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Patent Analytics Market Is Expected To See a growth of 14.4% CAGR during Forecast 2022 to 2032 | Get Customized Reports
Patent Analytics Market
According to the report, the market will be worth US$ 1,353.9 Mn by the end of 2022. According to Future Market Insights, each crisis presents unique opportunities for inventors to consider and develop ideas that result in a positive shift. This also applies to the COVID-19 pandemic.
Although business activity has slowed, this hasn't stopped organisations or academic institutions from developing new ideas and obtaining patent protection. Indeed, during the epidemic, patent applications increased significantly in several countries, according to our findings.
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Patents are a valuable asset for any tech startup, and patent analytics is viewed as a growth and strategy tool. A patent application is regarded as a strategic business move because it grants a monopoly in the market, aids in revenue generation through licencing, and, on occasion, aids in the formation of valuable corporate alliances.
Furthermore, third-party patents may contain a wealth of information, such as the patent holder's name, the country in which the patent was filed, and technology-related information such as the invention's intended uses, technical features, and the problems it solves, among other things.
Strategic planning and sound decision-making may benefit from patent analytics, which is a thorough examination of patents filed by others. Such advantages provided by patent analytics are expected to expand the patent analytics market globally. Some important applications of patent analytics include technology intelligence, competitive and strategic intelligence, company growth, and financial analysis and reporting. This has fueled the expansion of the patent analytics market.
Key Takeaways: Patent Analytics Market
By component, the services segment accounts for the highest market share of around 5% for patent analytics market in the year 2021. However, the patent analytics software segment is estimated to grow at a CAGR of 12.2% through 2032.
By enterprise size, the large enterprises segment had the highest market share of around 2% in the patent analytics market in 2021.
By industry, the healthcare is predicted to grow at a CAGR of around 1% between 2022 & 2032.
By region, East Asia had the largest market share of around 2% in patent analytics market in 2021, whereas the South Asia & Pacific region is showing the highest growth of around18.2% CAGR during the forecast period.
"Growing usage of patent analytics in the IT & Telecom industry is driving the market growth. In the Telecom sector patent analytics are used for filing patent applications that are related with data transfer, wireless communication and procedures of monitoring and organizing digital data. With the support of patent analytics organizations can make informed decision related with licensing & acquisition of modern technologies." says FMI analyst.
Rising R&D investment and registrations for IP rights to Drive Growth of Patent Analytics Market
Patents are thus tools to foster and protect innovation. Patents are thus widely used in the current economics and business and lead to chances. A rise in patent applications from businesses looking to protect their inventions as well as from government subsidies and incentives is anticipated to accelerate market expansion.
While there are concerns about how technology affects the environment and society, the Internet of Things and technical developments in the sector are altering the subject's nature and heightening its complexity, forming the basis of patent applications.
The demand for analytics tools has increased as a result of increased research and development (R&D) activities in industries such as healthcare, IT & telecommunications, and others. End users in these sectors invest significant amount in filing IP rights for their innovative product before launching.
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These key factor create ample opportunities for prominent market players. On the other hand, technology companies typically need to work together since the development of complicated goods typically necessitates the implementation of one or more patent-protected innovations owned by other businesses. Some of these top electronics and technology corporations invest a lot of money in R&D.
The IT and telecom industries frequently invest in R&D to obtain a competitive edge. The introduction of new technology, innovation in network bandwidth systems, and development of innovative network devices are anticipated to boost the market's growth are results in rising investment in R&D activities and registration of IP rights.
Competitive Landscape
Patent analytics market players are focusing on various strategies for increasing their investments in research and development to support future technologies. In addition, several companies are acquiring and entering into partnership with other companies to develop their own patent analytics to serve the customers and reduce the churn rate.
More Valuable Insights on Patent Analytics Market
Future Market Insight's report on patent analytics market industry research is segmented into four major sections - component (software, and services (patent landscapes/white space analysis, patent portfolio management, patent valuation, patent monitoring, others)), enterprise size (small & mid-sized enterprises (SMEs), and large enterprises), industry (BFSI, healthcare, IT & Telecom, automotive, media and entertainment and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and The Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the patent analytics demand outlook.
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Patent Analytics Outlook By Category
By Component, Patent Analytics Market is segmented as:
Patent Analytics Software
Services
Patent Landscapes/White Space Analysis
Patent Portfolio Management
Patent Valuation
Patent Monitoring
Others
By Enterprise Size, Patent Analytics Market is segmented as:
Small and Medium-sized Enterprises (SMEs)
Large Enterprises
By Industry, Patent Analytics Market is segmented as:
BFSI
Healthcare
IT & Telecom
Automotive
Media & Entertainment
Others
By Region, Patent Analytics Market is segmented as:
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)
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Website: https://www.futuremarketinsights.com
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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