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 2022-2032. The market valuation will reach nearly US$ 4.7 Bn by 2032.
The report states that the market is expected to reach a valuation of US$ 0.9 Bn 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.
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.
· By solution, the intellectual property (IP) management software segment is anticipated to expand at a 21% CAGR through 2032.
· By end user, sales in the law firms segment are forecast to increase at a CAGR of 19.4% between 2022 & 2032.
· Total demand in the south Korea intellectual property market is slated to rise at an impressive 17.8% CAGR through 2032.
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