South Korea Intellectual Property Market

South Korea Intellectual Property Market Outlook (2022-2032)

[134 Pages Report] The South Korea intellectual property market revenue totaled US$ 790.6 Mn in 2021. Sales are projected to increase at an impressive 17.8% CAGR over the assessment period, with the market valuation reaching US$ 4,657.2 Mn by 2032.

The South Korea intellectual property (IP) market is anticipated to gain from rising adoption of cloud-based IP solutions along with growing demand for IP management software. South Korea holds the 5th position across the globe in terms of patent registrations. South Korea IP market accounts for nearly 12% of the global IP management market share.

There has been an uptick in demand for IP search analysis software and intellectual property management software in South Korea. The number of patents in ICT are increasing every year as they provide a competitive advantage, proving to be strategic assets for the company.

With digital advancements and the introduction new technologies, the possibility in producing and disseminating copies has also increased. This has resulted in growing cases of copyright violations, demanding the need of IPs. Driven by this, many companies are adopting patent management software solutions.

2017-2021 South Korea Intellectual Property Demand Outlook Compared to 2022-2032 Forecast

Sales are projected to increase at a 17.8% CAGR between 2022 and 2032, in comparison with 7.8% CAGR registered during 2017-2021. Companies in South Korea are implementing new editions of IP solutions into their current offerings with a wide range of new features and capabilities.

Report Brochure

Rapid globalization, innovation, fragmentation of production value chains, and the emergence of new players are some factors expected to drive sales of IP solutions and software. IP systems are undergoing continuous changes as they seek to optimize the balance between private and social benefits to contribute to economic growth and the welfare of societies.

How is Growing Digital Transformation Boosting Sales in the South Korea IP Market?

Intellectual property rights allow creators to patent, trademark, or copyright their works to avoid stealing, mishandling and to benefit from their creation and innovation. Cloud-based IP are in high demand as they support and protect IP assets across various industries remotely. Since the cloud offers excellent flexibility and value over a locally installed intellectual property management systems, sales are anticipated to increase in the forthcoming years.

Currently, designers, inventors, authors, and developers are adopting IP rights such as patents and trademarks to safeguard their creations. In addition to this, regulations imposed by the government to control the unauthorized usage of IP assets will augment the growth in the market.

Local Government Initiatives Likely to Create Strong Opportunities for Growth

The local government plays a critical role in policy making and regulations in South Korea. In recent years, the Korean Intellectual Property Office (KIPO) has expanded the role of the Special Investigation Police (SIP) within KIPO (which was originally established to investigate trademark infringement and counterfeiting) to include investigations of patent infringement and the enforcement of patent rights.

The government of South Korea is planning to evolve in tandem with the changing landscape of the intellectual property sector. Moreover, investments in research and development by the government and various firms is propelling the number of patents to be issues, which is expected to boost sales in the market.

Nikhil Kaitwade

Principal Consultant

Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Talk to Analyst

Category-wise Insights

Why is the Demand for Intellectual Property (IP) Management Software Increasing?

“Brands and Companies are Investing in Logo Copyright Registration”

Based on solutions, demand in the intellectual property management software segment is expected to grow at a CAGR of 15.1%, accounting for a dominant share in the market.

Formal intangible assets such as technology, designs and brands are important to get appropriate returns for innovation and investments. These intangible assets are protected by formal intellectual property (IP) rights such as patents, utility models, industrial designs, trademarks, copyrights, and trade secrets. Owing to this, demand for IP management software across various end users is surging, thereby driving the market growth.

Why are Sales of Intellectual Property in Law Firms Rising?

“Surging Demand for Copyright Services in Law Firms Will Drive Sales”

In terms of end user, sales in the law firms segment are projected to increase at a stupendous CAGR of 19.4% over the forecast period. The segment is expected to grow 5.9X, creating an absolute opportunity of US$ 2,061.2 Mn.

Growing popularity of IP management software will continue driving sales in this segment. For instance, In July 2021, Clarivate launched research and protection solutions powered by CompuMark into Ipfolio, and FoundationIP, IP management software (IPMS) solutions. These solutions are being adopted in corporations and law firms. Such developments are anticipated to bode well for the growth in the market.

Competitive Landscape

Major companies operating in the South Korea intellectual property market include Clarivate, Dennemeyer, Patrix, LexisNexis Korea (Legal), Questel Korea, PI IP LAW, KASAN, SU INTELLECTUAL PROPERTY Co. Ltd., WIPS Co. Ltd, SIWONIP, Kim & Chang, Lee & Ko, and FirstLaw PC, among others.

Companies are emphasizing on innovations and expanding their global footprint through acquisitions and partnerships. For instance:

• In November 2020, Patrix announced a partnership with Black Hills. This partnership provides customers tools that helps to automate IP operations. It also provides prosecution and patent analytics on their portfolios.
• In January 2018, Dennemeyer & Associates opened IP law firm in Paris. This expansion was set up in collaboration with Frédéric Blanc and offers cutting edge intellectual property related legal services.

Become a MarketNgage Insider

An unified Market Research Subscription Platform, built for today’s disparate research needs.

Sign-Up

Scope of Report

South Korea Intellectual Property Outlook by Category

By Solution:

• Intellectual Property (IP) Management Software
  • Cloud-based
  • On-Premises
• IP Search and Analysis Software (Web-based)
• Intellectual Property Services
  • IP Consulting and Analytics
  • Law Firm Services
  • IP Maintenance
  • Others

By End-user:

• Corporations
• Government & Academic
• Law Firms
• Others