The global patent analytics market is anticipated to grow at a considerable CAGR of 13.4% during the forecast period. The major market players uses AI and ML algorithms to add efficiency and insights to business practices. The patents are classified using one or more standardized classification codes making them suitable to be processed with ML techniques. Over the past few years, there are several advancements in AI techniques as a result; using AI to process patent data has become a lot easier and more accurate. It allows easy access to useful information for the companies to make informed business decisions and it also enables gaining access to powerful insights for the companies to focus in the right direction. With the application of AI and other emerging technologies patent databases have become more intelligent in terms of semantic search and in classifying/ categorizing the patents and finding similar patents. The growing implementation of AI is followed by the growing number of patent filings across the globe.
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According to the WIPO, there was a 0.9% increase in patent filings in 2021 as compared to 2020, also the number of patent filings made to the European Patent Office (EPO) in 2021 rose by 4.5%. Further, the number of patent filings in India increased from 42,763 in 2014-15 to 66,440 in 2021. Thus, the implementation of emerging technologies is accompanied by the growing demand for software that provides effective patent search and analysis.
Further, the growing investment in AI-enabled patent analytics tools and in related startups are another factors anticipated to boost the demand for patent analytics market. For instance, in February 2019, PatSnap Ltd. launched NLP text processing engine ReleSense which has been trained over patent and scientific literature. The power of engine ranges from AI-driven capabilities in PatSeer beginning from search to categorization, predictive-analytics and via APIs to empower complementary IP solutions.
Global Patent Analytics Market Report Segment
By Component
• Solutions
• Services
o Patent Landscapes/White Space Analysis
o Patent Strategy and Management
o Patent Valuation
o Patent Support
o Patent Analysis
o Others (Patent Licensing, Patent Prosecution, Etc)
By End-user
- IT & Telecom
- Healthcare
- BFSI
- Automotive
- Media & Entertainment
- Food and Beverages
- Others (Government, Education)
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Patent Analytics Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
· AMATRIUM INC.
· Anaqua, Inc.
· Clarivate Analytics LLC
· LexisNexis
· Gridlogics Technologies Pvt. Ltd.
· Minesoft Ltd.
· Ocean Tomo, LLC
· Wynne-Jones IP Ltd.
· PatSnap Ltd.
· Harrity & Harrity, LLP.
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