Pune, India, May 24, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global patent analytics market size was valued at USD 904.1 million in 2022 and is projected to grow from USD 1,007.8 million in 2023 to USD 2,364.6 million by 2030, exhibiting a CAGR of 13% during the forecast period. Rising R&D Investment and IP Rights Filings to Accelerate Market Progress. Fortune Business Insights™ displays this information in a report titled, "Global Patent Analytics Market Forecast, 2023-2030."
Patent analytics software is used to analyze, separate, and automate searches related to Intellectual Property (IP). The growing number of patent filings across the world due to intense R&D activities is expected to fuel the demand for analytics solutions. Also, many leading market players are integrating advanced technologies into their analytics solutions to offer services, such as advanced search and exploration. These factors will boost the patent analytics market growth.
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Key Industry Development:
December 2022: Anaqua partnered with PatSnap to offer a pharma IP management solution. The combined PatSnap Synapse and Anaqua AQX Pharma solutions allowed AQX Pharma’s clients to eliminate duplicated work and cater to the trending requirements of the market.
Key Takeaways
- Patent analytics software is widely used to analyze, separate, and automate Intellectual Property (IP) searches.
- Slowdown in R&D Activities Amid COVID-19 Slightly Declined Demand for Patent Analytics Solutions
- Adoption of Cloud Computing and Intellectual Property (IP) Management Platforms to Boost Market Growth
- By Component Analysis: Growing Demand for Customized Services by SMEs and Large-Scale Enterprises to Drive Market Expansion
- Patent Analytics Market Size in North America was USD 379.0 Million in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the patent analytics market are 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.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13% |
| 2030 Value Projection | USD 2,364.6 Million |
| Base Year | 2022 |
| Patent Analytics Market Size in 2022 | USD 904.1 Million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 130 |
| Segments covered | Component, Enterprise Size, End-user and Geography |
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Drivers and Restraints:
Rising R&D Investment and IP Rights Filings to Accelerate Market Progress
Growing R&D activities in healthcare, manufacturing, IT & telecom, and other sectors have boosted the demand for advanced analytics tools. End-users in these sectors are making heavy investments while filing IP rights for their futuristic products before launching them. These factors are driving the market growth.
However, high transactional costs associated with various software and services can impede the market growth.
Segments:
By Component
- Solution
- Services
- Patent Landscapes/White Space Analysis
- Patent Strategy and Management
- Patent Valuation
- Patent Support
- Patent Analysis
- Others
By Enterprise Size
- Large-scale Enterprises
- SMEs
By End-user
- IT and Telecommunication
- Healthcare & Pharma
- Banking, Financial Services and Insurance (BFSI)
- Automotive
- Media and Entertainment
- Food and Beverages
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Regional Insights:
North America to Lead Due to Increasing Number of IP Rights in Various Industries
North America is expected to hold a dominant patent analytics market share. The growth is attributed to the increasing number of IP rights filings across the region’s healthcare, IT & telecommunication, and other sectors.
Europe is also set to have considered market growth due to the presence of healthcare, manufacturing, automotive, and other industries. These industries have been adopting analytics tools owing to the rising investments in product development processes.
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Competitive Landscape:
Key Market Players to Provide Diverse Product Portfolios to Retain Dominant Position
Key players in the market such as Clarivate Analytics Plc, IBM Corporation, LexisNexis, Anaqua, Inc., Harrity & Harrity, LLP, and others are expanding their services and solutions portfolio by offering advanced solutions in developing countries. These companies are also implementing various business strategies including mergers, new product launches, and acquisitions to retain their competitive edge in the market.
FAQ’s
How big is the patent analytics market?
Patent Analytics Market size was USD 904.1 million in 2022.
How fast is the patent analytics market growing?
The Patent Analytics Market will exhibit a CAGR of 13% during the forecast period, 2023-2030
Related Reports:
Intellectual Property Software Market Size, Share, Trends Forecast 2023
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