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.
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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.
Analysts’ Viewpoint
The U.S., South Korea, and Japan are becoming popular as patent filing destinations. Thus, companies in the patent analytics services market should eye opportunities in such countries to maximize their incremental opportunities. India, being one of the leading economies in the Asia Pacific region, is undergoing a change with increasing innovations, owing to surging patent publication trends.
Cloud-based systems play a pivotal role as huge volumes of data traverses between IoT sensors and data processing centers. However, the issue of divided infringement poses a restraint in cloud computing services, since data processing may take place on more than one server. Hence, companies should increase awareness about drafting claims for the IoT technology to support information confidentiality in various computing architectures.
Patent Analytics Services Market: Overview
- The global patent analytics services market was valued at US$ 619.1 Mn in 2019 and is expected to reach ~US$ 2 Bn by 2027, expanding at a CAGR of ~14% from 2019 to 2027
- The patent analytics services market in Asia Pacific is expected to expand at the highest CAGR during the forecast period. India, China, Japan, and Australia are the major countries that drive the patent analytics services market in this region.
Patent Analytics Services Market: Definition
- The patent analytics services market report provides analysis of the global patent analytics services market for the period 2017 – 2027, wherein 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The study on the patent analytics services market would help clients understand the analysis of patent analytics services based on different industry verticals
Patent Analytics Services: Market Segmentation
- The patent analytics services market is broadly segmented in terms of service type, enterprise size, and industry
- Rising adoption of artificial intelligence, machine learning, and natural language processing plays a major role in the development of innovative patent analytics solutions, as most companies require advance solutions that help them extract valuable insights from data pointers and reduce their analysis time. Companies are investing significantly to provide next-level advanced solutions in patent analytics with the help of AI, machine learning, and NLP. For instance, in 2018, CP Global Ltd, announced plans to invest in R&D and develop a new intellectual property solution integrating AI and machine learning. In 2018, Gridlogics Technologies Pvt Ltd introduced PatSeer 360, a patent analytics solution that correlates patent data with business and legal data points to offer insights to refine IP protection, management, and commercialization strategies. The solution integrates artificial intelligence, Big Data, and immersive visualization to create a user-friendly platform with a minimum learning curve. In 2019, Gridlogics Technologies Pvt Ltd launched ReleSense, an AI-based NLP text-processing engine that is used for patent and scientific literature.
- Based on the service type, the patent landscapes/white space analysis services segment accounted for a dominant market share in 2018. The strategic reporting service segment is expected to expand at the highest CAGR during the forecast period.
Patent Analytics Services Market: Company Profiles Snapshot
- Anaqua, Inc.: – Anaqua, Inc. is a U.S.-based software company that designs, develops, and sells intellectual property management software. The company provides its products and services to corporates and law firms. Anaqua, Inc. specializes in intellectual asset management, IP docketing, patent management, trademark management, patent docketing, trademark docketing, and IP management. The company has its branch offices in Europe and Asia.
- Clarivate Analytics plc : – Clarivate Analytics plc, a U.S.-based information technology company provides analytics solutions, and offers its product and services through the following brands: Web of Science, Cortellis, Derwent, CompuMark, MarkMonitor, and Techstreet. The company specializes in anti-fraud, anti-piracy, brand protection, clinical trial research, competitive intelligence, data analytics, intellectual property management, IP and standards, life science research, patent analytics and regulatory standards, pharmaceutical and biotech intelligence, predictive data, etc.
- Harrity & Harrity, LLP : – Harrity & Harrity, LLP is a U.S.-based firm providing patent preparation and prosecution services. The company majorly offers its products and services to the electrical and mechanical industry. The company specializes in patent preparation, patent prosecution, patent opinions, patent reissue, patent portfolio analysis, patent preparation and prosecution training, and patent analytics.
- Some of the other key players of 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.
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