Patent Analytics Market

Patent Analytics Market Size

Patent Analytics Market is anticipated to grow at a CAGR of 15.1% in the forecast period (2024-2034), with the market size valued at USD 1.18 billion in 2023 and projected to reach USD 5.54 billion by 2034.

Patent analytics is the systematic analysis of patent data to gather valuable insights regarding technological patterns, innovation strategies, and potential business opportunities. It includes various methods such as patent landscaping, citation analysis, and technology forecasting. With the help of patent analytics, analysts can detect modern technologies, evaluate the scope of inventions, and determine the level of competition within particular industries by reviewing patent records, such as claims and citations. In addition, patent analytics help in determining the strength of intellectual property portfolios, along with identifying possible partners or competitors and limiting infringement issues. Therefore, patent analytics uses modern data analytics and machine learning algorithms to help companies make informed strategic decisions, simplify their innovation operations, and have a competitive advantage in developing markets.

Market Highlights 

Patent Analytics Market is anticipated to demonstrate a compound annual growth rate (CAGR) of 15.1% throughout the forecast period spanning from 2024 to 2034

Patent Analytics Market is expected to reach USD 5.54 billion, rising at a CAGR of 15.1% during the forecast period as firms are increasingly appreciating the strategic importance of intellectual property (IP) assets. Companies across various sectors are investing in patent analytics solutions to acquire competitive intelligence, track market trends, and improve their research and development (R&D) strategies. Additionally, strict IP regulations and the need to reduce infringement risks are promoting the demand for modern patent analytics tools. Innovations in technologies such as artificial intelligence and machine learning are transforming patent analytics, combined with improving the speed and accuracy of extracted data from large patent databases. Consequently, this pattern highlights the vast adoption of patent analytics solutions and underlines its essential role in making strategic decisions, along with promoting innovation across industries.

Source: Fatpos Global

Patent Analytics Market Segmentation

Solutions segment will lead the patent analytics market due to its diverse offerings

Patent Analytics market is segmented based on Components into Solutions and Services. The segment for patent analytics solutions is projected to lead the patent analytics market as these solutions provide tangible products or software, which directly address the needs of businesses and provide competitive intelligence from patent data. These solutions often include advanced features like artificial intelligence, machine learning algorithms, and data visualization tools, which improve the efficiency and accuracy of patent analysis. Besides, as organizations focus on innovation and intellectual property management, the demand for holistic patent analytics solutions is continuously increasing. Thus, businesses need customized and integrated platforms that simplify the formulation of IP strategies and assist in portfolio management as patent ecosystems are becoming highly complex and there’s a growing need for real-time insights. These factors are collectively driving the solution segment to lead the patent analytics market.

Large Scale Enterprises segment will dominate the market owing to high usage of patent analytics solutions

Patent Analytics Market is segmented based on Enterprise Type into Large Scale Enterprises and Small & Medium Enterprises. The Large-scale enterprises segment will likely dominate the patent analytics market due to their significant resources, vast patent portfolios, and high emphasis on innovation. These enterprises allocate substantial budgets for research & development, which allow major investments in patent analytics tools and services to gain a competitive benefit. Moreover, large companies often encounter complex patent ecosystems and pressures, which require efficient patent analytics solutions for better decision-making. Their presence in multiple markets and industries demands sophisticated advanced patent analytics capabilities to navigate technological trends and intellectual property issues. Therefore, the scale of operations and financial capabilities of large-scale enterprises make them the key catalysts of growth in the patent analytics market.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Growing Necessity to Safeguard Intellectual Property has Prompted the Use of Patent Analytics

Need to protect intellectual property is growing across the world as businesses depend on knowledge-based assets like patents. This signifies that there are several important reasons to have strong IP protection and use analytics. Additionally, as IP protection is becoming increasingly important, it is crucial to evaluate the risks of infringement and have a strong portfolio of patents. Moreover, good IP management leads to smart decision-making about investing in research and taking advantage of opportunities, which can be done by analyzing patent data. Furthermore, companies must also be aware of the threats to their intellectual property in emerging markets. Therefore, patent analytics can help them manage the complex world of patents as firms require IP protection and patent analytics to secure their ideas and stay competitive.

