Software Patents: What Does It Mean for the Software Industry?
Software patents are affecting the software industry in an increasing number of ways. Software patents, legal instruments that grant inventors the exclusive right to digital software processes and applications, are a way for them to do so. The patent gives the inventor complete control of its market and distribution. It has made a significant impact on software development as firms can now protect their intellectual property, license new innovations, and remove concerns about trade secret theft (Benson 2015). Software developers have also been able to enjoy higher financial returns for their innovations through the implementation of software patents. The industry has been able to reap high profits by licensing out protected inventions quickly to maximize their returns (Adobuchi, 2021). Software companies are now more competitive and make strong efforts to obtain or create patentable technology as well as protect their proprietary information. Software patents allowed the software sector to grow. Software patents are a way to encourage innovation, increase profitability and make the software industry more competitive. Software patents are beneficial for the entire software industry. Cont…
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