Patent analysis is known as the study of tools and services that are associated with patents that are also a part of intellectual property. Earlier, patent analysis was carried out with the help of spreadsheets. However, with the evolution of data analytics and Big Data, patent analytics has gained leverage and has been significantly adopted across many industries. Law defines intellectual property as intangible rights that protect the creations of the human mind and intellect, such as patented inventions and copyrightable works. The aim of this law is to foster a productive environment, in which innovation is prized and creativity is fostered. Patent analytics, which includes intellectual property rights such as trademarks, patents, and copyrights, not only enables people to earn financial rewards, but more importantly, promotes recognition of their work. When artists and writers come up with a new book, painting, music compositions, or a graphic design, they can protect their work from infringement, misuse, or unauthorized use by issuing a copyright. Additionally, patents are rights granted for inventions, encouraging private investments by forbidding the production and distribution of new, unprecedented technological information by other entities.
The patent analytics services market is expected to expand at a rapid pace in the coming years. The market is expected to be driven by an increase in the adoption of data analytics and Big Data and a rise in demand for security and protection from large and small enterprises. While companies have been analyzing data for years, the latest developments in computing have unleashed the potential of data analytics. In the coming years, data analytics expects developments in the advance applications of the technological world. As the Big Data analytics market expands rapidly to include mainstream customers, technologies such as Hadoop and cloud solutions are in demand and have the potential to grow. Development of advanced technology and accessibility of data continue to drive demand for data analytics services and technology. These factors are expected to boost the market. However, the global patent analytics services market is expected to be restrained by high costs of copyrights and licenses. The negative impact of this restraint is anticipated to be nullified as the popularity of online intellectual property increases in the coming years. The emergence of patenting funds is also expected to present substantial opportunities.
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The global patent analytics services market can be segmented based on service, enterprise size, end-user, and region. Based on service, the patent analytics services market can be divided into trademark management, patent management, intellectual property (IP) licensing, intellectual property (IP) portfolio management, and intellectual property (IP) reporting & analytics. In terms of enterprise size, the market can be divided into small & medium enterprises (SMES) and large enterprises. Based on end-user, the patent analytics services market can be segmented into health care, automotive, chemicals, electronics, and others. In terms of region, the global patent analytics services market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to dominate the patent analytics services market due to rapid technological advancements. Large presence of enterprises that adopt IP outsourcing is also expected to contribute to the market’s growth. In Asia Pacific, India has emerged as a prime location for outsourcing due to the rich talent of its educated population and significance of the technology sector in the economy.
Major vendors operating in the global patent analytics services market are Clarivate, Netscribes, IP Wagon Pvt. Ltd., IPRAM Intellectual Property Services, Einfolge, IPCalculus, and Anaqua, Inc.. Leading players in the market are focusing on the introduction of advanced services and solutions in order to strengthen their position and expand their customer base. Companies are investing extensively in R&D operations and are focusing on providing customized services to their customers.
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