Patent Analytics Market By Services (Patent Landscapes/White Space Analysis, Patent Strategy and Management, Patent Valuation) , By Component (Software, Services) By Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises) By Industry Vertical (BFSI, IT & Telecom, Automotive, Healthcare, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Patent Analytics Market
The patent analytics market was valued at $1.0 billion in 2023 and is projected to reach $3.4 billion by 2032, growing at a CAGR of 14% from 2024 to 2032.
Patent analytics involves the assessment of patent data for the extraction of critical information related to intellectual property (IP) portfolios, innovation strategies, and market dynamics. A patent is a legal authorization offered by the government, giving exclusive rights for a new, useful invention or discovery to the inventor. Analysis of patents offers insights into trends, gaps, and competitive advantages in the industry.
Increase in awareness among individuals or organizations regarding the importance of protecting their innovation or discovery has fueled the attainment of patent rights due to which the growth of the patent analytics market has been driven significantly. In addition, upsurge in the accomplishment of mergers, acquisitions, and partnerships among businesses has augmented the market growth as patent analytics plays a critical role in optimizing IP portfolio management. In recent times, the usage of generative AI and machine learning solutions in patent analytics has been trending. The predictive capabilities of these technologies are transforming the approach of patent analytics by refining the search accuracy and future forecasting of trends & competition.
However, rise in the usage of AI has challenged the conventional concept of ownership and increased concerns regarding the legal status of AI-generated content, thereby hampering the development of the market. Moreover, lack of standardization in patenting systems globally due to differences in formats, classification systems, and metadata structures hinders the comprehensive analysis of patent data, thereby restraining the market growth. Contrarily, a consistent rise in global patent filings is anticipated to present remunerative opportunities for the patent analytics market. According to the annual report of the World Intellectual Property Indicators—a specialized United Nations agency—global patenting activities crossed the mark of 3.5 million for the first time in 2023, despite the challenging macroeconomic environment. Therefore, surge in demand for IP rights is poised to drive patent analytics activities in the future.
Segment ReviewThe patent analytics market is segmented into services, component, enterprise size, industry vertical, and region. On the basis of services, the market is divided into patent landscapes/white space analysis, patent strategy & management, and patent valuation. Depending on component, it is bifurcated into software and services. As per enterprise size, it is classified into large enterprises and small & medium-sized enterprises. According to industry vertical, it is categorized into BFSI, IT & telecom, automotive, healthcare, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA.
Key FindingsOn the basis of services, the patent landscapes/white space analysis segment held a significant share of the market in 2023.
Depending on component, the software segment dominated the market in 2023.
As per enterprise size, the large enterprises segment acquired a notable stake in the market in 2023.
According to industry vertical, the IT & telecom segment was the highest shareholder in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe major players in the global patent analytics market include Clarivate Analytics, Intricate Research, IDTechEx Ltd, Anaqua Inc., Wynne-Jones IP Limited, Ocean Tomo LLC, Harrity & Harrity LLP, IP Wagon Pvt. Ltd., PatentSight GmbH, and Excelon IP. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy ServicesPatent Landscapes/White Space Analysis
Patent Strategy and Management
Patent Valuation
By ComponentSoftware
Services
By Enterprise SizeLarge Enterprises
Small and Medium-sized Enterprises
By Industry VerticalBFSI
IT Telecom
Automotive
Healthcare
Others
By RegionNorth America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Colombia
Argentina
Rest of Latin America
MEA
Saudi Arabia
South Africa
UAE
Rest of MEA
Key Market PlayersClarivate Analytics
Intricate Research
IDTechEx Ltd
Anaqua Inc.
Wynne-Jones IP Limited
Ocean Tomo LLC
Harrity & Harrity LLP
IP Wagon Pvt. Ltd.
PatentSight GmbH
Excelon IP