Patent Analytics Market Analysis by Software and Service Components from 2024 to 2034
Patent Analytics Market Outlook from 2024 to 2034
Innovations and inventions are prominently igniting the market dynamics of the worldwide patent analytics market, which enables the subject market to record an astonishing CAGR of 14.4% through 2034. It will lift the market size from USD 1,715.8 million to USD 6,570.3 million.
Attributes
Key Insights
Estimated Market Size in 2024
USD 1,715.8 million
Projected Market Value in 2034
USD 6,570.3 million
Value-based CAGR from 2024 to 2034
14.4%
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Key Market Trends and Highlights
Businesses are streamlining cloud operations, which is the result of the great storage capacity of the cloud. With the help of advanced features, better security, and the dependability of cloud computing software, many businesses have started emphasizing the use of AI, Big Data, and other such technologies. This is a key trend fueling innovation and propelling market growth.
Organizations are emphasizing R&D activities more, which accelerates innovations. Also, these innovations are the key factors positioning any business better in the global market. Hence, this is another key market trend.
Patent filing has been increasing. Various key players hold a substantial amount of patents, which surges demand for patent monitoring. Hence, this is another key market trend.
Demand Analysis of the Patent Analytics Market from 2019 to 2023 vs. Outlook from 2024 to 2034
The historical market conditions suggest that the market size elevated from USD 961.3 million to USD 1521.3 million from 2019 to 2023. This propulsion can be attributed to the impressive historical CAGR of 12.2%.
The pandemic primarily surged the demand for the IT sector as several industries shifted toward digital media. Due to this, the innovation scope levitated in the era, leveraging the market growth.
Another critical driving force was the R&D activities in the healthcare sector and other allied industries. Due to rapid developments and increased patent filing, the subject market was propelled at a substantial rate.
Historical CAGR from 2019 to 2023
12.2%
Forecast CAGR from 2024 to 2034
14.4%
The forecasted period deals with the increased awareness regarding the IP market. Organizations have become aware of its importance and necessity. This generates a great demand for patent analytics, driving the subject market.
The growth of the technological framework levitates the growth prospects for innovation in different sectors. Also, rapidly growing industries, including the automotive sector, the green energy industry, and other key markets, generate demand for innovation, creating more growth prospects for the subject market.
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Market Drivers
Governments incentivize R&D activities to bolster innovation in different sectors. Many subsidies, tax levitation, and monetary compensations are provided to businesses to innovate. This surges the patent filing, which is a key market driver for the patent analytics market.
The demand for professional intellectual property solutions is rising in different industries. This leads to mediating businesses, delivering patent filing solutions tailored to the user requirement. Therefore, this is a key market driver.
The growth of ICT will lead to the upliftment of the subject market. This is because many businesses look at ICT patents as a strategic asset. It fuels the patent filing, driving the market under consideration.
Market Challenges
Despite the lucrative growth of the patent analytics market, transactional costs for individuals are quite high, impeding the growth prospects of the subject market in the vertical.
The high level of intricacies related to the IP laws makes the process tedious, which is another key market challenge.
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Country-wise Analysis
North America is the largest market for the patent analytics market. Technology being developed strongly in the region creates a strong framework supporting storage and processing patents. Moreover, government aid propels the market progress, making the region lead the global market.
Asia Pacific is emerging as a market leader for the subject market. Emerging and developing countries provide a better platform for patent analytics, elevating the market size in the region. Europe also substantially contributes to the subject market due to the presence of various developed countries in the continent.
Forecast CAGRs from 2024 to 2034
Countries
Forecasted CAGR
The United States of America
11.2%
Germany
9.8%
China
14.9%
Japan
9.1%
Australia
17.9%
Technology Transfer Agreements Surge the Patent Demand in the American Patent Analytics Market
The United States of America leads the global patent analytics market in size and projects market advancement at a CAGR of 11.2% through 2034.
The country is home to several research and development institutes. Also, research departments have been emphasizing innovation.
Due to this, new technology is generated and needs to be transferred with due diligence under the intellectual property landscape to ensure the safety and integrity of the innovated technology.
Technological development will fuel these innovations in the forecasted period, necessitating technology transfer agreements.
