Pune, India, March 31, 2022 (GLOBE NEWSWIRE) -- The patent analytics market size was USD 813.2 million in 2021. The market is projected to grow from USD 907.6 million in 2022 to USD 2,099.3 million in 2029 at a CAGR of 12.7% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Patent Analytics Market, 2022-2029.” Factors such as the ability to filter, sort, and automate patent searches and increasing patent filings worldwide will boost the growth of the market during the forecast period. Additionally, the rising adoption of solutions & services from dominant players will increase the footprint of the market.
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Competitive Landscape
Diversified Product Portfolio & Expanding Consumer Base to Bolster Market Share for Dominant Players
The sector of patent analytics is extremely fragmented with players offering developed advanced solutions & services by integrating advanced technologies such as cloud computing, artificial intelligence, and others. Dominant players are focused on expanding their portfolio by providing services and solutions across a global scale. For example, in December 2020, BananaIP announced its DIY platform called Strategic Inventor. This platform is expected to enable innovators to individually file patents. This platform will be made available for free and is expected to create as many applications as needed. Players are focused on implementing various business strategies, including launching, mergers & acquisitions, and launching novel products to maintain a competitive edge in the market.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 12.7% |
| 2029 Value Projection | USD 2099.3 Million |
| Base Year | 2021 |
| Patent Analytics Market Size in 2021 | USD 813.2 Million |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 130 |
| Segments covered | Component, Enterprise Size, End-user and Geography |
| Patent Analytics Market Growth Drivers | Diversified Product Portfolio & Expanding Consumer Base to Bolster Market Share for Dominant Players |
| Rising Investment for Patent Filings Yearly to Augment Market Growth | |
| North America to Witness Significant Market Share due to Increased Patent Filings from Various Sectors |
Declining R&D Activities & Slowed Production to Limit Market Growth During Pandemic
The emergence of COVID-19 reduced the demand for R&D activities across several sectors. Additionally, lockdowns and restrictions by various governments led to a limitation on production, research institutes, and innovative centers, triggering a decrease in market growth. The demand for the sector was further reduced due to budget constraints arising from the small and medium organizations. However, prominent players are focused on developing customized patent analytics platforms as the pandemic looms on, leading to a revival in the market growth.
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Segments
By component, the market is divided into solution and services.
Based on enterprise size, the market is broken down into large-scale enterprises and SMEs.
With respect to end-user, the market is segmented into healthcare, automotive, IT and telecommunications, food and beverages, banking, financial services and insurance (BFSI), media and entertainment, and others (government, education).
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Report Coverage
The patent analytics market report provides a global prospect for presenting a better understanding of the sector for our readers. Additionally, the report highlights the ongoing industry developments and future market trends that are expected to occur during the forecast period. Factors such as market drivers, restraints, opportunities, and trends are further presented in the report.
Drivers & Restraints
Rising Investment for Patent Filings Yearly to Augment Market Growth
Factors such as increasing research and development (R&D) from sectors healthcare, manufacturing, and IT & telecommunications coupled with accelerated demand for analytical tools will boost the patent analytics market growth during the forecast period. Additionally, increasing investments regarding patenting innovating products before officially launching will increase the footprint of the market. Also, rising patents falling from dominant players will boost the growth of the market.
However, higher transactional costs associated with software and other services will limit the growth of the market during the forecast.
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Regional Insights
North America to Witness Significant Market Share due to Increased Patent Filings from Various Sectors
North America will occupy the largest patent analytics market share due to rising patent filings from sectors, including healthcare & IT and the rising number of players pertaining to the IT & healthcare sector.
Europe will witness considerable market share regarding global contribution due to increasing integration of analytics tools from end-users such as healthcare, manufacturing, and automotive.
Asia Pacific will witness the highest CAGR due to increasing adoption of advanced analytics tools across emerging economies, including China and India coupled with the rising number of patent filings from developing countries.
Industry Development
- January 2021: Minesoft released a new updated version of PatBase 2.0, with new patent research and analysis improvements. This upgrade adds publication-level searching and the ability to do so through a cloud-integrated system.
List of Key Players Present in the Market
- Anaqua, Inc. (U.S.)
- Clarivate Analytics Plc (U.K.)
- LexisNexis (U.S.)
- Gridlogics (India)
- Harrity & Harrity, LLP (U.S.)
- IBM Corporation (U.S.)
- Minesoft Ltd. (U.K.)
- Ocean Tomo, LLC (U.S.)
- Wynne-Jones IP Ltd (U.K.)
- PatSnap Limited (U.K.)
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Major Table of Contents:
- Global Patent Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- 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 Enterprise Size (USD)
- Large Enterprises
- SMEs
- By End-user (USD)
- IT & Telecom
- Healthcare
- BFSI
- Automotive
- Media & Entertainment
- Food and Beverages
- Others(Government, Education, Etc)
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Patent Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- 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 Enterprise Size (USD)
- Large Enterprises
- SMEs
- By End-user (USD)
- IT & Telecom
- Healthcare
- BFSI
- Automotive
- Media & Entertainment
- Food and Beverages
- Others (Government, Education, Etc)
- By Country (USD)
- United States
- By End-user
- Canada
- By End-user
- United States
- Latin America Patent Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- 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 Enterprise Size (USD)
- Large Enterprises
- SMEs
- By End-user (USD)
- IT & Telecom
- Healthcare
- BFSI
- Automotive
- Media & Entertainment
- Food and Beverages
- Others (Government, Education, Etc)
- By Country (USD)
- Brazil
- By End-user
- Mexico
- By End-user
- Rest of Latin America
- Brazil
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