Patent Analytics Market Size, Industry Analysis Report By Industry Vertical (BFSI, IT and Telecom, Automobile, Healthcare), By Enterprise Size (large enterprises, small and medium enterprises), By component (software, services) By services (Patent landscapes/white space analysis, Patent strategy and management, Patent valuation) & Region – Forecasts
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- 259
- CATEGORY
- Electronics & Communication
The Patent Analytics Market is valued at around USD 907.6 million in 2022 and is expected to reach USD 2,099.3 million by 2030, registering a CAGR of 12.7% over the forecast period. Patent analytics is a methodical procedure that involves categorising data obtained from a collection of patents. To gather information on rivals, technology, business valuation, market trends, and fresh commercial opportunities, it may involve qualitative, quantitative, or a combination of the two types of assessments of patents filed by others. Patents are a crucial asset for any tech start-up, and patent analytics is seen as a tool for growth and strategy. A patent application is viewed as a strategic business move because it grants a monopoly in the market, aids in generating income through licencing, and occasionally aids in the formation of valuable corporate alliances. 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 use(s), its technical features, and the problems it solves, among other things.
The Patent Analytics Market - Growth Factor
Clearly, strategic planning and wise decision-making could benefit from the extensive 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. A rise in patent applications from companies looking to protect their discoveries is anticipated to accelerate market expansion. While concerns about how technology affects society and the environment are growing, the Internet of Things and technical developments in the sector are altering the subject's nature and heightening its complexity, which forms the basis of patent applications.
The Patent Analytics Market – Market Trends
The nature, volume, and features of patent data are rapidly altering as a result of increased entrepreneurial activity and the creation of inventive solutions in emerging economies.
Furthermore, cutting-edge technologies like data and text mining, machine learning, AI, deep learning, big data, cloud computing, etc. are transforming patent analytics and having a big impact on the global market for patent analytics.
Business choices involving the evaluation of possibilities, challenges, and dangers may benefit from using patent analytics and mapping as a solid foundation.
A rise in patent applications from companies looking to protect their discoveries is anticipated to accelerate market expansion. The three main markets are projected to be Asia, North America, and Europe.
The Patent Analytics Market – Segmentation
The Patent Analytics Market fragrance concentrates market has been sub-classified into services, component, enterprise size, industry vertical.
On the basis of services, the Patent Analytics Market is bifurcated into:
• Patent landscapes/white space analysis
• Patent strategy and management
• Patent valuation
• others
On the basis of component, the market is segmented into:
• software
• services
• others
On the basis of enterprise size, the market segmented into:
• large enterprises
• small and medium enterprises
• Others
On the basis of industry vertical, the market segmented into:
• BFSI
• IT and Telecom
• Automobile
• Healthcare
• Others
The Patent Analytics Market –Regional Analysis
North America dominated the global Patent Analytics Market, Patent analytics companies in the US are concentrating on providing cutting-edge solutions and services for different industries. The number of patent applications filed in the nation has increased, which is fuelling market expansion.
The existence of well-known significant firms who provide cutting-edge patent analytics software and services is another factor contributing to the region's success. Additionally, the US market is the one that changes and is most competitive globally. In addition, the region is projected to adopt new technology more quickly than other nations in the world.
The Patent Analytics Market – Key Market players
Global key players of Patent Analytics Market include Anaqua, Inc. (US), Clarivate Analytics Plc (UK), LexisNexis (US), Gridlogics (India), Harrity & Harrity, LLP (US), IBM Corporation (US), Minesoft Ltd. (UK), Ocean Tomo, LLC (US), Wynne-Jones IP Ltd (UK), PatSnap Ltd (UK), IDTechEx Ltd (UK), IP Wagon Pvt. Ltd. (India), and others.
Report scope
Global Patent Analytics Market: Historical Years- 2018-2021
Global Patent Analytics Market: Forecast Years- 2022-2030
Global Patent Analytics Market 2022- USD 907.6 million
Global Patent Analytics Market 2030- USD 2,099.3 million
Global Patent Analytics Market CAGR- 12.7%
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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