Patent Management Software Market Set to Reach USD 4651.57 Million by 2026
According to the report, The global patent management software market in 2019 was approximately USD 1,733.9 Million. The market is expected to grow at a CAGR of 15.8% and is anticipated to reach around USD 4651.57 Million by 2026.
Patent management software allows users to monitor the due dates effectively, to create a centralized case archive, and to efficiently handle patent cases. It helps users to prepare, and store search reports, and store patent inquiries. The software enables the user to turn the concept into case dockets, so that one can regulate it. The patent management software is used by industries, government, enterprises, and universities among others.
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The patent management software market is segmented based on deployment and end-users. On the basis of deployment segmentation, the market is classified into cloud-based, and on-premises. The on-premises segment holds the largest market revenue in the global patent management software market. The cloud-based solutions are expected to grow at the fastest rate during the forecast timeline as it supports emerging technologies such as big data analytics, machine learning that make the patent process more efficient and faster. Based on end-user, the market has been bifurcated into individuals, government, enterprises, universities, and research institutes. The enterprise segment holds the largest market revenue and expected to be the fastest-growing market over the projected years. It is due to the growing adoption of patent tools by various industries such as BFSI, It & telecom, healthcare, and automotive among others.
The patent management software market is segmented based on deployment and end-users. On the basis of deployment segmentation, the market is classified into cloud-based, and on-premises. Based on end-user, the market has been bifurcated into individuals, government, enterprises, universities, and research institutes.
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Some of the essential players operating in the patent management software market, but not restricted to include Anaqua Inc., CPA Global, Gridlogics, IAMIP Sverige AB, Patrix AB, Questel, LexisNexis, AppColl, Alt Legal, MineSoft Ltd, PatSnap, Inteum Company LLC, and Dennemeyer Group amongst others.
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