Patent Analytics Market to Exhibit a CAGR of 13.2% from 2024 to 2032; Increasing Adoption of Cloud-based Solutions to Propel Industry Growth

The global patent analytics market size stood at USD 1.00 billion in 2023. The market value is slated to rise from USD 1.12 billion in 2024 to USD 3.02 billion by 2032 at a CAGR of 13.2% during 2024-2032. Fortune Business Insights™ presents this information in its report, titled “Patent Analytics Market Size, Share & Industry Analysis, By Component (Solutions and Services (Patent Landscapes/White Space Analysis, Patent Strategy and Management, Patent Valuation, Patent Support, Patent Analysis, and Others)), By Enterprise Size (Small and Mid-sized Enterprises (SMEs) and Large Enterprises), By End-user (IT and Telecommunications, Healthcare & Pharma, Banking, Financial Services and Insurance (BFSI), Automotive, Media and Entertainment, Food and Beverages, and Others), and Regional Forecast, 2024 – 2032”.

Patent analytics solutions help businesses in gaining a region’s/country’s technological landscape and major R&D initiatives. The product demand is rising owing to the soaring number of patent filings in the healthcare and pharmaceutical industries.

The COVID-19 pandemic put a halt on product development activities, innovation centers, and research institutes. This led to a decline in patient analytics demand during the period.

LexisNexis Legal & Professional Introduced PatentSight+ to Provide Data-driven Insights to Customers

In January 2024, LexisNexis Legal & Professional announced the rollout of LexisNexis PatentSight+. This upgraded version of PatentSight would assist IP teams in tackling the challenges associated with modern innovation by offering advanced data-driven insights.

Soaring Cloud Computing Adoption in IP Management Platforms to Drive Industry Expansion

Industry players are placing a greater emphasis on developing cloud-based intellectual property (IP) management solutions. These companies are also considerably investing in cloud computing technology deployment to provide enhanced analytics solutions. These factors are expected to enhance IP management platforms, propelling patent analytics market growth.

However, affordability issues faced by companies on account of budget constraints could hinder the industry expansion.

Companies Focus on Product Enhancement to Secure an Edge over their Counterparts

Leading industry players are centered on the development of advanced patent analytics solutions. They are also keen to enhance their offerings with the help of machine learning, artificial intelligence, and other technologies. These steps are being undertaken to gain a competitive edge.

Key Players Profiled in the Report

• Clarivate Analytics Plc (U.K.)


• IBM Corporation (U.S.)


• LexisNexis (U.S.)


• Anaqua, Inc. (U.S.)


• Harrity & Harrity, LLP (U.S.)


• Ocean Tomo, LLC (U.S.)


• Wynne-Jones IP Ltd. (U.K.)


• Gridlogics (India)


• Minesoft Ltd. (U.K.)


• PatSnap Limited (U.K.)   

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/patent-analytics-market-102774

Key Industry Development

• October 2023 – Wynne-Jones IP announced a strategic collaboration with U.K.-based cyber technology provider CyNam. The deal would help sponsor innovation in the field of cyber technology in the country.

Further Report Findings

• The North America patent analytics market share is slated to record a dominant share in the global market over the study period owing to the increasing number of patent filings in the region. Canada is set to grow with the highest growth rate during the projection period owing to the rising PCT utilization rate.


• The Asia Pacific market is set to expand owing to an increase in innovations in the region over the past decade. Furthermore, a rise in investments in the adoption of patent analytics solutions by businesses in countries such as Japan, China, India, Southeast Asia, South Korea, and Oceania.


• By enterprise size, the large enterprises segment held the largest share in 2023 in the market due to a surge in patent filings by tech giants such as IBM Corporation and Microsoft Corporation, among others.


• Based on end-user, the IT and telecommunications segment is anticipated to register a prominent share in the market owing to an increase in patent applications across the sector. 

Table of Segmentation