Patent Analytics Services Market : Boosting The Growth Worldwide- Market Dynamic

Posted by Mayuri on December 22nd, 2020

Patent Analytics Services Market: Introduction

A patent is an exclusive right granted for a process, method, substance, or device that is new in the market. Patents are majorly used as a means to protect intellectual assets/property of companies and inventors. Patents have become a crucial factor for businesses in the light of changing times and increasing competition. Patent analytics help gather information for the relevant technology in order to forecast market needs, and help companies to formulate business strategies and investment plans. Patent analytics help companies to obtain an overview of technologies, which their competitors are working on. This helps companies to analyze their competitor’s strengths, weaknesses, and business strategies. According to the World Bank Indicator, in 2018, 3.1 million patents were filed, up from 2.9 million in 2017. The increasing filing of patents in various industries has accelerated the demand for patent analytics services. The global patent analytics services market is anticipated to expand at a CAGR of ~14% during the forecast period. The global market was valued at US$ 619.1 Mn in 2019.

Increasing Application and Registration of Patents

Increasing volume of patent applications and registrations is a key factor driving the demand for patent analytics solutions/services by corporates in order to analyze competiveness and design market strategies. For instance, according to the World Intellectual Property Organization, in 2018, more than 3,326.3 applications were filed for patent registration. Patent registration increased by 5.2% in 2018 as compared to 2017. China, the U.S., Japan, Germany, India, Russia, Canada, Australia, Brazil, and the U.K. are among the top 10 countries that filed significantly high patent applications in 2018. Therefore, increased patent applications fuel the demand for patent analytics solutions and services from various corporate entities in order to gain competitive advantage.

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Patent Analytics Services Market: Competition Dynamics Some of the major players in the global patent analytics services market are Wynne-Jones IP Ltd, Ocean Tomo, LLC, IPlytics GmbH, PatSnap Pte. Ltd, CPA Global, Gridlogics Technologies Pvt Ltd, Minesoft Ltd, QUESTEL SAS, PatentSight GmbH, Dolcera Information Technology Services Pvt. Ltd, Einfolge Technologies Pvt Ltd., IDTechEx Ltd., IP Wagon Pvt. Ltd., Novel Patent Services Pvt Ltd, Talwar and Talwar Consultants Pvt. Ltd. Anaqua, Inc., Clarivate Analytics plc, and Harrity & Harrity, LLP.

Competitive Intelligence Acquires Growing Demand to Improve Company ROI

The IP (Intellectual Property) intelligence software is one the key drivers contributing toward growth of the patent analytics services market. Companies are using the big data approach to provide IP intelligence solutions. For instance, CPA Global-a leading IP management and technology company, excels in the deployment of IP intelligence solutions using the Big Data approach. From idea generation to portfolio management, patent analytics services help to deliver deep insights that solve challenging problems of end users. There is a growing demand for software that provides effective patent search and analysis. Patent analytics services help end users to make informed business decisions whilst gaining access to powerful insights. These novel services are cost-efficient and help to improve the ROI of a company in terms of portfolio management.