Patent Analytics Market Size, Share, Trends, & COVID-19 Impact Analysis, By Component (Solution and Services), By Enterprise Size (Large-scale Enterprises and SMEs), By End-user (IT & Telecom, Healthcare, BFSI, Automotive, Media & Entertainment, Food and Beverages, and Others), and Regional Forecasts, 2022-2029

The global patent analytics market size was USD 813.2 million in 2021. The market is projected to grow from USD 907.6 million in 2022 to USD 2,099.3 million by 2029, exhibiting a CAGR of 12.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with patent analytics experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 11.1% in 2020 compared to 2019.

Patent analytics software is widely used to analyze, separate, and automate intellectual property (IP) searches. The rising number of patent filings across the globe due to increased R&D activities has fueled demand for analytics solutions. According to a World Intellectual Property Organization (WIPO) report, global patent application filings reached around 2,75,900 applications in 2020, increasing from 2,65,800 applications in 2019. Also, leading players in the market are focused on adopting technologies in analytics solutions to offer services such as advanced search and exploration. For instance,

• In April 2021, Anaqua, Inc. launched the business innovation platform, namely Suite, which aims to enable inventors and companies to become more competitive by accelerating the innovative capabilities and procedures of the firm. The Suite is offered as part of the independent product AQX IP management platform, which serves all domains such as intellectual property, research and development, and product management.

COVID-19 IMPACT

Slowdown in R&D Activities Amid COVID-19 Slightly Declined Demand for Patent Analytics Solution

The emergence of COVID-19 has impeded the demand for advanced IP analytical tools due to declined research and development activities across several industries in response to restrictions imposed by several countries' governments on production, research institutes, innovation centers, and others.

In addition, several business sectors have shown a decline in revenue and loss of profit margin during the COVID-19 pandemic. Also, the demand for analytics solutions and services has declined owing to the budget constraints of small and medium organizations.

However, several leading patent analytics companies are planning to develop customized platforms for the healthcare sector due to rising innovations and investments in the healthcare and pharmaceutical industry amid the pandemic. The tools aim to assist end-users in the healthcare sector in storing and studying substantial medical records to understand the treatment of COVID-19 infectious diseases. Several government authorities are adopting advanced technology for understanding necessary treatment using the analytics software and platform. For instance,

• In November 2020, Parola Analytics, Inc., an intellectual property research solution provider, launched the "Parola Patent Experts Edge" platform for helping its clients amid the COVID-19 pandemic. This client-focused solution has guidance from U.S.-based IP experts from a wide range of scientific and technical expertise at an affordable cost. These solutions were launched specially to provide valuable insight during the pandemic.


• In June 2020, the U.S. National Institutes of Health launched an analytics platform to secure, store and study vast amounts of patients' medical record data about the coronavirus disease. The platform was named National COVID Cohort Collaborative (N3C), which helps scientists analyze and understand the disease's data and develop necessary treatments.


• In May 2020, WIPO launched advanced intellectual property (IP) tool. It tracks and measures COVID-19 related intellectual property policy changes implemented by WIPO in response to the global pandemic. The advanced analytics service measures IP rights related to the infectious COVID-19 pandemic infectious disease.

LATEST TRENDS

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Adoption of Cloud Computing and Intellectual Property (IP) Management Platform to Boost Growth

Several organizations are adopting cloud computing to simplify their business operation as the cloud can store vast amounts of data. Key players in the market are focused on adopting advanced technologies such as cloud computing, Big Data, and Artificial Intelligence (AI) to provide analytics tools. For instance,

• In May 2021, the World Intellectual Property Organization (WIPO) released a new cloud-hosted WIPO IP Office Suite. The tool intends to increase partnering intellectual property (IP) offices' security, dependability, and efficiency.

Key players in the market are investing in adopting cloud computing technology and gathering funding to develop advanced analytics platforms to meet IP laws. For instance,

• In March 2021, PatSnap announced that it received USD 300 million in Series E investment. Tencent Investment and SoftBank Vision Fund 2 led the investment round with existing investors Vertex Ventures, Shun Wei Capital, Sequoia China, and CPE Industrial Fund.

