USD 813.2 million
Report ID: SQSG45B2019 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 98 | Figures: 76
Global Patent Analytics Market size was valued at USD 813.2 million in 2021 and is poised to grow from USD 907.6 million in 2022 to USD 2099.3 million by 2030, growing at a CAGR of 12.7% in the forecast period (2023-2030).
Intellectual property (IP) searches are frequently analyzed, separated, and automated using patent analytics software. The need for analytics solutions has been spurred by an increase in patent filings globally as a result of increased R & D activity. According to the World Intellectual Property Organization (WIPO), the total global patent application filings reached 2,77,500 applications in 2021, increasing by 0.9% from 2,75,900 applications in 2020. Leading market companies are also concentrating on implementing analytics solutions' technology to provide services like improved search and exploration.
US Patent Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 813.2 million
IT & Telecom
IT & Telecom
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The Global Patent Analytics Market is segmented based on component, enterprise size, end-user and region. Based on the component, Patent Analytics Market is categorized into Solution and Services. The services segment is further categorized into Patent Landscapes/White Space Analysis Services, Patent Portfolio Management Services, Patent Valuation Services, Patent Monitoring Services, Strategic Reporting Service, and Patent Monetization Support Services. Based on Enterprise Size, Patent Analytics Market is categorized into Large Enterprises and Small & Medium Enterprises. Based on End-user, Patent Analytics Market is categorized into Automobile, BFSI, IT & Telecommunication, Healthcare, Media & Entertainment, Government, Semiconductor, and Manufacturing. Based on region, Patent Analytics Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Patent Analytics Market Analysis by Component
On the basis of components, the solutions segment is projected to dominate the global patent analytics market, over the forecast period. This is largely due to the rise in demand for intellectual property professional solutions and applications across a variety of industries, including healthcare, information technology, and telecommunications.
Along with this, the strategic reporting services and patent portfolio management services are also expected to show significant growth during the forecast period. This is due to the growing need for specialized services among large-scale and small & medium scale enterprises.
Patent Analytics Market Analysis by End-user
On the basis of end-user, the IT & Telecommunication segment is projected to dominate the global patent analytics market, over the forecast period. This is due to the increasing number of patent filings for cutting-edge technologies like machine learning (ML), the internet of things (IoT), artificial intelligence (AI), and cloud computing.
Additionally, the outbreak of covid-19 sparked new developments in the healthcare sector. As a result, the market's leading players are concentrating on creating cutting-edge solutions to meet the demand from various healthcare sectors, which is also fueling the sector's market expansion. For instance, Harrity Analytics created a patent analytics platform for IAM Medical in April 2021 that focuses on medical diagnostics in order to comprehend the impact of applications and grants.
It is projected that other segments, including food and beverage, automotive, BFSI, media and entertainment, and others, would expand at a significant growth rate, during the forecast period.
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Based on the region, the North American region is projected to dominate the global patent analytics market with respect to market share. The increase is the result of more IP rights being filed in several industries, including healthcare, IT, and telecommunications. In the healthcare and IT & telecommunications sectors, North America is home to several important firms.
Europe is also expected to show a significant growth, due to increased investment in product development, end-use industries in the region, including healthcare, manufacturing, automotive, and others, are adopting analytics technologies. According to the European Patent Office (EPO), around 1,88,600 patent applications were submitted to the EPO in 2021, a 4.5% increase from 2020.
Apart from that, Asia Pacific is expected to experience the highest CAGR growth. The region's market is expected to develop as a result of China and India's increasing use of advanced analytics tools. The demand for the product has also been boosted by the rise in filings in China, Japan, India, and other developing nations.
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Patent Analytics Market Drivers
Patent Analytics Market Restraints
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The leading businesses are extending their range of services and solutions by providing solutions in developing nations. With competitors offering highly developed solutions & services by integrating cutting-edge technologies like cloud computing, artificial intelligence, and others, the patent analytics market is incredibly fragmented. The main goal of dominant firms is to diversify their offerings by offering services and solutions on a worldwide level. To maintain a competitive edge in the market, players are concentrating on putting various business strategies into practice, such as launching, mergers & acquisitions, and releasing fresh goods.
Patent Analytics Market Top Players Company Profiles
Patent Analytics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global patent analytics market is currently led by countries in the North American region, due to the increasing number of IP rights being filed in several industries, including healthcare, IT among others. Along with this, the solutions segment is projected to dominate the global patent analytics market, due to the rise in demand for intellectual property professional solutions and applications across a variety of industries.
|Market size value in 2021||USD 813.2 million|
|Market size value in 2030||USD 907.6 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Patent Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Patent Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Patent Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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