"Smart Strategies, Giving Speed to your Growth Trajectory"
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,
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,
Request a Free sample to learn more about this report.
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,
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,
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.
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.
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,
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,
To know how our report can help streamline your business, Speak to Analyst
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.
North America Patent Analytics Market Size, 2021 (USD Million)
To get more information on the regional analysis of this market, Request a Free sample
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,
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.
To know how our report can help streamline your business, Speak to Analyst
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.
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,
An Infographic Representation of Patent Analytics Market
To get information on various segments, share your queries with us
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.
Value (USD million)
Component, Enterprise Size, End-user, and Region
By Enterprise Size
The market is projected to reach USD 2,099.3 million by 2029.
In 2021, the market was valued at USD 813.2 million.
The market is projected to grow at a CAGR of 12.7% over the forecast period.
The solution segment is likely to lead the market.
Increasing R&D investment and growing IP rights filing per year around the globe are escalating the market growth.
Anaqua, Inc., Clarivate, Harrity & Harrity, LLP., Minesoft Ltd, and IBM Corporation are the top players in the market.
North America is expected to hold the highest market share.
Healthcare is expected to grow with a significant CAGR over the forecast period within the end-user segment.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry