Intellectual Property Audit System: Introduction
- 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
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.
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
Global Intellectual Property Audit System Market: Research Scope
Global Intellectual Property Audit System Market, by Solution
Global Intellectual Property Audit System Market, by Deployment
- Cloud Based
Global Intellectual Property Audit System Market, by Type
- Patents management
- Trademark management
- Copyright management
- Design protection management
Global Intellectual Property Audit System Market, by End-user
- IT and Telecom
- Law firms
- Government Institutions
Global Intellectual Property Audit System Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.