Intellectual Property Services Market Record Stellar CAGR During Forecast Period
- Intellectual property services are specifically designed to protect the rights & privileges of the intellectual property (IP) owner. Intellectual property services provide the user with a quick, effective, and cost-efficient route to protect the user’s trademarks, inventions, or designs across borders.
- Intellectual property services are increasingly adopted by end-users to protect and develop a brand, protect exclusive tenure of their creations, and keep their work private and confidential to maintain and create an advantage in this competitive world.
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Growing emphasis on managing and protecting intellectual property driving the global intellectual property services market
- The management and development of intellectual property has become a major concern for private enterprises, specifically in cultural, artistic, and technology applications. Equitable and efficient intellectual property services can help organizations understand the intellectual property’s potential as a catalyst for cultural and social well-being and economic development.
- Intellectual property assets fuel economic development in numerous ways. Many companies can gain royalty incomes from licensing their IP assets to other parties. For instance, According to the World Intellectual Property Organization (WIPO), the U.S. has earned licensing revenues of approximately US$ 30 Bn from overseas. Similarly, Japan, followed by the U.K. earned US$ 5 Bn to US$ 10 Bn from licensing their IP assets.
- Therefore, organizations emphasize on managing and protecting their intellectual property. Protection for any intellectual property is granted for a restricted period of time, usually 20 years. Thus, growing emphasis on managing and protecting intellectual property is driving the global intellectual property services market.
Lack of awareness of the IP system and its usefulness among enterprises expected to significantly hamper the market
- Unawareness about IP systems and their usefulness among organizations is one of the roadblocks in this market. Consumers are less aware of the fact that intellectual property services bring numerous advantages, along with the protection and management of intellectual property assets. These factors have hindered the expansion of the intellectual property services market. However, adoption rate of intellectual property services is increasing among end-users as the awareness about IP systems and their usefulness increases.