Patent Analytics Market

Market Overview: 

The global patent analytics market size reached US$ 1.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.1 Billion by 2032, exhibiting a growth rate (CAGR) of 11.52% during 2024-2032. The growing number of patent applications, increasing adoption of cloud computing and intellectual property (IP) platforms among businesses, and various technological advancements in information and communication are some of the major factors propelling the market.

Patent analytics is designed to analyze, organize, and extract patent-related information and derive insights. It provides data-driven and evidence-based information that allows businesses to understand the strengths and weaknesses of a patent more deeply. It assists in improving strategic planning and informed decision making while reducing risks in an organization. Moreover, it aids in portfolio management and enhancing client relationships. As a result, patent analytics is widely utilized in the healthcare, automotive, media and entertainment, IT and telecommunication, and food and beverage (F&B) industries across the globe.

At present, the increasing demand for patent analytics for financial analysis and reporting to provide an actual image of an organization is impelling the growth of the market. Besides this, the rising utilization of patent analytics for anticipating new competitors, potential collaborations, and interest of competitors in a particular technology is contributing to the growth of the market. In line with this, the increasing adoption of patent analytics in businesses for future product development is offering lucrative growth opportunities to industry investors. Apart from this, the rising employment of patent analytics, as it provides detailed information on the cost incurred during patent trials, is strengthening the growth of the market. Furthermore, the increasing adoption of patent analytics among large and small and medium-sized enterprises worldwide is supporting the growth of the market.

Patent Analytics Market Trends/Drivers:

Increasing number of patent applications stimulating market growth

The rising demand for patent analytics due to the increasing number of patent applications around the world is contributing to the growth of the market. Patents represent essential part of organizations as they assist in protecting intellectual property. They also aid in maintaining the right to sell the products exclusively at any price. Moreover, people are becoming aware about the protection of patents among businesses. There is consequently a rise in the demand for patent filing to maintain the goodwill and creative ideas of a company. Furthermore, patent filings prevent the misuse of assets while safeguarding the invention of an organization.

Rising adoption of cloud computing platforms catalyzing the demand for patent analytics

The rising adoption of cloud computing and intellectual property (IP) platforms in patent analytics is contributing to the growth of the market. Cloud computing platforms are widely utilized for simplifying business operations quickly and efficiently. They can store considerable amount of data that reduce manual labor work and provide smooth paperless work. There is also a rise in the demand for automation as it assists in lowering the chances of errors and providing reliable information. Additionally, various companies are adopting advanced technologies, such as big data, machine learning (ML), the Internet of Things (IoT), cloud computing, and artificial intelligence (AI), to provide analytics tools, which is supporting the growth of the market.

Technological advancements in information and communication bolstering market growth

The rising emergence of various technologies in information and communication is propelling the growth of the market. Numerous organizations are adopting patent management software solutions to gain real-time insights about the product. They assist in catering to the need of clients while enhancing their experience. here is a rise in the demand for advanced technologies among businesses to easily gain insights into the patent portfolio of competitors across the globe. Additionally, several key players are investing in research and development (R&D) activities to create advanced platforms of patent analytics with different language versions to attract a wider consumer base across the globe.

Patent Analytics Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global patent analytics market report, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on component, enterprise size, and end user.

Breakup by Component:

• Solution
• Services 
  • Patent Landscapes/White Space Analysis
  • Patent Valuation
  • Patent Support
  • Patent Analysis
  • Others
     

Solution represents the largest market share

The report has provided a detailed breakup and analysis of the patent analytics market based on the component. This includes solution and services (patent landscapes or white space analysis, patent valuation, patent support, patent analysis, and others). According to the report, solution represented the largest segment.

The rising demand for professional intellectual property solution by various end industries is propelling the growth of the market. In addition, the increasing adoption of patent solution, as it allows businesses to manage patent-related activities efficiently, is contributing to the growth of the market. Apart from this, the growing employment of patent analytics solution to streamline workflow management is bolstering the growth of the market.

Furthermore, the increasing adoption of patent analytics due to the rising demand for customized services among large scale enterprises and small and medium-sized enterprises (SMEs) around the world is supporting the growth of the market. In line with this, several players are offering various patent analytics services, such as patent monitoring, landscape, valuation, strategic reporting, and support, to enhance customer experience, which is strengthening the growth of the market.

Breakup by Enterprise Size:

• Large Scale Enterprises
• Small and Medium-sized Enterprises (SMEs)
   

Large scale enterprises hold the biggest market share

A detailed breakup and analysis of the patent analytics market based on the enterprise size has also been provided in the report. This includes large-scale enterprises and small and medium-sized enterprises (SMEs). According to the report, large-scale enterprises accounted for the largest market share. Large-scale enterprises are rapidly investing in patent fillings to avoid any financial loss in a business. In line with this, the rising demand for personalized management and strategy patent solutions to increase profit margins in large-scale enterprises is propelling the growth of the market.

