Resumen
Software technology is seeing enormous growth as it is used in all fields of technology. It is continuously evolving at a rapid pace and has a short span of the technological life cycle. The use of the software is not restricted only to information and communication technology but is used in all fields of technology. In many cases, the inventive step of a product or service lies solely in the software. Hence, the software plays a crucial role in all fields of technology. However, ease of copying poses a financial risk for the software industry, thereby creating major disincentives to the development of innovation. Still, the technology is changing very fast and firms investing in this technology expect quick returns on their innovation investments. Strategies for generating and managing intellectual property have subsequently taken center stage for information and communication technology companies, and patents have become an important feature providing maximum protection for any technology. Hence, intellectual property rights strategies in general and patenting strategies especially play a crucial role in the information and communication technology industry to be globally competitive. Firms never publish or disclose their intellectual property strategies; hence, this study makes use of the literature review to highlight various intellectual property management strategies used by information and communication technology firms for managing their intellectual property. These strategies can be offensive or defensive and may be used as proactive or reactive depending on various aspects such as market, territory, technology, or time. The insights provided in this work may help the research community from the IT domain in industry and academia to learn and modify their strategies for patent acquisition.