Patent Analytics Market to Surpass 2099.3 Million by 2030 Drives Due to Escalating Research and Development (R&D) Activities
SkyQuest projects that the patent analytics market will attain a value of USD 2099.3 million by 2030, with a CAGR of 12.7% over the forecast period (2023-2030). The patent analytics market is poised for significant growth owing to increasing patent filings worldwide, driven by escalating research and development (R&D) activities. According to a World Intellectual Property Organization (WIPO) report, 2021 witnessed approximately 277,500 patent application filings. This surge in patent filings reflects the growing importance of intellectual property protection and the desire to capitalize on innovative ideas.
Westford, USA, Aug. 16, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the patent analytics market is set to benefit from the increasing adoption of artificial intelligence (AI) in domain-specific analytics. AI-powered tools and algorithms can analyze large volumes of patent data, extract valuable insights, and provide accurate predictions. This trend is expected to drive the market growth in the coming years as organizations seek more efficient and effective ways to analyze and leverage their intellectual property assets.
Browse in-depth TOC on the “Patent Analytics Market”
- Pages – 165
- Tables – 98
- Figures – 76
Patent analytics software has become increasingly prevalent for analyzing, classifying, and automating searches for intellectual property (IP). The global rise in research and development (R&D) activities has resulted in a significant surge in patent filings, driving the demand for advanced analytics solutions in the patent analytics market.
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Prominent Players in Patent Analytics Market
- Anaqua, Inc.
- Clarivate Analytics Plc
- LexisNexis
- CPA Global
- IPlytics
- Questel
- PatentSight GmbH
- Innography
- PatentVue
- Minesoft
- Patent iNSIGHT Pro
- PatSnap
- Derwent
- Relecura
- PatentWizard
- Aistemos
- Inteum Company
- Gridlogics Technologies Pvt Ltd
- IP Checkups
- Ambercite
Solution Segment is Expected to Dominate the Market Due to the Increasing Demand for Professional Intellectual Property Solutions
Solution segment is expected to dominate a significant share of the patent analytics market during the forecast period. This can be primarily attributed to the increasing demand for professional intellectual property solutions and applications across various industries, such as healthcare, information technology, and telecommunications.
The markets in North America are poised to maintain a dominant share of the patent analytics market in the coming years. This can be attributed to the region’s substantial growth in intellectual property rights filings, particularly in healthcare, IT, and telecommunications industries. North America has many renowned companies operating in these sectors, including pharmaceutical giants, technology innovators, and telecommunications providers.
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IT and Telecommunication Segment is Expected to Grow the Market Due to the Increasing Number of Patent Filings
IT and telecommunication segment is projected to exhibit a dominant market share in the patent analytics market, primarily owing to the increasing number of patent filings for products that leverage advanced technologies such as machine learning (ML), Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing.
Regional markets in Europe are witnessing the widespread adoption of advanced analytics tools across various end-use industries, including manufacturing, healthcare, and automotive. The region is experiencing a notable increase in investments in product development processes, leading to a growing demand for effective patent analytics market. The European Patent Office (EPO) reported a significant rise in patent applications for medical technology in 2022.
A comprehensive analysis of the major players in the patent analytics market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Patent Analytics Market
- LexisNexis announced its agreement to acquire Aistemos Limited, specifically its Cipher brand. Aistemos Limited is a renowned patent classification company known for its expertise in IP analytics in 2023. This strategic acquisition by LexisNexis aims to bolster its IP analytics capabilities significantly. As a result, LexiNexis’ customers will be able to customize technology taxonomies throughout their entire IP department.
- Recently, the United States Patent and Trademark Office (USPTO) introduced the Artificial Intelligence Patent Dataset (AIPD). This dataset is specifically designed to leverage the capabilities of machine learning (ML) technology. As a result, the AIPD is a valuable resource for identifying and analyzing pre-grant patents and publications in the United States that involve artificial intelligence (AI) technologies.
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Key Questions Answered in Patent Analytics Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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