Valley Cottage, NY -- (SBWIRE) -- 05/29/2019 -- Docketing Solution Market: Overview
The increasing adoption of automated workflow is driving the demand for docketing solutions, which is significantly contributing to the growth of the global docketing solution market. Docketing solutions help customers manage and track patent portfolios. Docketing solutions track all the dates for pre-filing, post-grant dates and deadlines.
Corporates and legal firms have started outsourcing docketing services to increase efficiency and save time and money. Vendors offer docketing solutions with a dedicated team, experienced paralegals and a responsive & accountable team. Docketing solutions eliminate the risk of missed deadlines, provide customised reminders, increase the quality of communications and optimise internal productivity. Vendors offer advanced docketing solutions with cloud-based deployment, fast onboarding, minimal practice disruption, robust data security & backup, and utilise third-party software.
A trend of docketing paralegal services is having a positive impact on the growing global docketing solution market. Vendors offer docketing paralegal services with docketing solutions to manage dockets with precision by upholding premier docketing standards and adhering to strict due dates, among others. Docketing paralegal services manage thousands of matters for the clients of small-size as well as large-size enterprises. Vendors offer docketing solutions with docket auditing to improve the quality of information. Docket auditing identifies missing data, improperly formatted data, misspelled data, incorrect identification numbers and others.
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Docketing solutions offer two types of auditing, i.e., spot audit and ongoing periodic audit. Spot audit provides a snapshot of the current data status. An ongoing periodic audit provides more comprehensive auditing. Cloud-based docketing solutions provide a complete track on patents, trademarks, domain names, invention disclosures, general matter and others. The features of docketing solutions include flexible reporting, secure authentication options, variable permissions, annuity service integration, search report integration and others. The services provided by docketing solution vendors include verifying prosecution status, patent proofreading, IDS preparation, patent application format conversion, IDS preparation, document preparation & filing, official action reporting, patent data verification service, patent team adjustments and others. The docketing software market is expected to grow at a CAGR of around 12% during the forecast period. Several developments in docketing solutions with reference to technology and the proliferating growth rate of the market, along with recent developments and innovations, are expected to drive the global docketing solution market during the forecast period.
Docketing Solution Market: Drivers and Challenges
Increase in the automated workflow and the high adoption of advanced technology are driving the global docketing solution market. The increasing data of new patents, legal cases and difficulties in handling the data are among the major factors driving the adoption of docketing solutions. However, continuous innovations in cloud technology have a significantly positive impact on the growth of the global docketing solution market.
However, one of the major challenges for the growth of the global docketing solution market is that customers require extensive training for the usage of this solution. This is a key barrier for vendors. However, vendors are continuously focused on proving 24/7 support to customers and periodic training sessions, and this is expected to help overcome by this challenge by the end of forecast period.
Docketing Solution Market: Segmentation
Docketing solution market segmentation based on the component:
Based on component, the docketing solution market is segmented as software and services. The services market has been further segmented into professional services and managed services.
Docketing solution market segmentation based on deployment:
Based on deployment the docketing solution market is segmented into on-premise and cloud-based.
Docketing solution market segmentation based on end user:
Based on end user, the docketing solution market is segmented into legal firms, research centres, corporate offices and others.
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Docketing solution market segmentation based on the module:
Based on module, the docketing solution market is segmented into patent illustrations, proofreading, application preparation, IDS management, patent term adjustment, remote electronic docketing, docketing allied services and others.
Docketing Solution Market: Key Players
Some of the key players of the docketing solution market are Sagacious Research Private Limited, Cardinal Intellectual Property Inc., Clairvolex, Einfolge, FlexTrac, ALM Media Properties, American LegalNet, O P Solutions, Record Time Pty Ltd. and others.