According to the South
Korea Intellectual property (IP) market analysis by Future Market
Insights (FMI), demand in the market will increase at an impressive CAGR
of 17.8% from 2022-2032. The market valuation will
reach nearly US$ 4.7 Bn 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.
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.
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.
“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.
Access Full Report: https://www.futuremarketinsights.com/reports/south-korea-intellectual-property-market