Global Intellectual Property Software Market 2019-2023 | Use of AI with Intellectual Property Software to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Aug 6, 2019--
The global intellectual property software market is expected to post a CAGR of over 14% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled global intellectual property software market 2019-2023. (Graphic: Business Wire)
It provides enterprises with the knowledge to design and enhance their existing services, products, processes, or technologies. It also enables enterprises to gain an advantage over their competitors and establish themselves as leaders in the market. With R&D, enterprises can develop new products and services, which can help them generate new intellectual property to augment their business. Moreover, the generation of intellectual property also helps countries generate economic value in the form of new techniques, ideas, designs, and processes. Therefore, due to such advantages, the rising investment in R&D will increase the demand for intellectual property management software during the forecast period.
As per Technavio, the use of AI with intellectual property software will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global intellectual property software market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Intellectual Property Software Market: Use of AI with Intellectual Property Software
The digital transformation of businesses is an effort to create connected platforms and new industry revenue streams. Consequently, many industries are opting for real-time solutions. Modern businesses are marked by an increase in the need for advanced business intelligence. AI enables innovation and accelerates technological advancements with data, computing power, and algorithms. This has encouraged vendors to use AI with intellectual property software as it will help them to transform processes and create an intellectual property network of users. The technology will enable intellectual property teams of enterprises to reduce time spent on administrative tasks and focus on strategic activities. The technology, along with the software, will be effective if more data and documents are provided to the system. It will help the solution become better in identifying information and, thus, create a more accurate and faster outcome for intellectual property professionals. Due to this, various vendors are planning to introduce AI with intellectual property software, thereby driving the growth of the market during the forecast period.
“Apart from the use of AI with intellectual property software, the integration of analytics with intellectual property software and the increasing number of strategic alliances are some other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Intellectual Property Software Market: Segmentation Analysis
This market research report segments the global intellectual property software market by deployment (on-premises and cloud-based) and geographical regions (North America, Europe, APAC, MEA, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America, respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to increasing industrialization and the adoption of advanced technology in various end-user industries in the region.
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INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY OTHER TECHNOLOGY
SOURCE: Technavio Research
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