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 to 2032.
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 to 2032. The market valuation will reach nearly US$ 4.7 Billion by 2032.
The report states that the market is expected to reach a valuation of US$ 0.9 Billion 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.
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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.
“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.
Key Takeaways:
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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:
More Valuable Insights into South Korea Intellectual Property Market
Future Market Insight’s report on the South Korea intellectual property industry research is segmented into two major sections – solution {(intellectual property (IP) management software (cloud-based, on-premises), IP search and analysis software (web-based), intellectual property services (IP consulting and analytics, law firm services, IP maintenance, and others)}, and end user (corporations, government & academic, law firms, and others), to help readers understand and evaluate lucrative opportunities in the South Korea intellectual property demand outlook.
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South Korea Intellectual Property Outlook by Category
By Solution:
By End-user:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Mar 12, 2023