Intellectual property rights are the privileges that are required to protect inventions and patented technology. Patent filing is considered one of the key elements of IP rule that offers rights to inventor to protect their inventions and use. Governments around the world are taking initiatives to encourage patent filing activities. Patent analytics is an important part of the company's IP management, which delivers a set of technical suggestions for analytics. The analytics platform is also known as patent mapping and this process is an authenticated multistage process of studying and analyzing existing patents and non-patented documents. Analytical data obtained from patents helps educational & research institutes, startups, large corporations, and shareholders to make decisions, which allow the spending of invested money to development of new technology and product. The need for safeguarding intellectual properties of inventors and businesses drives the market. Patent analytics is used by companies, individuals, legal firms, research organizations, and others to make a decision regarding innovations and technologies.
COVID-19 Scenario Analysis:
- The COVID-19 pandemic had an adverse effect on the global economies. The pandemic has resulted in the shutdown of industrial activities due to a shortage of workforce and financial crisis. The pandemic opened up opportunities for the latest technological innovations, which helped the companies to work efficiently even in the pandemic situation. The patent analytics market has witnessed significant growth during the pandemic owing to latest innovations by companies in the field of technology.
- Patent strategy and management services are mostly adopted by businesses and companies to gain a competitive advantage in the market by developing, managing, and enhancing innovative products and solutions. There is high adoption of patent landscape consultancy services during the pandemic to find and analyze existing patent-related technologies as well as patent analytics market trends and help developers to compare and analyze innovation associated with patent trends.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The need to protect latest inventions from being used by others and cloud computing to encourage intellectual property rights is driving the growth of the patent analytics market. In addition, the use of the analytics to make predictions and reach conclusions is fueling the growth of the market. However, high transactional expense related with software and patent application is hampering the growth of the market. Furthermore, the growing investments in the fields of research & development to innovate products and technologies are providing lucrative opportunities to the growth of the patent analytics market during the forecast period.
The market trends for patent analytics market are as follows:
IT & telecom sector to adopt patent analytics software
The IT and telecom sector often spends on research and development to gain competitive advantage. Mostly, the patent filings are witnessed in the industrial sectors such as electrical machinery and computer technology. Majority of the telecom industries are filing patent applications that are associated with wireless communication, data transfer, and techniques of organizing and monitoring digital data. Research and development activities by major telecom players for the introduction of new technology, innovation in network bandwidth system, and developing innovative network devices are expected to drive the market growth.
North America region expected to have market growth potential:
North America is expected to have the market growth potential during the forecast period as some of the prominent players and innovators established in the U.S. and Canada are heavily investing in the research and development in advanced technological innovations. The companies are more emphasized toward the innovations of internet of things, big data, and artificial intelligence, and other technologies. The presence of such innovators in the region drives the patent analytics market growth throughout the North America region.
Key benefits of the report:
- This study presents analytical depiction of the patent analytics market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the patent analytics market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the patent analytics market.
Questions answered in the patent analytics market research report:
- Who are the leading market players active in market?
- What would be the detailed impact of COVID-19 on patent analytics market?
- What current trends would influence the patent analytics market in the next few years??
- What are the driving factors, restraints, and opportunities in the patent analytics market?
- What are the projections for the future that would help in taking further strategic steps?
Patent Analytics Market Report Highlights
| Aspects | Details |
 By Services |
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 By Component |
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 By Enterprise Size |
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 By Industry Vertical |
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 By Region |
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 Key Market Players | Ocean Tomo LLC, PatentSight GmbH, Excelon IP, Intricate Research, Wynne-Jones IP Limited, Clarivate Analytics, Anaqua Inc., Harrity & Harrity LLP, IDTechEx Ltd, IP Wagon Pvt. Ltd. |
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