Rising Complexity of the Patent Ecosystem has Raised the Demand for Patent Analytics Solutions

Increasing need to protect intellectual property is arising across the world due to growing dependence on knowledge-based assets such as patents. This pattern highlights several factors that require strong IP protection and the use of analytics. The growing focus on IP protection underscores the importance of evaluating violation risks and making a strong patent portfolio. In addition, effective IP management relies on well-informed decision-making regarding R&D investments and inventing competitive strategies, which are facilitated through patent data analysis. Furthermore, increasing globalization requires a thorough understanding of potential IP risks when venturing into new markets, which further makes patent analytics crucial for navigating a complex global patent ecosystem. Therefore, the demand for IP protection and patent analytics is driven by the need to safeguard the intangible assets of companies and maintain a competitive edge in a modern knowledge-driven economy.

Restraints

High Cost of Patent Analytics has Served as a Significant Limitation for the Market

The high expense associated with patent analytics solutions presents a major obstacle for the market, particularly for small enterprises and startups. This challenge arises from various factors, such as the complicated development and maintenance demands of advanced software, which leads to high pricing. Moreover, additional expenses, such as customization fees, recurring subscription charges, and hidden costs like training and support, further contribute to the financial burden. These high costs can present entry barriers and worsen the innovation divide between larger corporations and smaller entities. As a result, government initiatives and funding programs that are aimed at reducing financial stress and encouraging the adoption of patent analytics technology are required to promote innovation and economic growth.

Recent Developments

• In 2023, Clarivate Analytics acquired Predictify Insights which is a data science consultancy specializing in AI-powered IP analytics. They also launched the Derwent World Patents Index (DWPI) Patent Lens a new visualization tool for exploring patent data trends and identifying emerging technologies.
• In 2023, LexisNexis enhanced LexisNexis Patent & Trademark Suite with new features for portfolio management, competitor analysis, and freedom-to-operate assessments. They also integrated legal analytics with Patent Data providing insight into litigation trends and risk factors.
• In 2023, PatSnap Acquired Orbit Intelligence which is a leading market provider of competitive intelligence software. They also launched Questel Vantage which is a better unified platform for all IP management needs.
• In 2023, Anaqua acquired Versum IP which is a provider of IP management software. They successfully released AQRate v5.0 which is their flagship patent valuation tool with new features and data sources.
• In 2023, Cipher launched CipherX v4.0 with its patent analytics platform with enhanced AI capabilities and collaboration tools. They are also focusing on the life sciences and technology sectors by offering specialized solutions for industries.

Patent Analytics Market

Key Players:

• Clarivate Analytics
• LexisNexis
• PatSnap
• Questel
• Anaqua
• Cipher
• Orbit Intelligence
• IFI CLAIMS
• Gridlogics
• Innography
• ktMINE
• Minesoft
• Thomson Reuters
• Derwent
• IP.com
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Patent Analytics Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The North American region leads the market due to its advanced technological infrastructure and large investments in R&D activities. Countries such as the United States and Canada have well-established industries and intellectual property (IP) protection laws, which promote innovation and encourage companies to invest in patent analytics to protect their inventions and maintain competitiveness. Moreover, North America has a strong market for patent analytics services, with several providers offering modern technologies and expertise. Besides, the presence of leading technology firms and universities further boosts the demand for patent analytics to monitor industry patterns and identify collaboration opportunities.

Source: Fatpos Global

Impact of Covid-19 on Patent Analytics Market

COVID-19 pandemic significantly impacted the patent analytics market. Initially, there was a slowdown in patent filings and innovation activities as businesses adjusted to remote work models and simultaneously faced supply chain disruptions. This resulted in a temporary reduction in demand for patent analytics services. However, as the pandemic progressed, companies increasingly recognized the importance of innovation and IP protection to navigate the pandemic. Thus, there was a recovery in patent filings across sectors such as healthcare, pharmaceuticals, and digital technologies. This renewed focus on innovation pushed the demand for patent analytics solutions as companies wanted to identify emerging trends and seize new opportunities. Therefore, while the pandemic initially presented challenges to the market, it ultimately highlighted the crucial role of patent analytics in guiding strategic decision-making.

Patent Analytics Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Patent Analytics Market Scope and Segments:

Frequently Asked Questions (FAQ):