Investments in ML Technologies to Fuel Market Growth
Machine Learning (ML) technologies are leveraging AI in the patent analytics services market. As such, ML algorithms are being extensively used to make predictions and arrive at conclusions with the help of data. This helps end users to make intelligent decisions, since machine learning technology is being highly publicized as an area of outstanding growth and investments worldwide. This is evident since in a report published by IP Australia-a Government agency associated with Industry, Innovation and Science, stated in the report that patenting of AI and ML technologies is estimated to soar.
The four-fold global increase in patent filings is one of the key drivers contributing to the growth of the patent analytics services market. Apart from large enterprises, patent analytics services are acquiring prominence in universities and SMEs. Moreover, China is emerging as one of the largest patent filing destinations as well as the largest source of patent family filings in ML. As such, Asia Pacific patent analytics services market is projected for exponential growth.
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Innovative Tech Companies Gain Popularity in Patent Analytics Services Market
Patent protection of innovations associated with digitization of technologies are acquiring strong grounds in the market for patent analytics services. As such, the patent analytics services market is continuously growing, owing to the high concentration of fragmented players, accounting for ~92% of the market share. This explains why companies are competing against each other to maintain their lead in terms of innovation. Moreover, most innovative tech companies are gaining global recognition. For instance, Ford, being the global automotive leader, is increasing R&D efforts in autonomous driving. As such, the global revenue of the automobile industry is anticipated for exponential growth in the patent analytics services market.
The Swiss consulting firm EconSight’s patent analytics research suggests that most innovative tech companies are based in the U.S., followed by China and Europe. Likewise, the patent analytics services market in North America is estimated to generate the highest revenue. On the other hand, Japan-based companies are being highly publicized as one of the leaders in electronics innovations associated with the uniqueness of patents produced.
Claims for Several Computing Architectures Help Overcome Limitations of Divided Infringement
IoT devices are flooding the everyday tech landscape. These devices are becoming increasingly commonplace in most cloud-based data centers in order to process a massive influx of data. However, the issue of divided infringement poses as a challenge when drafting claims for IoT technologies in the patent analytics services market.
The patent analytics services market is advancing at a rapid CAGR of ~14% during the forecast period. However, limitations in modern computing architectures and interactivity of the cloud with IoT devices are some of the reasons that are slowing down the market growth. Hence, companies in the market for patent analytics services are increasing awareness that end users should claim their invention from several perspectives that are possible in various computing architectures.
Amazon Web Services (AWS) and Google Cloud are two platforms that are growing popular in the field of cloud computing. Increasing number of startups across countries is another key driver, which is fueling the demand for patent analytics services.
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Competitive Intelligence Acquires Growing Demand to Improve Company ROI
The IP (Intellectual Property) intelligence software is one the key drivers contributing toward growth of the patent analytics services market. Companies are using the big data approach to provide IP intelligence solutions. For instance, CPA Global-a leading IP management and technology company, excels in the deployment of IP intelligence solutions using the Big Data approach. From idea generation to portfolio management, patent analytics services help to deliver deep insights that solve challenging problems of end users.
There is a growing demand for software that provides effective patent search and analysis. Patent analytics services help end users to make informed business decisions whilst gaining access to powerful insights. These novel services are cost-efficient and help to improve the ROI of a company in terms of portfolio management.