DUBAI, United Arab Emirates, April 03, 2022 (GLOBE NEWSWIRE) — According to analysis of the Intellectual Property (IP) market in South Korea by Future Market Insights (IMF), demand in the market will increase at a CAGR impressive of 17.8% from 2022-2032. The market valuation will reach nearly US$4.7 billion by 2032.
|Market value of intellectual property in South Korea (2022)||US$906.9 million|
|Projected size of the intellectual property market in South Korea (2032)||US$4,657.2 million|
|CAGR Based on South Korea Intellectual Property Market Value (2022-2032)||17.8%|
|Market share of the top 5 vendors in the South Korea IP market||More than 55%|
The report indicates that the market should reach a valuation of US$0.9 billion in 2022. The increasing adoption of intellectual property in the digital economy and the growth of new business models are expected to drive the market in the coming years.
The adoption of intellectual property in emerging countries encourages research and development, thus elevating ideas and innovations to promote the rapid implementation of new technologies and the economic development of the country. Domestic companies in emerging economies rely heavily on trademark protection, which will drive demand.
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Legislative measures, evidence collection procedures and with its introduction of k-discovery which will create growth opportunities in the market. Many universities and large organizations have established Intellectual Asset Management (IAM) offices, which are also offered as a service by consulting and law firms for the protection of intellectual property.
Large companies invest in intellectual property for product protection. This allows organizations to take advantage of benefits such as venture capital funding, the sale of licenses, and the use of their trade secrets to generate revenue and create valuable intellectual property assets.
The negative effects of free-riding on innovation is one of the main reasons for IPR protection and required funding from investors. Intellectual property management also provides organizations with the necessary economic benefits through the legal rights of authors and inventors to determine how inventions and innovations are used.
Key points to remember:
- By solution, the intellectual property (IP) management software segment is expected to grow at a CAGR of 21% through 2032.
- By end-user, sales in the law firm segment are expected to grow at a CAGR of 19.4% from 2022 to 2032.
- Total demand in the South Korean IP market is expected to grow at an impressive CAGR of 17.8% through 2032.
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“Rising concerns over copyright infringement, as well as regulations and laws determining the enforcement of intellectual property rights in South Korea will augment the market growth over the forecast period,” says an analyst. of the IMF.
Major players operating in the South Korea IP market are investing in technological advancements to improve the performance of solutions and software to gain a competitive advantage. For example:
- In December 2019, the Dennemeyer group completed the acquisition of the Italian intellectual property law firm De Simone & Partners. The acquisition will help the company expand its business in Italy.
- Anaqua, a provider of innovation and intellectual property management solutions, has announced the launch of an innovative new unit that aims to meet the needs of today’s global law firms. The firm also invests in its leadership and law firm platforms, AQX Law Firm and PATTSY WAVE, which underscore anaqua’s commitment to the firm as an essential part of the intellectual property ecosystem and meet to market needs.
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|Historical data available for||2017-2021|
|Market analysis||Million US dollars for value|
|Main countries covered||South Korea|
|Key Segments Covered||Solution and end user|
|Profiled Key Companies||• Clarify
• LexisNexis Korea (legal)
• Questel Korea
• PI LAW PI
• SU INTELLECTUAL PROPERTY Co. Ltd.
• WIPS Co. Ltd.
• Kim and Chang
• Lee and Ko
• PC FirstLaw
|Report cover||Market forecasts, company share analysis, competitive intelligence, DROT analysis, market dynamics and challenges, and strategic growth initiatives|
|Customization and pricing||Available on demand|
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