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Intellectual Property Market Size Estimated to Observe Significant Growth by 2024

May 2nd 2019 at 12:27 PM

The term “intellectual property” refers to creations by individual minds in the form of artistic and literary work, inventions, symbols, images, concepts, names, and designs that are primarily used in commerce. Law defines intellectual property as intangible rights that protect the creations of the human mind and intellect, such as patented inventions and copyrightable works. The aim of this law is to foster a productive environment wherein innovation is prized and creativity is fostered.

Intellectual property rights such as trademarks, patents, and copyrights not only enable people to earn financial rewards, but more importantly, promote recognition of their work. When artists and writers come up with a new book, painting, music compositions, or a graphic design, they can protect their work from infringement, misuse or unauthorized use by issuing a copyright. On the other hand, patents are rights granted for inventions, encouraging private investments by forbidding the production and distribution of new, unprecedented technological information by other entities.

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The report discusses the key market opportunities, trends, growth drivers, and challenges faced by the global intellectual property market. The market attractiveness, supply and demand dynamics, competitive landscape, market forecasts, and detailed discussions of the leading market segments are included in the report. The report leverages Porter’s Five Force analysis in order to gauge the level of competition between the market players. The market shares and product portfolios of the major companies have also been analyzed.

The global market for intellectual property has been segmented on the basis of geography and type of property. Based on type of property, copyrights, trade secrets, patents, trademarks, and trade dress can be the key segments

Registration and protection of intellectual property has been a major concern amongst leading business organizations owing to the disputes that can arise during signing of contracts, collaborations, mergers, and acquisitions. Intellectual property can prove to be a significant asset for business organizations. It can be a tool for forging a distinctive image in the minds of potential customers. This is because intellectual property rights enable customers to distinguish a firm by ascribing certain qualities to its products and services.

Renting of intellectual property has emerged as a leading trend in the global intellectual property market. Intellectual property rights also aid a company in marketing its products overseas and building a loyal clientele, thereby gaining more profits. Therefore, several business organizations are investing in this domain, contributing towards market growth.

On the other hand, the growth of the global market for intellectual property might be obstructed on account of the high costs of copyrights and licenses. However, the negative impact of this restraint will be nullified as the popularity of online intellectual property increases over the forthcoming period. The emergence of patenting funds is also expected to furnish substantial opportunities.

Based on geography, the global market for intellectual property has been segmented into Europe, North America, Asia Pacific, and the Rest of the World (RoW). The robust growth in industrialization in developing countries of Asia Pacific is likely to bring in significant opportunities as several institutions and commercial organizations will gradually ensure that intellectual property rights are protected. Several developing and developed nations have been encouraging the implementation of these laws. In the U.S., for instance, the America Invents Act passed in September 2011 ensures that the third party patent-related information is collected and registered with the United States Patent and Trademark Office (USPTO).

Some of the leading companies operating in the global intellectual property market are Morrison & Foerter LLP, Irell & Manella LLP, WilmerHale, and Quinn Emanuel Urquhart & Sullivan, LLP.

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