Intellectual property audit system is a business assessment tool used 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 manage IP properties effectively in order to protect them from illegal copy and data theft. Intellectual property audit systems are majorly utilized by law firms to reduce the operational cost through automation, by streamlining IP management processes and minimizing the risk for clients
Intellectual property policies keep on strengthening to safeguard the interest of consumers and protect enterprises from fraud, which has resulted into complexities for law firms. This is anticipated to drive the intellectual property audit system market across the globe. 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
Global Intellectual Property Audit System Market: Dynamics
Global Intellectual Property Audit System Market: Key Drivers
- Increased concerns about protection of intellectual property, such as copyrights, trademarks, and patents by businesses in order to safeguard long-term business viability, is a key factor that is expected to boost the intellectual property audit system market
- Rising awareness infringement of intellectual properties and benefits of intellectual property audit system in identifying defects in intellectual property rights are projected to create significant opportunities in the next few years
- Growing momentum of startups owing to technological advancements, market expansion, and heavy investment in the startup ecosystem have created a significant need for emerging businesses to protect crucial assets and services using intellectual property audits. This, in turn, is projected to propel the intellectual property audit system market.
- Development in the service sector has enabled organizations to cater to the global consumer base, which has fueled the demand for enterprises to minimize intellectual property infringement
- However, lack of skilled professionals to operate the system and higher initial investment are major factors that are likely to hinder the intellectual property audit system market during the forecast period
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Impact of COVID-19 on Global Intellectual Property Audit System Market
- The COVID-19 pandemic has resulted into an increase in demand from healthcare facilities and research institutes to create lifesaving innovations. Vaccination is one of the most crucial parameters for countries to assure the safety of its population. Research institutes have invented several effective drugs for vaccination, which are protected with intellectual property norms. Modern vaccines comes under several stages of IP protection, which has emphasized the need of effective intellectual property audit system in order to ensure efficient approvals from government authorities across the globe. Several startups focusing on healthcare and technology niche emerged during the COVID pandemic, which is anticipated to create significant opportunities post pandemic.
North America to Hold a Major Share of Global Intellectual Property Audit System Market
- In terms of region, the global Intellectual Property Audit System market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Technological advancement, well-established startup eco system, and stringent government regulations for intellectual property are attributed to the major share held by North America in the global intellectual property audit system market in 2020. Laws enacted by the U.S. government to protect innovators and creators and the presence of global players in the country across various sector have fueled the intellectual property audit system market in the region.
- 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.
Global Intellectual Property Audit System Market: Competition Landscape
The global intellectual property audit market is competitive in nature due to the presence of several global players. Key market companies are investing heavily in product development to gain competitive advantage. Prominent players are focusing on mergers, acquisitions, joint ventures, and partnerships to consolidate their presence in the market and explore untapped opportunities. In January 2020, Questel signed the acquisition of NRI Cyber Patent, a key business management & intellectual asset management solutions provider based in Japan.
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Key players operating in the global intellectual property audit system market include:
- Alt Legal Inc.
- Anaqua Inc.
- CPA Global Limited
- Inteum Company, LLC
- Patrix AB
- TM Cloud Inc.
- WebTMS Limited
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