The need to protect latest inventions from being used by others and cloud computing to encourage intellectual property rights is driving the growth of the patent analytics market. In addition, the use of the analytics to make predictions and reach conclusions is fueling the growth of the market. However, high transactional expense related with software and patent application is hampering the growth of the market. Furthermore, the growing investments in the fields of research & development to innovate products and technologies are providing lucrative opportunities to the growth of the patent analytics market during the forecast period.
The IT and telecom sector often spends on research and development to gain competitive advantage. Mostly, the patent filings are witnessed in the industrial sectors such as electrical machinery and computer technology. Majority of the telecom industries are filing patent applications that are associated with wireless communication, data transfer, and techniques of organizing and monitoring digital data. Research and development activities by major telecom players for the introduction of new technology, innovation in network bandwidth system, and developing innovative network devices are expected to drive the market growth.
North America is expected to have the market growth potential during the forecast period as some of the prominent players and innovators established in the U.S. and Canada are heavily investing in the research and development in advanced technological innovations. The companies are more emphasized toward the innovations of internet of things, big data, and artificial intelligence, and other technologies. The presence of such innovators in the region drives the patent analytics market growth throughout the North America region.
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Key industry players – Anaqua Inc., Clarivate Analytics, Harrity & Harrity LLP, IDTechEx Ltd., IP Wagon Pvt. Ltd., Ocean Tomo LLC, PatentSight GmbH, Wynne-Jones IP Limited, Excelon IP, Intricate Research
Regions covered – North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa
Latest news and industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures and collaborations, product launches, market expansions etc. are included in the report.
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