DRIVING FACTORS

Increasing R&D Investment and IP Rights Filings per Year to Propel Market Progression

Rising research and development (R&D) activities in healthcare, manufacturing, IT & telecommunications, and others have accelerated the demand for analytics tools. End-users in these industries invest significant amounts in filing IP rights for their innovative products before launching. These key factors create ample opportunity for prominent market players in the market. For instance, according to Samsung Electronics 2020 business report, in 2020, the firm invested around USD 17.98 billion in R&D and registered 6,648 Korean and 8,520 U.S patents. In addition, the firm holds 197,749 patents across the globe.

Similarly, in 2020, major companies such as IBM Corporations and LG Corporation added around 9,435 and 5,112 patents. An increase in IP filing by the leading players is expected to boost the patent analytics market growth.

RESTRAINING FACTORS

High Transactional Costs Associated with Software and Services to Impede Market Growth

Patent analytics software is used for commercial IP right searches and negotiating services. This software entails a huge deployment and transaction cost that has impeded patent application demand around developing nations. For example, the price of patent analytics solutions and services offered by players such as Gridlogics, Harrity & Harrity, LLP, and others ranges from USD 1,000 to USD 5,000 per year depending on the type of patent searching and filing applications.

Further, according to PatentSight GmbH, businesses would spend USD 5.1 billion on annuity fees to preserve their portfolios at the world's top ten patent offices in 2020. The 166 firms with the maximum expensive portfolios would receive a portion of all annuity fee payments, of which 50 businesses alone spend USD 1.3 billion. 

SEGMENTATION

By Component Analysis

Growing Demand for Customized Services by SMEs and Large-Scale Enterprises Drives Growth

Based on component, the global market is bifurcated into solution and services.

The solution segment will likely gain a major proportion of the market during the forecast period. The increase is mostly attributable to the rising demand for intellectual property professional solutions and applications in various industries, including healthcare, information technology, and telecommunications.

Additionally, services are further divided into patent landscapes/white space analysis, strategy and management, valuation, support, analysis, and others. The strategy and management sub-segment has the highest patent analytics market share, owing to SMEs and large-scale organizations' rising demand for customized services. For instance,

• According to July 2021 statistics by EPO, SMEs and individual inventors account for approximately 21% of patent applications filed at the EPO by European applicants, with a further 5% coming from universities and government research organizations.

By Enterprise Size Analysis

Large Scale Enterprises Are Investing Considerable Amounts in Filing IP Rights

Based on enterprise size, the market is bifurcated into large-scale enterprises and SMEs.

Large-scale organization has the highest growth rate due to increasing patent filings by leading firms such as Samsung Electronics co., ltd, IBM Corporation, L.G. Electronics, and Intel Corporation. For instance,

• In 2020, Intel Corporation, Huawei Technologies co., ltd., and Amazon.com, Inc. filed around 3,284, 3,178 and 2,373 patents applications, respectively, in the U.S. Patent and Trademark Office.

By End-user Analysis

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Adoption of Advanced IP Analytics Tools Across Fastest Growing IT and Telecommunication Sector to Accelerate Market Growth

Based on end-user, the market is segmented into healthcare, automotive, IT and telecommunications, food and beverages, banking, financial services and insurance (BFSI), media and entertainment, and others (government, education).

The IT and telecommunication segment is expected to dominate the market, owing to the rising number of filings in the advanced technologies products such as Machine Learning (ML), Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing. According to the European Patent Office (EPO), around 14,122 and 13,097 patents were filed in the digital communication and computer technology sector in 2020.

Further, the pandemic has boosted innovations in the healthcare industry. As a result, the major players in the market are focused on developing advanced solutions to cater to the demand across healthcare sectors, which is also boosting the market growth in the sector. For instance, in April 2021, Harrity Analytics developed a patent analytics platform relating to medical diagnostics for IAM Medical to understand the impact of applications and grants.

Other segments such as food and beverages, automotive, BFSI, media and entertainment, and others are anticipated to grow with a considerable growth rate through the prediction period.

REGIONAL INSIGHTS

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The market is geographically categorized into five major regions, Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa. They are further categorized into countries.

North America is projected to dominate the market in the coming years. The growth is due to increasing number of IP rights filings across healthcare and IT & telecommunication, among other sectors. North America comprises several significant players related to the healthcare and IT & telecommunication sectors.

