Patent analytics market is anticipated to grow at a significant CAGR of 13.4% during the forecast period. According to World Intellectual Property Organization (WIPO), a record 277,500 international patents were filed in 2021, marking a 0.9-percent increase from 2020. Patent searching and analysis can provide actionable insights for businesses, allowing them to make strategic decisions from idea conception to monetization. Thus the increasing patent filings globally, the growing need to protect the latest inventions from being used by others, and increasing investment by market players in patent analytics companies are prime factors driving the growth of the patent analytics market. For instance, In march 2021, PatSnap, which offers a patent and R&D platform and services, announced that it raised $300 million in series E funding from SoftBank Vision Fund 2 and Tencent Investment. The company plans to use the funds to further develop its intelligence platform, support software product development, and expand the size of its global workforce. However, higher transactional costs associated with software and other services and the financial burden on the world economy due to the slowing growth of economies are some of the factors anticipated to restrain the market growth.
The global patent analytics market is segmented based on the component and end-user. Based on the component, the market is segmented into solutions and services. The services sub-segment includes patent landscapes/white space analysis, patent strategy, and management, patent valuation, patent support, patent analysis, and others including patent licensing, patent prosecution, and others. Based on the end-user, the market is sub-segmented into IT & telecom, healthcare, BFSI, automotive, media & entertainment, and others that include government and education.
According to WIPO, a record 277,500 international patents were filed in 2021, There is a growing trend among large enterprises such as IT companies, pharmaceuticals, and telecom companies to spend a substantial amount on research and development to gain a competitive advantage. Thus accelerated demand for analytical tools and increasing R&D activities in the healthcare & IT and telecommunication sector are primary factors driving the market growth of the large enterprise sub-segment.
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Patent Analytics Market Segmentation
By Component
- Solutions
- Services
- Patent Landscapes/White Space Analysis
- Patent Strategy and Management
- Patent Valuation
- Patent Support
- Patent Analysis
- Others (Patent Licensing, Patent Prosecution, Etc)
By End-Users
- IT & Telecom
- Healthcare
- BFSI
- Automotive
- Media & Entertainment
- Others (Government, Education)
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- AMATRIUM INC.
- Anaqua, Inc.
- Clarivate Analytics LLC
- LexisNexis
- Gridlogics Technologies Pvt. Ltd.
- Minesoft Ltd.
- Ocean Tomo, LLC
- Wynne-Jones IP Ltd.
- PatSnap Ltd.
- Harrity & Harrity, LLP.
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