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Patent Analytics Market to Reach USD 2,364.6 million by 2030; Growing Investments in R&D and IP Rights Filings to Boost Market Growth

May 23, 2023 | Information & Technology

The global patent analytics market size touched USD 904.1 million in 2022 and is predicted to reach USD 1,007.8 million in 2023. The market is anticipated to touch USD 2,364.6 million by 2030, recording a CAGR of 13% over 2023-2030.


Fortune Business Insights™ displays this information in its latest report titled “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 growing number of patent filings across the world, thanks to the rising research & development (R&D) activities will augment the demand for advanced patent analytics solutions. According to a report by the World Intellectual Property Organization (WIPO), the number of patent application filings reached around 277,500 in 2021. These factors are expected to fuel the patent analytics market growth.


COVID-19 Pandemic Compelled Companies to Reduce R&D Activities, Decreasing Product Demand


The COVID-19 pandemic caused a severe decline in the number of research and development (R&D) activities, which also impeded demand for innovative IP analytical tools in many industries. This happened because countries across the world had imposed several restrictions on research institutes, production processes, and innovation centers.


Lexinexis Acquired Aistemos Limited To Enhance Its IP Analytics Capabilities


In February 2023, LexiNexis entered in an agreement for the acquisition of 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.


Growing Investments in R&D and IP Rights Filings to Boost Market Growth


Research & development (R&D) activities are rising in manufacturing, healthcare, IT, and many other sectors. This has augmented the demand for innovative patent analytical tools. The end-users operating in these industries are making significant investments while filing IP rights for their innovative products. These aspects are predicted to expand the market size over the coming years.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/patent-analytics-market-102774


Competitive Landscape


Key Market Players to Use Innovative Technologies to Develop Advanced Patent Analytics Solutions


Some of the leading companies operating in the market, such as Clarivate Analytics Plc, IBM Corporation, LexisNexis, Anaqua, Inc., Harrity & Harrity, LLP, and others, are creating innovative solutions and services by using AI, cloud computing, and other advanced technologies. These initiatives will help them gain a competitive edge over their rivals.


Also, some of these major players are planning to extend their solutions & services portfolios by providing their solutions to customers in developing countries. These prominent players in the market are adopting a wide range of business strategies to boost their market presence and accelerate their business expansion plans, such as new product launches, mergers, and acquisitions to gain a strong competitive edge in the market.


For example, in January 2021, IPRally, a leading provider of search engine and patent analytics software solutions, received funds worth around USD 2.36 million from Spintop Ventures and Join Capital. The company intended to use these funds to accelerate and expand its product development process by using artificial intelligence (AI) technology to understand the patent information.


Notable Industry Development:



  • June 2021: Ocean Tomo announced the acquisition of a financial forensics company, Veris Consulting, headquartered in Virginia. The acquisition intended to expand the company’s financial, management, and advisory services. Veris Consulting provides additional capabilities to resolve disputes and insolvencies, and address auditing standards as well as economic damages in advisory and management consulting services.


List of the Companies Profiled in the Report:



  • 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.)


Further Report Findings



  • North America is anticipated to hold a dominant patent analytics market share in the future. The region’s domination can be credited to the rising number of IP rights filings in healthcare, IT & telecom, and other industry verticals. North America has a vast presence of reputed companies that operate in the healthcare and IT & telecommunication sectors.

  • In Europe, many end-use industries, such as manufacturing, healthcare, automotive, and others are using advanced analytics tools as investments in the product development processes are increasing at a notable rate. As per the EPO, in 2022, it received nearly 15,683 patent applications for medical technology, thereby exhibiting a rise of 159 patent applications as compared to 2021.


Table of Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 13% from 2023 to 2030



Unit



Value (USD million)



Segmentation



Component, Enterprise Size, End-user, and Geography



By Component




  • Solution

  • Services

    • Patent Landscapes/White Space Analysis

    • Patent Strategy and Management

    • Patent Valuation

    • Patent Support

    • Patent Analysis

    • Others (Licensing, Prosecution)





By Enterprise Size




  • Large-scale Enterprises

  • SMEs



By End-user




  • IT and Telecommunication

  • Healthcare & Pharma

  • Banking, Financial Services and Insurance (BFSI)

  • Automotive

  • Media and Entertainment

  • Food and Beverages

  • Others (Government, Education)



By Region




  • North America (By Component, By Enterprise Size, By End-user, and By Country)

    • U.S. (By End-user)

    • Canada (By End-user)



  • Europe (By Component, By Enterprise Size, By End-user, and By Country)

    • Germany (By End-user)

    • U.K. (By End-user)

    • France (By End-user)

    • Russia (By End-user)

    • Rest of Europe





  • Asia Pacific (By Component, By Enterprise Size, By End-user, and By Country)


    • China (By End-user)

    • Japan (By End-user)

    • India (By End-user)

    • Southeast Asia (By End-user)

    • Rest of Asia Pacific




  • Middle East & Africa (By Component, By Enterprise Size, By End-user, and By Country)

    • GCC (By End-user)

    • South Africa (By End-user)

    • Rest of Middle East & Africa



  • Latin America (By Component, By Enterprise Size, By End-user, and By Country)

    • Brazil (By End-user)

    • Mexico (By End-user)

    • Rest of Latin America




Patent Analytics Market
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  • 2022
  • 2019-2021
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