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 & Pharma, BFSI, Automotive, Media & Entertainment, Food and Beverages, and Others), and Regional Forecasts, 2023-2030

The patent analytics market size was valued at USD 904.1 million in 2022 and is projected to grow from USD 1,007.8 million in 2023 to USD 2,364.6 million by 2030, exhibiting a CAGR of 13% during the forecast period. North America dominated the global market with a share of 41.92% in 2022.

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 the demand for analytics solutions. According to a World Intellectual Property Organization (WIPO) report, global patent filings reached around 277,500 applications in 2021. Also, leading players in the market are focused on integrating advanced technologies into their analytics solutions to offer services, such as advanced search and exploration. For instance,

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

COVID-19 IMPACT

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

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

In addition, several business sectors showed a decline in revenue during the pandemic period. Also, the demand for analytics solutions and services decreased owing to the budget constraints of small and medium organizations.

However, several leading patent analytics companies were planning to develop customized platforms for the healthcare sector due to rising innovations and investments in this industry amid the pandemic. The tools aimed to assist end-users in the healthcare sector in storing and studying substantial medical records to understand the treatment of COVID-19 infection. Several government authorities adopted advanced technologies for understanding the 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 to help its clients amid the COVID-19 pandemic. This client-focused solution had guidance from U.S.-based IP experts from a wide range of scientific and technical fields at an affordable cost. These solutions were launched specially to provide valuable insights 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 records about the coronavirus infection. The platform was named National COVID Cohort Collaborative (N3C), which helped scientists analyze and understand the disease's data and develop necessary treatments.


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

LATEST TRENDS

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

Several organizations are adopting cloud computing to simplify their business operations 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 the security, dependability, and efficiency of partnering intellectual property (IP) offices.

Key players in the market are adopting cloud computing technologies 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 round. Tencent Investment and SoftBank Vision Fund 2 led this 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 to Accelerate Market Progression

Rising research & development (R&D) activities in healthcare, manufacturing, IT & telecommunications, and other sectors have accelerated the demand for analytics tools. End-users in these industries invest significant amounts while filing IP rights for their innovative products before launching them. These factors create ample opportunities for prominent players in the market. For instance, according to Samsung Electronics 2021 business report, in 2021, the firm invested around USD 17.38 billion in R&D and held 47,900 Korean and 84,202 U.S. patents. In addition, the firm held 216,404 patents across the globe.

Similarly, in 2022, major companies, such as IBM Corporation and LG Corporation held around 1,22,110 and 1,41,312 patents, respectively. An increase in IP filings by these 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 negotiation services. This software incurs huge deployment and transaction costs, impeding the demand for patent application in developing nations. For example, the price of patent analytics solutions and services offered by companies, 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.

Furthermore, according to the U.S. Patent and Trademark Office, businesses spent more than USD 8 billion on patent renewals at top 10 patent offices in the U.S. The top 50 companies spent around USD 1.9 billion on annuity fees.

Thus, high transactional costs will hamper the market growth.

SEGMENTATION

By Component Analysis

Growing Demand for Customized Services by SMEs and Large-Scale Enterprises to Drive Market Expansion

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

The services segment is further divided into patent landscapes/white space analysis, strategy & management, valuation, support, analysis, and others. The strategy & management sub-segment holds the largest 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 accounted for approximately 21% of patent applications. An additional 5% came from universities and government research organizations.

However, the solution segment will likely capture a major share of the market during the forecast period. This is mostly attributed to the rising demand for professional intellectual property solutions and applications in various industries including healthcare, information technology, and telecommunications.

The services segment is further divided into patent landscapes/white space analysis, strategy & management, valuation, support, analysis, and others. The strategy & management sub-segment holds the largest 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 accounted for approximately 21% of patent applications filed at the EPO by European applicants. An additional, 5% came 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.

The large-scale enterprise segment has recorded 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 2022, Samsung Electronics Co., Ltd. and IBM Corporation filed around 6,248 and 4,389 patent 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 IT and Telecommunication Sector to Accelerate Market Progress

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

The IT & telecommunication segment is expected to hold a dominant patent analytics market share owing to the rising number of filings of products that use advanced technologies, such as Machine Learning (ML), Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing. As per the European Patent Office (EPO) 2022 report, around 15,193 and 16,705 patents were filed in the computer technology & digital communication sector in 2022.

Additionally, the pandemic 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 the healthcare sector, which is also boosting the market growth. 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 & beverage, automotive, BFSI, media & entertainment, and others are anticipated to record a considerable growth rate throughout the analysis 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, IT & telecommunication, and other sectors. This region comprises several significant companies that operate in 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 investments in product development processes. According to the EPO, in 2022, it received around 15,683 patent applications for medical technology, showing an increase of 159 patent applications as compared to 2021.

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

• As per the WIPO 2021 report, China held more than 69,540 patent applications in 2021, showing an increase of 820 applications as compared to 2020. Also, in the same year, Japan and the Republic of Korea received 50,260 and 20,678 patent filing applications, respectively.

On the other hand, the Middle East & Africa region is growing at a moderate pace owing to the rising adoption of analytics platforms for patent filing due to the surge in investment by the government authorities.

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

KEY INDUSTRY PLAYERS:

Players to Offer Diverse Product Portfolios to Expand Market Opportunity

Key providers of patent analytics software and solutions, such as Clarivate Analytics Plc, IBM Corporation, LexisNexis, Anaqua, Inc., Harrity & Harrity, LLP, and others, are implementing advanced solutions and services by integrating AI, cloud computing, and other technologies.

Also, the key players are expanding their product portfolio by offering solutions across developing countries. They are adopting several corporate strategies for growth, including new product launches, partnerships & collaborations, mergers & acquisitions to remain competitive in the market. For instance,

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


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

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:

• March 2023: IPlytics (acquired by LexisNexis) launched the IPlytics Undeclared Patent Universe to include undisclosed patents essential to the HEVC, AVC, and VVC video coding generations.


• February 2023: LexiNexis entered an agreement to acquire Aistemos Limited (Cipher brand), a patent classification company, to enhance its IP analytics capabilities. With this acquisition, LexiNexis’ customers can customize technology taxonomies across their entire IP department.


• November 2022: LexisNexis Intellectual Property Solutions launched a fully customized Japanese version of IP Analytics platform to improve insight-sharing with management across the organization. With this new version, Japanese companies could further improve their IP use cases.


• November 2022: Clarivate collaborated with IPwe to develop Blockchain and AI Patent solutions. This partnership leveraged Clarivate’s patent data to develop and support IPwe's Smart Intangible Asset Management platform.


• June 2022: Anaqua acquired Practice Insight to make additions to its Law Firm IP management solutions. This acquisition aided Anaqua in meeting the evolving needs of the law firm market. The solutions also included advanced reporting & analytics solutions, secure cloud hosting, integrated document management, and other features.

REPORT COVERAGE

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The research report highlights major regions across the world to help the reader better understand the market. Additionally, the report gives insights into the most recent market trends and an analysis of technologies that are being deployed rapidly around the world. It also covers some of the growth-stimulating factors and restraints, allowing the reader to thoroughly understand the market.

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