Patents Filed in the Automotive Industry Propel the German Market
Germany leads the European market by projecting the market progress at a promising CAGR of 9.8%.
This market growth is attributed to the country's automotive market development.
Germany, being home to various automotive giants, including Mercedes, Volkswagen, and Audi, emphasizes the growth of the automotive market.
Organizations innovate in the market, which generates the demand for patent filing and monitoring methods in the sector.
Therefore, this factor drives the patent analytics market in the country.
China Incentivize the IP, Driving the Patent Analytics Market
China has been pushing the knowledge-based economy to strengthen its geopolitical position through innovations and bolstering local businesses.
To achieve this, the local manufacturers are incentivized for their product innovations.
The funding support, levitating taxes, subsidies, and many other offers are given to encourage patent filing.
This has also helped key industries to innovate and produce locally, fueling their global growth.
Consequently, these factors support the progress of the Chinese market, estimating a CAGR of 14.9% through 2034.
Growth in Research and Development Activities in the Pharmaceutical Industry Propels the Japanese Market
The Japanese pharmaceutical industry is growing, focusing on developing and producing medicines locally.
Consequently, various R&D activities are in demand, which need support from key market players and the Japanese government.
The government is funding the innovation of next-generation therapies and regenerative medicines, which fuels patent filing.
Due to this, the market generates lucrative opportunities for new patents and IPs, driving the patent analytics market in the country.
Therefore, the Japanese market is leaping at a promising CAGR of 9.1%.
Clean Energy Patenting Helps Australia Leads the Patent Analytics Market
Australia is the undisputed global patent analytics market leader in the context of its astonishing CAGR of 17.9%.
The country leads the global green and clean energy sector, which needs constant product development.
The efficiency of solar and wind-energy generators must be improved to gain optimum results.
With the help of the government’s support and key players’ active role in the market, constant innovation and IP generation is possible.
Hence, these factors surge the demand for patent analytics, driving the subject market.
Category-wise Insights
Category
Patent Analytics Software
Market Share in 2024
72.4%
Market Segment Drivers
The patent analytics software, helping give insights regarding industry innovations, shows an accurate path for businesses to progress.
Hence, the market segment has gained popularity across different industries, justifying its substantial market share.
Category
Large Enterprises
Market Share in 2024
58.2%
Market Segment Drivers
Large-scale enterprises possess better resources that help them innovate to a larger extent, which is their key market expansion mode.
Apart from this, the extent of innovation and IP generation in the market segment is more compared to other segments.
Therefore, the market segment generates substantial demand for patent analytics, driving the subject market.
Competitive Landscape
Many service-providers and a few product manufacturers mainly govern the patent analytics market competition. Different competitors clutter the market, expanding in the market using several tactics. Strategic collaboration is a key market expansion strategy, followed by mergers and acquisitions.
The new entrants are needed to develop a market niche through their offerings. However, reduced investment costs and growing governmental support will leverage their negotiating power.
Key Market Developments
In May 2021, Anaqua Inc. acquired Actio IP. This strategic move helped the business develop easy-to-use platforms. Also, the move has helped practitioners streamline their patent filing process.
In February 2024, Clarivate launched the Clarivate Center for IP and innovation research. This market expansion method will widen the scope of growth for the organization.
Key Coverage of Patent Analytics Market Report
Emerging markets’ analysis and key coverage of new market openings.
A comprehensive competitors’ analysis and their key strategic initiatives.
Market dynamics, including different market forces.
Theoretical framework analysis, including SWOT analysis, PESTLE analysis, and Porter’s five-force analysis.
Key coverage of market drivers, opportunities, restraints, and threats.
Demand-side and supply-side trends analysis.
Report Scope
Attributes
Details
Estimated Market Size in 2024
USD 1,715.8 million
Projected Market Valuation in 2034
USD 6,570.3 million
Value-based CAGR 2024 to 2034
14.4%
Forecast Period
2024 to 2034
Historical Data Available for
2019 to 2023
Market Analysis
Value in USD million
Key Regions Covered
North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa
Key Market Segments Covered
By Component, By Enterprise Size, By Industry, By Region
Key Countries Profiled
The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel
