Increasing tendency of individual inventors and technological companies to intellectual property systems, have also grown IP management products and software market significantly. According to the latest reports, the market of IP management software, which was approximately $ 4.124 billion in 2016, will grow annually by 16.9 percent to $ 16.519 billion in 2025. This huge market represents a great interest of large and small firms for using intellectual property management services. In addition, the market shows a unique opportunity for companies and startups that are active in the field of intellectual property rights and its management. It is obvious that development of emerging technologies such as artificial intelligence and its integration with patent data and other types of intellectual properties have played a significant role in the development and improvement of these software.
Nowadays that globalization and the knowledge-based economy are two key paradigms in the business environment, different countries, both developed and developing ones, are looking to intellectual property as a key infrastructure for their further growth. Under such circumstances, attracting more investment and making businesses more dynamic, depends on a strong IP regime. For this purpose, countries like China, in order to control their continuous economic growth, have been trying to promote innovation and protect it through an efficient Intellectual property system. In the meantime, the patent system has emerged as a valuable tool for protecting inventions and role as a key factor for commercialization new technologies.
Management of patent portfolio and related costs are a critical and complex task for technological companies; then, patent management software has become a favored option for many business managers. Due to popularity of patent management software, it is forecast that its market will grow by annual 22.7 percent between 2019 and 2025. Some of the most well-known companies offering patent management software products, are IPfolio, Anaqua, CPA Global, PatSnap, and LexisNexis.
It should be noted that the biggest challenge facing the patent management software market that can slightly limit its growth is the extremely high cost of setting up the patent management software in an organization. One milestone in tackling this challenge is Inteum's technological collaboration with an online patent renewal service called RenewalsDesk, which provides an integrated tool for managing patent renewal costs. The project that was launched in June 2018 and recently made available for customers, will greatly reduce software customization costs and facilitate patent portfolio management for users.