Market Insights - Industry Research Report

Automated Patent Drafting Tool Market

Report on Automated Patent Drafting Tool Market: Size, Share, and Growth – Covering By Type (On-premises, Cloud-based), By Application (Law Firms, Enterprises, Research Institutions, & Others) Segments, and Regional Analysis – Providing a Global and Regional Industry Overview, Market Intelligence, Premium Insights, Comprehensive Analysis, Historical Data, and Forecasts for the Period 2024-2032

Revolutionizing Patents: A Comprehensive Analysis of the Automated Patent Drafting Tool Market

An automated patent drafting tool refers to a software program or platform designed to aid in the creation and preparation of patent applications. These tools leverage artificial intelligence (AI), natural language processing (NLP), and machine learning algorithms to analyze technical documentation from inventors, generating patent applications. They streamline the patent application process, reduce errors, lower costs associated with manual drafting, and enhance the accuracy and quality of patent application documents by identifying potential errors or areas of ambiguity. Additionally, these tools provide real-time feedback during the drafting of patent claims, ensuring compliance with relevant patent laws and regulations. Automated patent drafting tools find applications among inventors, patent attorneys, patent agents, research institutions, and technology companies.

The global Automated Patent Drafting Tool market, valued at US$ 17.5 million in 2023, is projected to reach US$ 52.9 million by 2032, indicating a noteworthy Compound Annual Growth Rate (CAGR) of 13.1% during the forecast period from 2024 to 2032.

The five largest manufacturers dominating the Automated Patent Drafting Tools market globally are LexisNexis, Rowan, Specifio, ClaimMaster, and Neustel Software, Inc., collectively constituting over 85% of the market. Among these, LexisNexis leads with approximately 38% market share.

North America holds the largest market share at about 78%, followed by Europe (7%) and Asia-Pacific (14%). On-premises solutions occupy the largest share (90%) in terms of product type, while the largest application segment is Law Firms, followed by Enterprises.

Report Scope

This report, based on revenue estimations and forecasts from 2018 to 2032 (with 2023 as the base year), provides a comprehensive overview of the Automated Patent Drafting Tool market. It includes regional market sizes, product segmentation by type and application, and profiles of key competitors. The report delves into the competitive landscape, technological trends, and new product developments.

For a more nuanced understanding, the report offers profiles of key players, competitive landscape analysis, and market ranks. It serves as a valuable resource for Automated Patent Drafting Tool companies, new entrants, and industry-related firms, offering insights into revenues, sales volume, and average prices across market segments.

The Automated Patent Drafting Tool market is segmented as below:

By Company

  1. LexisNexis
  2. Rowan
  3. Specifio
  4. ClaimMaster
  5. Neustel Software, Inc
  6. Powerpatent
  7. PatentPal

By Type Outlook

  1. On-premises
  2. Cloud-based

By Application Outlook

  1. Law Firms
  2. Enterprises
  3. Research Institutions
  4. Others

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
  • Central & South America
    • Brazil
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • UAE
Automated Patent Drafting Tool Market Report Scope
Report Attribute Details
Market Size Value in 2023 USD 17.50 billion
Revenue Forecast in 2030 USD 52.99 billion
Growth Rate CAGR of 13.1% from 2024 to 2032
Base Year for estimation 2023
Historical Data 2018 – 2023
Forecast Period 2024. – 2032
Report Updated Jan-24
Quantitative Units Revenue in USD million and CAGR from 2024 to 2030
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Type, Application, and Region
Regional Scope North America; Europe; Asia Pacific; Latin America; MEA
Country Scope U.S.; Canada; UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; South Korea; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait
Key Companies Profiled CPI International Inc., Teledyne Technologies Inc., L3Harris Technologies Inc., Microwave Technology, Inc., RFMD, Richardson Electronics, Ltd, Thales Group, Toshiba Corporation

 

Chapter Outline
  1. Introduction: Defines the report’s scope, executive summary of market segments, market size, and future development potential.
  2. Market Dynamics: Executive summary of global and regional market sizes, market dynamics, driving and restrictive factors, challenges, risks, and analysis of relevant industry policies.
  3. Competitive Landscape: Detailed analysis of competitive landscape, revenue market share, latest development plans, mergers, and acquisition information.
  4. Market Segmentation – Type: Analysis of market size and development potential of each type segment.
  5. Market Segmentation – Application: Analysis of market size and development potential of each application segment. 6-10. Regional Analysis: In-depth analysis of North America, Europe, Asia Pacific, Latin America, Middle East, and Africa by country, providing quantitative insights into market size, development prospects, market space, and capacity of each country.
  6. Profiles of Key Players: Detailed profiles of key players, including product sales, revenue, price, gross margin, product introduction, recent developments, etc.
  7. Conclusion: Summarize the main points and conclusions of the report.

Frequently Asked Questions

The global market for Automated Patent Drafting Tools was valued at USD 17.5 million in 2023, and this figure is projected to rise to USD 19.79 million in 2024.
Anticipated to exhibit a compound annual growth rate of 13.1% from 2023 to 2032, the global Automated Patent Drafting Tool market is forecasted to achieve a valuation of USD 52.99 million by 2032.
Key influencers in the Automated Patent Drafting Tool market landscape include LexisNexis, Rowan, Specifio, ClaimMaster, Neustel Software, Inc, Powerpatent, PatentPal.

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