According to the patent analytics market analysis carried out by Future Market Insights (FMI), the demand registered in the patent analytics market will grow at a noteworthy CAGR of around 14.4% from 2022-2032.
The report states that the market is expected to reach the valuation of ~US$ 1,353.9 Mn by the end of 2022. As per Future Market Insights, every crisis offers different circumstances for inventors to consider and produce ideas that lead to a favorable shift. This is also true in the COVID-19 pandemic.
Businesses have slowed down, but this hasn’t stopped organizations or academic institutions from coming up with new ideas and obtaining patent protection. In fact, according to our findings, that during the epidemic, patent applications increased significantly in several nations.
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Patents are a crucial asset for any tech start-up, and patent analytics is seen as a tool for growth and strategy. A patent application is viewed as a strategic business move because it grants a monopoly in the market, aids in generating income through licensing, and occasionally aids in the formation of valuable corporate alliances.
Furthermore, patents filed by third parties may contain a wealth of information, including the name of the patent holder, the country in which the patent was filed, and technology-related information such as the invention’s intended uses, its technical features, and the problems it solves, among other things.
Strategic planning and wise decision-making may benefit from the thorough analysis of patents filed by others known as patent analytics. Such benefits provided by patent analytics are anticipated to grow the market for patent analytics internationally. Technology intelligence, competitive and strategic intelligence, company growth, and financial analysis and reporting are some significant applications of patent analytics. This has propelled the growth of the patent analytics market.
Key Takeaways: Patent Analytics Market
- By component, the services segment accounts for the highest market share of around 5% for patent analytics market in the year 2021. However, the patent analytics software segment is estimated to grow at a CAGR of 12.2% through 2032.
- By enterprise size, the large enterprises segment had the highest market share of around 2% in the patent analytics market in 2021.
- By industry, the healthcare is predicted to grow at a CAGR of around 1% between 2022 & 2032.
- By region, East Asia had the largest market share of around 2% in patent analytics market in 2021, whereas the South Asia & Pacific region is showing the highest growth of around18.2% CAGR during the forecast period.
“Growing usage of patent analytics in the IT & Telecom industry is driving the market growth. In the Telecom sector patent analytics are used for filing patent applications that are related with data transfer, wireless communication and procedures of monitoring and organizing digital data. With the support of patent analytics organizations can make informed decision related with licensing & acquisition of modern technologies.” says FMI analyst.
Rising R&D investment and registrations for IP rights to Drive Growth of Patent Analytics Market
Patents are thus tools to foster and protect innovation. Patents are thus widely used in the current economics and business and lead to chances. A rise in patent applications from businesses looking to protect their inventions as well as from government subsidies and incentives is anticipated to accelerate market expansion.
While there are concerns about how technology affects the environment and society, the Internet of Things and technical developments in the sector are altering the subject’s nature and heightening its complexity, forming the basis of patent applications.
The demand for analytics tools has increased as a result of increased research and development (R&D) activities in industries such as healthcare, IT & telecommunications, and others. End users in these sectors invest significant amount in filing IP rights for their innovative product before launching.
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These key factor create ample opportunities for prominent market players. On the other hand, technology companies typically need to work together since the development of complicated goods typically necessitates the implementation of one or more patent-protected innovations owned by other businesses. Some of these top electronics and technology corporations invest a lot of money in R&D.
The IT and telecom industries frequently invest in R&D to obtain a competitive edge. The introduction of new technology, innovation in network bandwidth systems, and development of innovative network devices are anticipated to boost the market’s growth are results in rising investment in R&D activities and registration of IP rights.
Patent analytics market players are focusing on various strategies for increasing their investments in research and development to support future technologies. In addition, several companies are acquiring and entering into partnership with other companies to develop their own patent analytics to serve the customers and reduce the churn rate.
More Valuable Insights on Patent Analytics Market
Future Market Insight’s report on patent analytics market industry research is segmented into four major sections – component (software, and services (patent landscapes/white space analysis, patent portfolio management, patent valuation, patent monitoring, others)), enterprise size (small & mid-sized enterprises (SMEs), and large enterprises), industry (BFSI, healthcare, IT & Telecom, automotive, media and entertainment and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and The Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the patent analytics demand outlook.
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Patent Analytics Outlook By Category
By Component, Patent Analytics Market is segmented as:
- Patent Analytics Software
- Patent Landscapes/White Space Analysis
- Patent Portfolio Management
- Patent Valuation
- Patent Monitoring
By Enterprise Size, Patent Analytics Market is segmented as:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Industry, Patent Analytics Market is segmented as:
- IT & Telecom
- Media & Entertainment
By Region, Patent Analytics Market is segmented as:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)