In Europe, end-use industries, such as healthcare, manufacturing, automotive, and others, adopt analytics tools, owing to the rising product development investment. According to the EPO, in 2020, around 14,295 patent applications were filed in medical technology at EPO, which was increased by 2.6% compared to 2019.

Asia Pacific is likely to develop with the highest CAGR over the forecast period. The growing adoption of advanced analytics tools across China and India is anticipated to fuel the region's market growth. Also, the increasing number of filings across India, China, Japan, and other developing countries has fueled the product demand. For instance,

• According to the WIPO Organization report, in 2020, China accounted for more than 68,720 patent applications, which increased by 16.1% compared to 2019. In addition, in 2020, IP office in China reported 1.5 million applications. Also, Japan and the Republic of Korea received 50,520 and 20,060 patent filing applications in 2020, respectively.

Further, the Middle East & Africa is growing at a moderate pace, owing to the rising adoption of the analytics platform for patent filing with the surge in investment by the government authorities. According to UNCTAD Digital Economy Report 2019, the Middle East and Africa account for roughly 10% of global IP traffic. In addition, the regions are expected to experience the fastest growth rates, at 41% each year.

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Latin American countries are creating IP strategies to become a world-class innovation hub with a well-developed intellectual property organization and culture. For instance, in October 2021, the Intellectual Property Inter-Ministerial Group (GIPI), carried by the Brazilian Ministry of Economy, developed a National IP Strategy (ENPI) to strengthen the national IP system. These factors are anticipated to positively impact managing a firm's IP portfolio and promote the adoption of advanced IP analytics solutions and services in the region.

KEY INDUSTRY PLAYERS:

Players Offer Diverse Portfolio to Expand Market Opportunity

Key players in the market such as Clarivate Analytics Plc, IBM Corporation, LexisNexis, Anaqua, Inc., Harrity & Harrity, LLP, and others are developing advanced solutions and services by integrating AI, cloud computing, and others.

Also, the major players are expanding their services and solutions portfolio by offering solutions across developing countries. The prominent players in the market are adopting several business strategies for growth, including new product launches, mergers, and acquisitions to remain competitive in the market. For instance,

• June 2021: Ocean Tomo acquired a Virginia-based financial forensics organization, Veris Consulting. The acquisition aims to expand the management, financial expert, and advisory services. Veris Consulting offers additional capabilities to address disputes and insolvencies, auditing standards, and economic damages.


• September 2020: Gridlogics launched PatSeer Pro X to deliver seamless qualitative insights. With the integration of PatSeer 360 scoring data points, intellectual property professionals provide insights across portfolio optimization, monetization strategies, licensing, and IP management.

List of the Key Companies Profiled:

• Anaqua, Inc. (U.S.)


• Clarivate Analytics Plc (U.K.)


• LexisNexis (U.S.)


• Gridlogics (India)


• Harrity & Harrity, LLP (U.S.)


• IBM Corporation (U.S.)


• Minesoft Ltd. (U.K.)


• Ocean Tomo, LLC (U.S.)


• Wynne-Jones IP Ltd (U.K.)


• PatSnap Limited (U.K.)

KEY INDUSTRY DEVELOPMENTS:

• July 2021: USPTO launched Artificial Intelligence Patent Dataset (AIPD). The AIPD is built with ML capabilities. The dataset is utilized to identify 13.2 million pre-grant patents and publications in the U.S. that contain AI. This product will enable policymakers, researchers, and the general public to investigate new AI-based data analytics innovations and visualization platforms.

• December 2020: BananaIP introduced a DIY platform, technology, and system, which is known as Strategic Inventor. This platform enables innovators to independently draught and file patents. The Strategic Inventor platform/technology is available for free and can create as many applications as needed.

• January 2021: IPRally, search engine and patent analytics software provider, received around USD 2.36 million funding from Spintop Ventures and Join Capital. This funding was made to accelerate and expand product development using AI technology to understand the patent information.

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An Infographic Representation of Patent Analytics Market

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The global patent analytics market report highlights major regions worldwide to better understand the user. Additionally, the research gives insights into the most recent industry and market trends and an industry analysis of technologies that are being deployed rapidly around the world. It also covers some of the growth-stimulating elements and restrictions, allowing the reader to thoroughly understand the market.

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