Patent Analytics Market Outlook
According to the report by Expert Market Research (EMR), the global patent analytics market Data is projected to grow at a CAGR of 12.4% between 2023 and 2028. Aided by the escalating demand for insights into patent information and the surge in patent applications across diverse industries, the market is expected to grow significantly by 2028.
Patent analytics involves the extraction of insightful data and patterns from a vast pool of patent information. These analyses can provide comprehensive insight into current technological trends, competitive landscape, potential collaborations, and future opportunities in various sectors. Patent analytics can be used in a myriad of applications, including intellectual property (IP) management, research and development, strategic planning, and litigation.
One of the driving forces behind the global patent analytics market growth is the escalating need for businesses to understand and analyse patent portfolios, owing to the sharp increase in global patent applications. With the ever-intensifying competition in various industries, businesses are leveraging patent analytics to gain competitive advantage, anticipate market trends, and drive innovation.
Moreover, the increase in intellectual property rights (IPR) infringement cases worldwide has led to a surge in patent analytics market demand. These services allow businesses to safeguard their proprietary technology and ideas effectively, thereby preventing potential IPR violations and ensuing litigation.
A substantial expansion of patent analytics applications across various sectors also significantly contributes to the patent analytics market expansion. In the pharmaceutical and biotechnology sectors, patent analytics is pivotal in the process of drug discovery and development, helping to understand the landscape of patented drugs and technologies. The technology industry extensively uses patent analytics for technology scouting, ensuring that their developments are unique and do not infringe on existing patents.
Furthermore, patent analytics is a crucial tool in the legal sector, where it assists in patent litigation and dispute resolution. By analysing patent data, lawyers can construct compelling arguments, build robust patent infringement cases, and devise effective patent litigation strategies.
Additionally, the advent of blockchain technology in patent analytics presents lucrative opportunities for patent analytics market growth. Blockchain can provide enhanced security and transparency in the storage and management of patent data, ensuring the integrity of patent analytics processes.
Patent Analytics Market Segmentation
The market can be divided based on component, enterprise size, end use, and region.
Market Breakup by Component
- Services
- Solution
Market Breakup by Enterprise Size
- Large Scale Enterprises
- SMEs
Market Breakup by End Use
- IT and Telecommunication
- Healthcare
- Banking, Financial Services and Insurance (BFSI)
- Automotive
- Media and Entertainment
- Food and Beverages
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Patent Analytics Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global patent analytics companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Anaqua, Inc.
- Clarivate Plc
- LexisNexis
- Harrity and Harrity LLP
- Ocean Tomo, LLC
- Minesoft Limited
- Others
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