The patent analytics market is subjected to an enormous driving force that will lift the market from US$ 1715.8 million to US$ 6570.3 million by 2034. 14.4% is the estimated impressive CAGR during the forecasted period.
The fundamental market driver includes technological disruption. It provides lucrative growth chances for innovation in different industries. Consequently, it drives the subject market drastically.
Incentivization of R&D activities in different sectors and enhanced technological frameworks develop several growth prospects for innovation. Due to this, more patents are being filed each year, driving the subject market. The disruption of ICT has allowed businesses to increase their asset acquisition through ICT patents. Consequently, this factor drives the subject market.
Key Takeaways from the Market Study
- North America leads the patent analytics market, with the United States of America being the regional leader, estimating the market advancement at a CAGR of 11.2%.
- The Australian market creates the highest number of lucrative chances for the market propulsion, registering a massive 17.9% CAGR and the highest among all other countries.
- The patent analytics software will likely hold 72.4% of the market in 2024. Based on the component category, this is the highest market space occupied by any segment.
- Large enterprises are likely to exploit the subject market more, reflected in the occupied market space, accounting for 58.2%.
“Despite enormous growth in the patent analytics market, the high costs for patents and the tediousness of the legal procedures pose a great challenge for the subject market,” says an FMI analyst.
Competitive Landscape
The competitive landscape of the worldwide patent analytics market covers a wide spectrum, where key competitors implement various strategic initiatives, including strategic collaborations, mergers and acquisitions, market expansion processes, and many others.
New entrants need to mitigate the threat by product development. The following are the key market developments in the subject market:-
- In December 2021, Anaqua, Inc. partnered with ASU Co., Ltd. The strategic initiative has helped the business gain intellectual property management systems migration in Japan, bolstering its international presence.
- In March 2024, Clarivate Analytics Plc acquired MotionHall, an AI start-up. This strategic move will accelerate the business development of the business. It will be a key asset acquisition for Clarivate’s Life Sciences & Healthcare sector.
More Valuable Insights Available
Future Market Insights offers an unbiased global patent analytics market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The subject market is segmented by Component (Patent Analytics Software, Services, Patent Landscapes/White Space Analysis, Patent Portfolio Management, Patent Valuation, Patent Monitoring, and Others), enterprise Size (Small and Medium-sized Enterprises (SMEs) and Large Enterprises), and industry (BFSI, Healthcare, IT & Telecom, Automotive, Media & Entertainment, and Others).
Patent Analytics Market – Key Segments
By Component:
- Software
- Services
- Patent Landscapes/White Space Analysis
- Patent Portfolio Management
- Patent Valuation
- Patent Monitoring
- Others
By Enterprise Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Industry:
- BFSI
- Healthcare
- IT & Telecom
- Automotive
- Media & Entertainment
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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