Intellectual Property (IP) refers to creations of the mind: inventions, literary and artistic works, as well as symbols, names and images used in commerce. Intellectual property is usually divided into two categories – industrial property that includes patents for inventions, trademarks, industrial designs and geographical indications, and copyright that includes literary and artistic works. (Source: What is Intellectual Property? World Intellectual Property Organization) (wipo.int/export/sites/www/freepublications/en/intproperty/450/wipo_pub_450.pdf).
Libraries are mainly concerned with the area of copyright and related rights.