The patent analytics market revenue totaled US$ 1,195.2 Million in 2021. The patent analytics market is expected to reach US$ 5,181.1 Million by 2032, growing at a CAGR of 14.4% from 2022 to 2032.
By the end of 2022, the market is predicted to be worth US$ 1,353.9 Mn, according to the analysis. According to Future Market Insights, every crisis presents fresh opportunities for inventors to think about and come up with concepts that result in a positive change. It holds true for the COVID-19 epidemic as well. Although business growth has slowed, businesses and academic institutions have continued to develop novel concepts and secure patent protection. In fact, our research shows that during the outbreak, patent applications considerably rose in a number of countries.
Any tech start-up needs patents, and patent analytics is seen as a tool for growth and strategy. The granting of a patent is considered a significant business decision since it a monopoly in the market, aids in generating income through licensing, and occasionally aids in the formation of valuable corporate alliances.
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Furthermore, patents filed by third parties may contain a wealth of information, including the name of the patent holder, the country in which the patent was filed, and technology-related information such as the invention’s intended uses, its technical features, and the problems it solves, among other things.
Strategic planning and wise decision-making may benefit from the thorough analysis of patents filed by others known as patent analytics. Such benefits provided by patent analytics are anticipated to grow the market for patent analytics internationally. Technology intelligence, competitive and strategic intelligence, company growth, and financial analysis and reporting are some significant applications of patent analytics. This has propelled the growth of the patent analytics market.
Key Takeaways: Patent Analytics Market
- By component, the services segment accounts for the highest market share of around 64.5% for the patent analytics market in the year 2021. However, the patent analytics software segment is estimated to grow at a CAGR of 12.2% through 2032.
- By enterprise size, the large enterprise segment had the highest market share of around 73.2% in the patent analytics market in 2021.
- By industry, healthcare is predicted to grow at a CAGR of around 18.1% between 2022 & 2032.
- By region, East Asia had the largest market share of around 45.2% in the patent analytics market in 2021, whereas the South Asia & Pacific region is showing the highest growth of around 18.2% CAGR during the forecast period.
Rising R&D Investment and Registrations for IP Rights to Drive Growth of the Patent Analytics Market
Patents are thus tools to foster and protect innovation. Patents are thus widely used in the current economics and business and lead to chances. A rise in patent applications from businesses looking to protect their inventions as well as from government subsidies and incentives is anticipated to accelerate market expansion. While there are concerns about how technology affects the environment and society, the Internet of Things and technical developments in the sector are altering the subject’s nature and heightening its complexity, forming the basis of patent applications.
The demand for analytics tools has increased as a result of increased research and development (R&D) activities in industries such as healthcare, IT & telecommunications, and others. End users in these sectors invest significant amount in filing IP rights for their innovative product before launching. These key factor create ample opportunities for prominent market players.
On the other hand, technology companies typically need to work together since the development of complicated goods typically necessitates the implementation of one or more patent-protected innovations owned by other businesses. Some of these top electronics and technology corporations invest a lot of money in R&D.
The IT and telecom industries frequently invest in R&D to obtain a competitive edge. The introduction of new technology, innovation in network bandwidth systems, and development of innovative network devices are anticipated to boost the market’s growth are results in rising investment in R&D activities and registration of IP rights.
More Valuable Insights on Patent Analytics Market
Future Market Insight’s report on patent analytics market industry research is segmented into four major sections – component (software, and services (patent landscapes/white space analysis, patent portfolio management, patent valuation, patent monitoring, others)), enterprise size (small & mid-sized enterprises (SMEs), and large enterprises), industry (BFSI, healthcare, IT & Telecom, automotive, media and entertainment, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and The Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the patent analytics demand outlook.
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Key Segments of the Patent Analytics Market
By Component, Patent Analytics Market is segmented as:
- Patent Analytics Software
- Services
- Patent Landscapes/White Space Analysis
- Patent Portfolio Management
- Patent Valuation
- Patent Monitoring
- Others
By Enterprise Size, Patent Analytics Market is segmented as:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Industry, Patent Analytics Market is segmented as:
- BFSI
- Healthcare
- IT & Telecom
- Automotive
- Media & Entertainment
- Others
By Region, Patent Analytics Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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