The size of the global market for patent analytics, which was estimated at USD 904.1 million in 2022, is expected to increase from USD 1,007.8 million in 2023 to USD 2,364.6 million by 2030, at a CAGR of 13%.
Intellectual Property (IP) searches are frequently analyzed, separated, and automated using patent analytics software. An increase in global patent filings as a result of increased RD activities has fueled the demand for analytics solutions. Approximately 277,500 patent applications were filed globally in 2021, according to a World Intellectual Property Organization (WIPO) report. Moreover, market leaders are concentrating on integrating cutting-edge technologies into their analytics solutions to provide services like advanced search and exploration.
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Based on channel, deployment mode, application, end-use vertical, and geography, the study thoroughly segments the global data visualization market. Each segment and its corresponding sub-segments are thoroughly examined in the report using a graphical and tabular representation. By using it to identify and develop strategies based on the fastest-growing market segments and those with the highest revenue creation, as highlighted in the report, market players, investors, and new entrants can all profit from this analysis.
COVERAGE OF REPORTS
To aid the reader in understanding the market, the research report highlights important geographic areas around the world. The report also provides information on the most recent market trends and an analysis of the technologies that are spreading quickly around the globe. To give the reader a complete understanding of the market, it also discusses some of the growth-stimulating factors and restraints.
Key Industry Developments:
The IPlytics Undeclared Patent Universe was introduced in March 2023 by IPlytics (acquired by LexisNexis), and it includes unreported patents that are crucial to the HEVC, AVC, and VVC video coding generations.
KEY INDUSTRY PLAYERS
Leading suppliers of software and services for patent analytics, including IBM Corporation, LexisNexis, Anaqua, Inc., Harrity Harrity, LLP, and Clarivate Analytics Plc, are implementing cutting-edge solutions and services by fusing artificial intelligence, cloud computing, and other technologies.
List of Key Companies Profiled:
- 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.)
RESTRAINING FACTORS
Commercial IP rights searches and negotiation services employ software for patent analytics. The demand for patent applications in developing countries is hampered by the high deployment and transaction costs of this software. For instance, depending on the type of patent searching and application filing, the cost of the patent analytics solutions and services provided by businesses like Gridlogics, Harrity Harrity, LLP, and others ranges from USD 1,000 to USD 5,000 per year.
REGIONAL INSIGHTS
North America, Latin America, Europe, the Middle East Africa, and Asia Pacific make up the different regions that make up the market. They are further segmented into countries.
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