Intellectual Property (IP) is a valuable asset for an enterprise to advance its commercial success and enhance investor goodwill. Patents owned by enterprises give them an edge over other players in a market when new products are launched. IP assets such as designs and trademarks help a brand to set itself apart from the other products in the market. Thus, the legitimate protection offered by IP rights can convert intangible assets into valuable commodities and enhances a company’s bargaining power. Enterprises are emphasizing on their core competencies and are consequently selecting the outsourcing solution rather than the in-house option. In-house Intellectual Property (IP) or patent departments entail heavy cost and head count pressure. Major players have been entering into outsourcing agreements with companies. For instance, American Express entered into a US$ 4 Bn dollar arrangement with IBM Corporation. Moreover, Bank of America signed a US$ 4.5 Bn dollar outsourcing association with EDS.
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The tremendous increase in the adoption of outsourcing services by large enterprises is contributing significantly to the market growth. Furthermore, IP management in-house is highly resource demanding and requires huge investments. IP outsourcing helps enterprises in cost reduction, productivity growth, and profitability improvements. Thus, increasing emphasis of enterprises on optimizing business operations is anticipated to drive the intellectual property outsourcing services market during the forecast period. Moreover, increasing demand for unique IP for goods is fuelling the growth of the intellectual property outsourcing market.
However, lack of awareness regarding intellectual property outsourcing is expected to limit the growth of the global market in the coming years. Furthermore, highly specialized work such as that required in IP necessitates heavy costs and the need to hire staff with very specific skills. Thus, lack of skilled professionals is expected to restrain the market.
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A company that outsources a business function often has intellectual property (IP) rights in designs, inventions, specifications, business information, to be utilized by the supplier in achieving the goals of the outsource venture. The global intellectual property outsourcing services market can be segmented based on service type, enterprise size, end-user and region. On the basis of service type, the intellectual property outsourcing services market can be divided into trademark management, patent management, intellectual property (IP) licensing, intellectual property (IP) portfolio management, and intellectual property (IP) reporting & analytics.