Pune, India, Feb. 09, 2022 (GLOBE NEWSWIRE) -- The global patent analytics market size is anticipated to reach USD 1,859.6 million by 2028 and exhibit a CAGR of 12.5% during the forecast period. The rising investments in patent filings due to increasing research activities across IT and telecommunications, healthcare, manufacturing, and other industries are expected to bolster the market growth. Fortune Business InsightsTM has presented this information in its report titled “Patent Analytics Market, 2021-2028”. The market size stood at USD 732.7 million in 2020 and is estimated to reach USD 817.0 million in 2021.
Moreover, several businesses across the globe are adopting and implementing advanced technologies, including Big Data Analytics, cloud computing, and Artificial Intelligence (AI) to offer advanced analytics tools. The rising adoption of these technologies is likely to boost market growth.
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Report Coverage-
- The report covers the market’s competitive landscape and profiles key market players accordingly.
- The report highlights the challenges and restraints to market growth and suggests strategies to overcome them.
- The report showcases the impact of the coronavirus outbreak and its effect on market’s growth.
- The report provides information on the key market trends and latest industry developments.
Leading Global Players in the Patent Analytics Market:
- Anaqua Inc. (Massachusetts, U.S.)
- Clarivate Analytics Plc (Philadelphia, U.S.)
- PatentSight GmbH (New York, U.S.)
- CPA Global (New Jersey, U.S.)
- Gridlogics, (Pune, India)
- Harrity & Harrity LLP (Virgina, U.S.)
- IBM Corporation (New York, U.S.)
- Minesoft Ltd. (Richmond, England)
- Ocean Tomo, LLC (Chicago, U.S.)
- Wynne-Jones IP Ltd (Gloucestershire, England)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 12.5% |
| 2028 Value Projection | USD 1859.6 Million |
| Base Year | 2020 |
| Blockchain Market Size in 2020 | USD 732.7 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 137 |
| Segments covered | Component, Organization Size, End-Users and Geography |
| Blockchain Market Growth Drivers | Annually Rising Patent Filing Investment to Fuel Market Growth |
| Presence of Key Players to Complement Growth in North America | |
| Key Players Unveil New Offerings to Acquire Growth |
COVID-19 Impact-
The global market for patent analytics has been significantly affected by the COVID-19 pandemic. The lockdowns and curfews imposed by the governments of several nations resulted in hindered research and development activities, which negatively impacted the market growth. Various business sectors reported declined revenues during the pandemic. Nonetheless, the leading companies amplified their emphasis on developing custom analytics platforms for the healthcare sector during the pandemic. This has provided significant traction to the market. The market is expected to progress swiftly during the forecast period.
To get the short-term and long-term impact of COVID-19 on the global blockchain market.
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Segmentation-
On the basis of components, the market is bifurcated into services and solutions. On the basis of organization size, the market is divided into SMEs and large-scale enterprises. On the basis of end-users, the market is segmented into food and beverages, media entertainment, automotive, Banking, Financial Services and Insurance (BFSI), healthcare, IT and Telecommunications, and others. Geographically, the market is classified into North America, the Middle East & Africa, Latin America, Europe, and Asia Pacific.
Drivers & Restraints-
Annually Rising Patent Filing Investment to Fuel Market Growth
The demand for patent analytics tools has immensely increased due to the rising research and development activities across IT and Telecommunications, healthcare, manufacturing, and other industries. The rising research and development activities augment patent filing investments for innovative products, which is likely to amplify the global patent analytics market growth in the coming years. For instance, Samsung Electronics invested nearly USD 137 million in China and the U.S. in 2021 as annual fees for patent application filings. Likewise, General Electric, Microsoft, Canon, Bosch and Panasonic paid nearly USD 50 million, USD 53 million, USD 63 million, USD 57 million, and USD 64 million, as annual patent filing fees, respectively.
Also, businesses across the globe are adopting and implementing advanced technologies to offer advanced analytics tools. The rising adoption of these advanced technologies, including Big Data Analytics, cloud computing, and Artificial Intelligence (AI) is likely to boost the market growth.
However, the high costs of transactions associated with services and software may hinder may growth.
Regional Insights-
Presence of Key Players to Complement Growth in North America
North America is projected to gain the largest global patent analytics market share during the forecast period. The rising patent filings across IT and telecommunications, healthcare, and other sectors are expected to boost the market growth. Additionally, the presence of key players in the region is likely to complement the regional market growth.
Europe is anticipated to witness substantial growth due to the increasing adoption of patent analytics solutions. The rising investments in product development across automotive, manufacturing, healthcare, and other industries are likely to augment the adoption of these solutions and foster market growth.
Asia Pacific is expected to exhibit the highest CAGR during the forecast period. The surging adoption of advanced analytics tools in India and China is a key factor driving the region’s growth. The WIPR organization reported an increase of 16.1% in 2020, over 2019, with above 68,720 patent applications.
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Competitive Landscape-
Key Players Unveil New Offerings to Acquire Growth
The key market players emphasize developing modern services and solutions by integrating cloud computing, AI, and other advanced technologies. They focus on expanding their solutions and service portfolio by providing their solutions globally. They adopt several growth strategies, including mergers, acquisitions, new product launches, and others. For instance, in October 2020, Parola Analytics Inc. unveiled the Edge Parola Patent platform to help clients during the coronavirus pandemic. The new platform is a client-focused solution that provides guidance from scientists, patent experts, and technical expertise based in the U.S.
Industry Development:
March 2021- PatSnap., an Artificial Intelligence-based analytics platform company, has secured around USD 300 million funding in Series E. The investment was made by SoftBank Vision Fund 2 and Tencent Holdings Ltd. The fund will be used to advance its intelligence platform and accelerate new product development in several industry sectors. Its technology is used by intellectual property (IP) and research and development teams and is aimed to expand its sales worldwide.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in Public Cloud domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Patent Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Solution
- Services
- Patent Landscapes/White Space Analysis
- Patent Strategy and Management
- Patent Valuation
- Patent Support
- Patent Analysis
- Others (Patent Licensing, Patent Prosecution, Etc.)
- By Organization Size (USD)
- Large Enterprises
- SMEs
- By End-user (USD)
- IT and Telecommunications
- Healthcare
- Banking, Financial Services and Insurance (BFSI)
- Automotive
- Media and Entertainment
- Food and Beverages
- Others(Government, Education, Etc.)
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (USD)
- Global Patent Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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