Image: Jeffrey Coolidge/Photodisc
Revenue from patent work performed by legal professionals in India was about $46 million last year and may more than quadruple to an estimated $206 million by the end of 2012, according to a report released this week by an Irish market research group.
The Indian patent services industry has grown significantly in the past three to four years to include about 50 vendors with 1,500 professionals, according to a release about the new report. The vendors have grown in number with the increased outsourcing of patent work by U.S. and European law firms and companies.
The area lends itself to such overseas outsourcing because it typically entails "manpower intensive and process-driven services," the release said. The report estimates that the industry could ultimately grow to become a $2.2 billion market by building on work from existing clients and, perhaps, partly by gaining future business from patent offices themselves. The Dublin, Ireland-based company Market and Research released the report, "Offshoring Patent Services to India," which was produced by the Indian business market research company ValueNotes.