The demand in the market will grow at an amazing CAGR of 17.8% from 2022 to 2032, predicts Future Market Insights (FMI) report of the South Korean intellectual property (IP) market. By 2032, the market will be valued at just under US$ 4.7 billion.
According to the analysis, the market is anticipated to reach a US$ 0.9 Bn worth in 2022. In the upcoming years, it is projected that rising IP use in the digital economy and the development of new business models would drive the market.
Adoption of IP in developing countries promotes research and development, elevating ideas and inventions to support rapid adoption of new technologies and national economic progress. In rising economies, domestic businesses heavily rely on trademark protection, which will increase demand.
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Legislative actions, methods for acquiring evidence, and the introduction of k-discovery will all lead to market expansion potential. Intellectual Asset Management (IAM), which is also provided as a service by consulting and law companies for the protection of the IP, has offices in many universities and large organisations.
To secure their products, large businesses are investing in intellectual property. This makes it possible for businesses to take advantage of advantages like venture capital investment, licencing sales, and exploiting their trade secrets to generate income and produce 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.
Key Takeaways:
- 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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“Growing concerns regarding copyright infringement, along with regulations and legislations determining the implementation of intellectual property rights in South Korea will augment the growth in the market over the forecast period,” says an FMI analyst.
Competition Landscape
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.
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