Small and medium-sized enterprises (SMEs) have limited resources as compared to large-scale enterprises. In addition, there is a rise in the demand for cost-effective patent solutions among SMEs across the globe. This, coupled with the increasing utilization of patent analytics to protect limited assets and make better decisions in SMEs, is contributing to the growth of the market.

Breakup by End User:

• IT and Telecommunication
• Healthcare 
• Banking, Financial Services and Insurance (BFSI)
• Automotive
• Media and Entertainment
• Food and Beverages
• Others
   

IT and telecommunication represents the leading end user

A detailed breakup and analysis of the patent analytics market based on the end user has also been provided in the report. This includes IT and telecommunication, healthcare, banking, financial services and insurance (BFSI), automotive, media and entertainment, food and beverages, and others. According to the report, IT and telecommunication accounted for the largest market share. The rising adoption of patent analytic tools in IT and telecommunication due to the increasing utilization of advanced technologies is bolstering the growth of the market. In addition, the IT and telecommunication industry are rapidly filling patent applications that are associated with wireless communication, data transfer, and techniques of organizing and monitoring digital data, which is offering a positive market outlook. Apart from this, the rising adoption of patent analytics in this industry due to the rapid innovations in network bandwidth systems are propelling the growth of the market.

The rising adoption of patent analytics in the healthcare sector for storing medical records of patients and avoiding unauthorized access is strengthening the growth of the market. Moreover, various patent analytics are introducing customized platforms for the healthcare sector, which is bolstering the growth of the market.

Banking, financial services and insurance (BFSI) companies are rapidly adopting patent analytics to safeguard financial information. In addition, the rising utilization of patent analytics to access potential risks and avoid patent piracy is supporting the growth of the market.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance, accounting for the largest patent analytics market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

North America held the biggest market share due to the increasing number of IP rights filling across the healthcare and IT and telecommunication sectors. In line with this, the rising demand for patent analytics due to the increasing number of patent applications in the region is bolstering the growth of the market. In addition, the presence of key players providing cutting-edge patent analytics software and services is propelling the growth of the market.

Europe is expected to expand further in this domain on account of the increasing investment in product development processes. In addition, the rising demand for advanced analytic tools is supporting the growth of the market.

Competitive Landscape:

Key players are introducing patent analytic platforms that provide high-quality, client-focused solutions at an affordable cost. They are also focusing on launching an analytics platform to secure, store, and study medical records of patients to provide effective treatment to individuals in the healthcare sector. Apart from this, various manufacturers are introducing cloud-based platforms to increase security, dependability, and efficiency. This, coupled with the increasing demand for cloud-based software and solutions that provide convenience and reduce the time for analyzing, is offering lucrative growth opportunities to industry players. Furthermore, several companies are engaging in collaborations to expand their product portfolios and enhance their IP analytics capabilities, which is propelling the growth of the market.

The report has provided a comprehensive analysis of the competitive landscape in the global patent analytics market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Anaqua Inc.
• Clarivate Analytics Plc
• Gridlogics Technologies Pvt Ltd
• Harrity and Harrity LLP
• Idtechex Inc
• Iplytics GmbH
• LexisNexis Risk Solution Inc
• Minesoft Ltd.
• Ocean Tomo LLC
• PatSnap Limited
• QUESTEL SAS
• Wynne-Jones IP Ltd.

Recent Developments:

• In April 2021, Anaqua Inc. launched its Business Innovation Suite to encourage inventors and organizations to accelerate their innovation capabilities and processes.
• In 2023, Harrity and Harrity LLP announced the partnership with Advancing Diversity Across Patent Teams (ADAPT) to bring standardization and transparency in how the patent profession measures diversity, equity and inclusion (DEI).
• In 2023, LexisNexis Risk Solution Inc introduced Japanese version of intellectual property (IP) analytics platform to increase efficiency.

Patent Analytics Market Report Scope:

Key Questions Answered in This Report:

• How has the global patent analytics market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global patent analytics market?
• What is the impact of each driver, restraint, and opportunity on the global patent analytics market?
• What are the key regional markets?
• Which countries represent the most attractive patent analytics market?
• What is the breakup of the market based on the component?
• Which is the most attractive component in the patent analytics market?
• What is the breakup of the market based on the enterprise size?
• Which is the most attractive enterprise size in the patent analytics market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the patent analytics market?
• What is the competitive structure of the global patent analytics market?
• Who are the key players/companies in the global patent analytics market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the patent analytics market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global patent analytics market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the patent analytics industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.