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Global Demand for Intellectual Property Services Reaches a Record-Breaking High

Create Time 2018-12-31 12:12    Views:842

With the advent of a brand new year fresh on our heels, business owners worldwide are taking steps to prepare their companies for a productive, profitable and successful 2019.

Inspiring as resolutions can be, here at Witmart we understand the overwhelming nature of dreaming big — that’s why we’re here to help you prioritize the goals that will have the biggest impact on your growth. So let’s talk about Intellectual Property (IP) protection and its potential to dramatically enhance the way you do business both locally and abroad. 

The World International Property Organization (WIPO) this month reported that the global demand for IP services reached a record-breaking high in 2017. The trademark, copyright and patent application numbers for 2018 and 2019 are forecast to grow significantly higher. 

As more businesses realize the importance of IP protection, it becomes that much more difficult to protect and police your brand in the increasingly competitive IP landscape. Investing in intellectual property services now can help you come out on top, or at the very least, keep your business from falling behind. 

Before we dive deep into the ways you can use brand protection to grow your business for 2019, let’s take a moment to reflect on the insights gleaned from WIPO’s 2017 market report on global IP demand. 

Let’s crunch some numbers! 

According to the UN’s 2018 World Intellectual Property Indicators (WIPI) report, worldwide filings for trademarks, copyright and patents saw a significant increase during 2017. Entrepreneurs around the world filed 3.17 million patent applications, 9.11 million trademarks covering 12.39 million classes, and 1.24 million industrial design applications. 

In the publishing world, WIPO and the International Publishers Association reported 248 billion USD in revenue across 11 top publishing countries, led by China and the U.S. as top earners in 2017. 

Among the top economic players, China produced the highest IP application volume both domestically and internationally — marking the country as one of the world’s largest, fastest-growing economies and global marketplace competitors. 

“Demand for IP protection is rising faster than the rate of global economic growth, illustrating that IP-backed innovation is an increasingly critical component of competition and commercial activity,” advised WIPO Director General Francis Gurry, in response to the report’s illuminating findings. 

What does the global trademark boom mean for your business? 

As stated above, when the demand for IP protection increases so too does the level of competition for your business. With the number of trademark applications steadily growing each year, fewer and fewer trademarks are available, making it more of a challenge to protect ownership of your brand, products and services. The same applies to patents and copyright — you can’t protect ownership on anything that hasn’t been legally proven as yours. 

If IP protection is something you’ve put on hold over the years at your business, there’s never been a better time than now to invest. Particularly when it comes to trademarking, less availability in mark names means you may face more likelihood of confusion refusals, potential office actions and more complicated back-and-forth communication with the government IP office of your choosing. 

As such, if you can’t register trademarks and patents, you will struggle to protect your business from infringement and copycats, which can be critically damaging to your profitability and brand. 

What can your business do to get ahead of the competition? 

With China’s economy growing so quickly on a global scale, it’s important to consider implications of a more fiercely competitive marketplace. Plus, China isn’t the only powerhouse behind the increased interest in IP services — so the competition truly is everywhere, and every business needs all the help they can get to stay afloat. 

What does that mean? Let 2019 be the year your business considers registering a trademark or patent to protect your assets. The benefits of IP protection far outweigh any of the expense and effort of applying for registration, and besides, Witmart has a host of affordable options to guide you along the way. 

So cheers to you and your accomplishments as a growing business this past year — we’re pleased to have shared this journey with you as your number one choice for intellectual property services. Here’s to another fantastic year of innovation, connection and growth! 

Ready to take your brand strategy to the next level for 2019? Visit our website now to learn more about our IP protection services.

Disclaimer: This website is not intended to offer legal advice or to be a substitute for a consultation on a case-by-case basis with an attorney. The information provided above is meant for informational purposes only and may be subject to change. 

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