Press release
Intellectual Property Market: Current trends, Opportunities, Challenges and Forecast by 2024
Intellectual property market, Global Intellectual property market
Intellectual property rights such as trademarks, patents, and copyrights not only enable people to earn financial rewards, but more importantly, promote recognition of their work. When artists and writers come up with a new book, painting, music compositions, or a graphic design, they can protect their work from infringement, misuse or unauthorized use by issuing a copyright.
On the other hand, patents are rights granted for inventions, encouraging private investments by forbidding the production and distribution of new, unprecedented technological information by other entities.
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Registration and protection of intellectual property has been a major concern amongst leading business organizations owing to the disputes that can arise during signing of contracts, collaborations, mergers, and acquisitions. Intellectual property can prove to be a significant asset for business organizations. It can be a tool for forging a distinctive image in the minds of potential customers. This is because intellectual property rights enable customers to distinguish a firm by ascribing certain qualities to its products and services.
Renting of intellectual property has emerged as a leading trend in the global intellectual property market. Intellectual property rights also aid a company in marketing its products overseas and building a loyal clientele, thereby gaining more profits. Therefore, several business organizations are investing in this domain, contributing towards market growth.
On the other hand, the growth of the global market for intellectual property might be obstructed on account of the high costs of copyrights and licenses. However, the negative impact of this restraint will be nullified as the popularity of online intellectual property increases over the forthcoming period. The emergence of patenting funds is also expected to furnish substantial opportunities.
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Based on geography, the global market for intellectual property has been segmented into Europe, North America, Asia Pacific, and the Rest of the World (RoW). The robust growth in industrialization in developing countries of Asia Pacific is likely to bring in significant opportunities as several institutions and commercial organizations will gradually ensure that intellectual property rights are protected. Several developing and developed nations have been encouraging the implementation of these laws. In the U.S., for instance, the America Invents Act passed in September 2011 ensures that the third party patent-related information is collected and registered with the United States Patent and Trademark Office (USPTO).
Some of the leading companies operating in the global intellectual property market are Morrison & Foerter LLP, Irell & Manella LLP, WilmerHale, and Quinn Emanuel Urquhart & Sullivan, LLP.
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