Naver Cloud Partners with Korean Intellectual Property Office for "Digital Transformation of Intellectual Property Services"

[Asia Economy Reporter Buaeri] Naver Cloud announced on the 28th that it has signed a Memorandum of Understanding (MOU) with the Korean Intellectual Property Office and the Korea Intellectual Property Information Service to establish a support system for the commercialization of digital-based intellectual property services.

Naver Cloud plans to actively support the digital transformation of the intellectual property service industry.

The intellectual property service industry involves analyzing patent information to help companies and research institutes make objective decisions based on data rather than relying on the experience or intuition of a few experts.

Through this MOU, companies developing digital technology-based services such as artificial intelligence (AI) and big data will be identified and support will be activated.

Naver Cloud will provide customized programs such as technology consulting, solution verification, seminars, and education tailored to each company's situation. It will also support excellent small and medium-sized enterprises in pioneering and settling in global markets, including Southeast Asian countries, by providing trading platforms and corporate promotion.

The Korean Intellectual Property Office will improve laws and systems to activate the digital-based market through discovering government support projects and establish support policies for nurturing service companies. In addition, it plans to support companies' networking activities using domestic and international related organizations.

The Korea Intellectual Property Information Service will provide basic intellectual property education and consulting to startups using cloud services. Furthermore, it will support the development of business models and commercialization strategies for intellectual property service companies and help verify commercialization feasibility in advance.

Park Ho-hyung, Director of the Industrial Property Policy Bureau at the Korean Intellectual Property Office, stated, "The global market size of the intellectual property service industry, which was 24 trillion won in 2019, is expected to nearly triple to 66 trillion won by 2030." He added, "Through this MOU, we expect that Korean intellectual property service companies will be able to create an environment to develop digital-based services and achieve significant growth by entering overseas markets."

Kim Tae-chang, Executive Vice President of Naver Cloud Business Division, said, "Naver Cloud has supported co-growth and synergy creation with competitive domestic excellent small and medium-sized enterprises." He added, "Through this MOU, based on Naver Cloud's globally competitive infrastructure, we will actively assist domestic companies' overseas expansion by applying IT technology to the intellectual property service sector."