Royalty Management Software and Services Market - Global Industry Analysis, Size, Share, Growth, Trends, Forecast Upto 2024
Royalty management currently has become complex with increased number, size, type, interrelationships of leases, and the sales. Furthermore, large sums involved have led to more complex processes, however, the evolution of technology has played a vital role in managing and simplifying the royalty calculations, revenue shares, growths, and the associated accounting processes. The royalty management software and services offered by service providers enable organizations to streamline their processes, helps them to avoid and terminate duplicate data, thereby, saving costs associated with the everyday management and administration of royalties and rights. Additionally, it replaces inefficient processes with best in class practices and automation, bringing significance in time savings and increased accuracy.
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For an organization to improve its efficiency and reliability, it is necessary to maintain strong financial condition to remain competitive in the market. Royalty management solutions are designed with the ability and flexibility to meet the royalty needs of an organization, enabling generation of royalty statements efficiently. Also, royalty management system ensures comprehensive control to achieve maximum profit from organization’s licensing agreements. In addition, governments in various countries have formulated stringent intellectual property laws to avoid copyright infringement which is expected to aid the growth of royalty management software and services market. The increased need for enhanced administration is further expected to aid the growth of royalty management software and services. The centralization of data over cloud has eased its accessibility for multiple users at distant locations, while reducing operating cost.
The royalty management software and services are usually accessible on both web-based and cloud-based platforms. Additionally, the royalty management software and solutions are finding wide applications in various organizations across multiple sectors, such as digital service providers, music and video, streaming services, record labels, movie studios, video distributors, interactive entertainment, providers, news agencies, high-tech organizations, mobile providers, telecommunications, oil & gas, publishing houses, and semiconductor industry.
With companies more focused on mergers and acquisitions to deliver comprehensive solutions, the market is expected to grow with the launch of theses enhanced solutions. For instance, in March 2015, FilmTrack, a provider of intellectual property and rights management solutions acquired RoyaltyZone, a provider of licensing and royalty solutions. FilmTrack aims to offer a robust end-to-end platform that would manage the lifecycle of license agreements, rights, products, and royalties. The key players involved in the royalty management software and services market include Oracle Corporation, The Eclipse Group, Microgen Aptitude Ltd., CGI Group Inc., ITC Infotech India Ltd., MetaComet Systems, and FilmTrack.
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