Global Patent Renewals Servicesá Market Overview:
Patents are often used to protect technological advances, new or improved products or processes. A patent confers upon its holder for a limited amount of time, the right to exclude others from exploiting the patented invention except with the consent of the patent holder. Although once a patent is granted that does not mean the holder does not have to do anything to protect it. Patents require maintenance to keep them functioning so the rights can be enforced. Largely maintenance included payment of renewal fees, also called Ĺannuitiesĺ in some parts of the world. In some countries, even Ĺcontinuationĺ fees are also necessary. The timings of fees, deadlines for the payment, and the amount which one needs to pay; differ greatly with respect to issuing countries. This makes it essential for patentees to comply with these rules and regulations. Patent renewable services do this for their client and offer them relief from doing all of these things. With an increasing number of organizations applying for patents the demand for protecting them through patent renewal services is also increasing.
- Increasing Number of Patents Issued by Corporates
- Growing Need to Reduce Complexity in the Process of Patent Issuing/Renewal
- Rising Use of Patent Renewals Services to Budget and Forecast All Renewal Fees
- Lack of Awareness About Patent Renewal Services
- Growing Demand for Patent Renewals Services in North America And Europe
- Complex End-User Needs in the Intellectual Property Industry
With increasing spending on R&D by organizations; their need to keep them safe is also increasing. With that, the demand for Patent Renewals Services is also increasing. In this market, familiarity with regional laws is essential for the players. Understanding of various sectors is also required to better serve the client. There is the market leader in this market but the industry is clustered around Europe and North America where the patent enforcement is robust. There are major barriers to entry into this market. Reputation and experience are the key things in this market.
Some of the key players profiled in the report are Questel (France), CPA Global (United States), MaxVal (United States), Patentrenewal.com (Denmark), Dennemeyer (Romania), Renewalsdesk (United Kingdom), Acumass (France), NovumIP (United Kingdom), Novagraaf (Netherlands) and Questl (France). Considering Market by Industry Verticals, the sub-segment i.e. Technology will boost the Patent Renewals Servicesá market. Considering Market by Service, the sub-segment i.e. Problem Resolution Support will boost the Patent Renewals Servicesá market. Considering Market by Pricing Options, the sub-segment i.e. One-Time Payment will boost the Patent Renewals Servicesá market.
On 31st August 2020, Questel announced the acquisition of RenewalDesk Ltd, which is a patent annuity innovative company based in the UK. RenewalDeskĺs mission is to bring honesty and transparency to the IP renewal sector. This acquisition, According to Questel with this acquisition, will help them to accelerates their successful strategy of transforming the IP industry by providing centralized and secure IP services.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Patent Renewals Servicesá market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Patent Renewals Servicesá market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Patent Renewals Services Provider, Government Regulatory and Research Organizations, End-Use Industries and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.