According to the South Korea Intellectual property (IP) market revenue totaled US$ 790.6 Mn in 2021. Sales are projected to increase at an impressive 17.8% CAGR over the assessment period, with the market valuation reaching US$ 4,657.2 Mn by 2032.
The report states that the market is expected to reach a valuation of US$ 0.9 Bn in 2022. Increasing adoption of IP in the digital economy and growth of new business models are anticipated to drive the market in the forthcoming years.
Adoption of IP in emerging nations encourages research and development, thereby uplifting of ideas and innovations to foster fast implementation of new technologies and economic development of the country. Domestic firms in emerging economies rely heavily on trademark protection, which will spur demand.
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Legislative measures, evidence gathering procedures and with its introduction of k-discovery that will create opportunities for growth in the market. Many universities and large organizations have established offices for Intellectual Asset Management (IAM), which is also offered as a service by consulting and law firms for protection of the IP.
Large enterprises are investing in IP for the protection of products. This enables organizations to enjoy benefits such as venture capital funding, license sales and using their trade secrets for revenue and creation of valuable IP assets.
The negative effects of free riding on innovation is one of the main reasons for protection of IPR and for the required funding from investors. Management of IP also serves organizations with the necessary economic benefits through legal rights to authors and inventors for the determining the way in which inventions and innovations are used.
- By solution, the intellectual property (IP) management software segment is anticipated to expand at a 21% CAGR through 2032.
- By end user, sales in the law firms segment are forecast to increase at a CAGR of 19.4% between 2022 & 2032.
- Total demand in the south Korea intellectual property market is slated to rise at an impressive 17.8% CAGR through 2032.
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Leading players operating in the South Korea intellectual property market are investing in technological advancements to improve the performance of solutions and software to gain a competitive edge. For instance:
- In December 2019, Dennemeyer Group completed the acquisition of the Italian IP law firm De Simone & Partners. The acquisition will help company to expand their business in Italy.
- Anaqua, provider of innovation and intellectual property management solutions announced the launch of a new innovative unit which aims to address needs of today’s global law firms. The firm is also investing in its leadership and law firm platforms, AQX Law Firm and PATTSY WAVE which highlights the anaqua’s commitment to firm as an essential part of the IP ecosystem and meets the needs of the market.
Intellectual property rights allow creators to patent, trademark, or copyright their works to avoid stealing, mishandling and to benefit from their creation and innovation. Cloud-based IP are in high demand as they support and protect IP assets across various industries remotely. Since the cloud offers excellent flexibility and value over a locally installed intellectual property management systems, sales are anticipated to increase in the forthcoming years.
Currently, designers, inventors, authors, and developers are adopting IP rights such as patents and trademarks to safeguard their creations. In addition to this, regulations imposed by the government to control the unauthorized usage of IP assets will augment the growth in the market.
Why is the Demand for Intellectual Property (IP) Management Software Increasing?
“Brands and Companies are Investing in Logo Copyright Registration”
Based on solutions, demand in the intellectual property management software segment is expected to grow at a CAGR of 15.1%, accounting for a dominant share in the market.
Formal intangible assets such as technology, designs and brands are important to get appropriate returns for innovation and investments. These intangible assets are protected by formal intellectual property (IP) rights such as patents, utility models, industrial designs, trademarks, copyrights, and trade secrets. Owing to this, demand for IP management software across various end users is surging, thereby driving the market growth.
Why are Sales of Intellectual Property in Law Firms Rising?
“Surging Demand for Copyright Services in Law Firms Will Drive Sales”
In terms of end user, sales in the law firms segment are projected to increase at a stupendous CAGR of 19.4% over the forecast period. The segment is expected to grow 5.9X, creating an absolute opportunity of US$ 2,061.2 Mn.
Growing popularity of IP management software will continue driving sales in this segment. For instance, In July 2021, Clarivate launched research and protection solutions powered by CompuMark into Ipfolio, and FoundationIP, IP management software (IPMS) solutions. These solutions are being adopted in corporations and law firms. Such developments are anticipated to bode well for the growth in the market.
Major companies operating in the South Korea intellectual property market include Clarivate, Dennemeyer, Patrix, LexisNexis Korea (Legal), Questel Korea, PI IP LAW, KASAN, SU INTELLECTUAL PROPERTY Co. Ltd., WIPS Co. Ltd, SIWONIP, Kim & Chang, Lee & Ko, and FirstLaw PC, among others.
Companies are emphasizing on innovations and expanding their global footprint through acquisitions and partnerships. For instance:
- In November 2020, Patrix announced a partnership with Black Hills. This partnership provides customers tools that helps to automate IP operations. It also provides prosecution and patent analytics on their portfolios.
- In January 2018, Dennemeyer & Associates opened IP law firm in Paris. This expansion was set up in collaboration with Frédéric Blanc and offers cutting edge intellectual property related legal services.