Patent Analytics Market to Reach USD 1,668.4 Million by 2027; Integration of Machine Learning and Artificial Intelligence to Spur Business…

Pune, May 18, 2020 (GLOBE NEWSWIRE) -- The global patent analytics market size is predicted to USD 1,668.4 million by 2027, exhibiting a CAGR of 12.4% during the forecast period. The increasing advancement and integration of machine learning, artificial intelligence, and the neural network by enterprises will have a positive impact on the market during the forecast period. Moreover, the growing needs of companies to protect intellectual assets will bolster healthy growth of the market in the forthcoming years, states Fortune Business Insights in a report, titled Patent Analytics Market Size, Share and Industry Analysis, By Component (Solutions and Services), By Services (Patent Landscapes/White Space Analysis, Patent Strategy and Management, Patent Valuation, Patent Support, Patent Analytics, and Others), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By Industry (IT and Telecommunications, Healthcare, Banking, Financial Services and Insurance (BFSI), Automotive, Media and Entertainment, Food and Beverages and, Others), and Regional Forecast, 2020-2027 the market size stood at USD 657.9 million in 2019. The rapid adoption of the Intellectual Property (IP) system to retain an innovation-based advantage in business will aid the expansion of the market.

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An Overview of the Impact of COVID-19 on this Market:

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Market Driver:

Integration of Artificial Intelligence to Improve Market Prospects

The implementation of artificial intelligence technology for analyzing patent data will support the expansion of the market. AI-based semantic search uses an artificial neural network to enhance patent discovery by improving accuracy and efficiency. For instance, in February 2018, PatSeer announced the unveiling of ReleSense, an AI-driven NLP engine. The engine utilizes 12 million+ semantic rules to gain from publically available patents, scientific journals, clinical trials, and associated data sources. ReleSense with its wide range of AI-driven capabilities offers search from classification, via APIs and predictive-analytics for apt IP solutions. The growing application of AI for domain-specific analytics will augur well for the market in the forthcoming years. Furthermore, the growing government initiatives to promote patent filing activities will boost the patent analytics market share during the forecast period. For instance, the Government of India introduced a new scheme named Innovative/ Creative India, to aware people of the patents and IP laws and support patent analytics. In addition, the growing preferment for language model and neural network intelligence for accurate, deep, and complete data insights will encourage the market.

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Regional Analysis:

Implementation of Advanced Technologies to Promote Growth in North America

The market in North America stood at USD 209.2 million and is expected to grow rapidly during the forecast period owing to the presence of major companies in the US such as IBM Corporation, Amazon.Com, Inc. The implementation of advanced technologies including IoT, big data, and artificial intelligence by major companies will aid growth in the region.

Considering this the U.S. is expected to showcase a higher growth in the patent filing. As per the World Intellectual Property, in 2018, the U.S. filed 230,085 patent applications across several domains. Asia Pacific is predicted to witness tremendous growth during the forecast period. The growth is attributed to China, which accounts for a major share in the global patent filings. According to WIPO, intellectual property (IP) office in China had accounted for 46.6% global share in patent registration, in 2018. The growing government initiatives concerning patents and IP laws in India will significantly enable speedy growth in Asia Pacific.

Key Development:

March 2018: Ipan GmbH announced its collaboration with Patentsight, Corsearch, and Uppdragshuset for the introduction of an open IP platform named IP-x-change platform. The platform enables prior art search, automatic data verification tools, smart docketing tools integrated in real-time to optimize IP management solution.

List of Key Companies Operating in the Patent Analytics Market are:

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Detailed Table of Content

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Have a Look at Related Research Insights:

Intellectual Property Software Market Size, Share and Global Trend By Deployment (On-premises & Cloud-based solutions), By Services (Development & Implementation Services, Consulting Services, Maintenance & Support Services), By Applications (Patent Management, Trademark Management and others), By Industry Vertical (Healthcare, Electronics and others) and Geography Forecast till 2025

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Patent Analytics Market to Reach USD 1,668.4 Million by 2027; Integration of Machine Learning and Artificial Intelligence to Spur Business...