of 16.5% during the forecast period. There is an increasing demand for patent management software due to the increasing competition in the market and a rise in software-based solutions. With growing investments in R&D, various new technologies, research, and designs are coming up whose rights are to be protected. Organizations are aware of their rights and the need for the implementation of patent management software to handle their huge data. The software helps in tracking copyrights, patents, trademarks, and other intellectual properties. However, limited knowledge about the service may hinder the growth of the market.
The market for patent management is segmented on the basis of component type, module type, and end-use industry. Based on the component type, the market is categorised as software and services, whereas on the basis of module type, it is divided as patent, trademark, copyright, design, litigation, and others. In the end-use industry, the IT sector holds a significant market share in the patent management software. There are huge investments in the IT sector and new technologies get invented that need to be patented. Keeping track of these patents is of great importance and thus, the market share of the patent management software in IT sector is increasing.
The global patent management software is categorized on the basis of region as North America, Asia Pacific, Europe, Latin America and Middle East Africa. The Asia Pacific region is having a higher share in the patent management software market due to the huge IT industry and the use of the software in the IT sector. In addition to these, the region is also experiencing technological shift, with new inventions and research in various fields.
There are various companies operating in the market such as Anaqua, Inc., Cardinal IP, CPA Global Limited, Gridlogics, IPfolio, Lecorpio, Patrix AB, Pattsy, SimpleLegal, WebTMS, and others. Various strategies such as mergers and acquisitions, joint ventures, and partnerships are being taken up in by the companies to expand their product portfolio and provide better solutions. For instance, in July 2017, Anaqua, a Boston-based intellectual asset management provider acquired Lecorpio, an intellectual property management company, to expand their geographical presence and product portfolio.