A patent is an exclusive right granted for a process, method, substance, or device that is new in the market. Patents are majorly used as a means to protect intellectual assets/property of companies and inventors. Patents have become a crucial factor for businesses in the light of changing times and increasing competition. Patent analytics help gather information for the relevant technology in order to forecast market needs, and help companies to formulate business strategies and investment plans. Patent analytics help companies to obtain an overview of technologies, which their competitors are working on. This helps companies to analyze their competitor’s strengths, weaknesses, and business strategies. According to the World Bank Indicator, in 2018, 3.1 million patents were filed, up from 2.9 million in 2017. The increasing filing of patents in various industries has accelerated the demand for patent analytics services.
The global patent analytics services market is anticipated to expand at a CAGR of ~14% during the forecast period. The global market was valued at US$ 619.1 Mn in 2019.
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Increasing Application and Registration of Patents
Increasing volume of patent applications and registrations is a key factor driving the demand for patent analytics solutions/services by corporates in order to analyze competiveness and design market strategies. For instance, according to the World Intellectual Property Organization, in 2018, more than 3,326.3 applications were filed for patent registration. Patent registration increased by 5.2% in 2018 as compared to 2017. China, the U.S., Japan, Germany, India, Russia, Canada, Australia, Brazil, and the U.K. are among the top 10 countries that filed significantly high patent applications in 2018. Therefore, increased patent applications fuel the demand for patent analytics solutions and services from various corporate entities in order to gain competitive advantage.
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Patent Analytics Services Market: Competition Dynamics
Some of the major players in the global patent analytics services market are Wynne-Jones IP Ltd, Ocean Tomo, LLC, IPlytics GmbH, PatSnap Pte. Ltd, CPA Global, Gridlogics Technologies Pvt Ltd, Minesoft Ltd, QUESTEL SAS, PatentSight GmbH, Dolcera Information Technology Services Pvt. Ltd, Einfolge Technologies Pvt Ltd., IDTechEx Ltd., IP Wagon Pvt. Ltd., Novel Patent Services Pvt Ltd, Talwar and Talwar Consultants Pvt. Ltd. Anaqua, Inc., Clarivate Analytics plc, and Harrity & Harrity, LLP.
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