Patent Analytics Software Increases Efficiency in Conducting Patent Research
Having patent analytics software is an excellent way to increase your efficiency in conducting patent research. With an advanced search engine and data processing, you can access information faster than ever before. This will help you reduce the amount of time your IP team spends on researching patents.
Increased automation will reduce the amount of patent research that IP teams conduct
Amongst the throngs of USPTO employees, there are a select few that have been dubbed the intellectual property gurus. These individuals have taken on the task of modernizing the USPTO by implementing technology-laden processes that make patent prosecution and management a breeze. A major component of their arsenal is the patent application. In the last two years, the USPTO has racked up more than 15,000 patents and a record number of new patent applications. Those numbers are likely to rise significantly in the coming years.
For this reason, the agency’s top-hatted IT staff have been in close proximity to a plethora of intellectual property experts. The office’s largest concentration of techies, however, has been the patent branch. There are more than twenty-five offices that have at least a handful of people dedicated to IP related matters. Most are in the 20 to 100 person range. The majority are tasked with patents, trademarks, and other types of intellectual property. Some have been in existence for a decade, while others have been around for a few years. The vast majority of the offices have been paper-based. A few have recently been converted into automated processing systems, while others have been repurposed for other tasks. This is a good thing, as it reduces the amount of time staff spend on mundane tasks, such as filing patents and trademarks.
The USPTO has taken steps to improve its overall efficiency, as evidenced by the recent merger of several regional offices into one. In particular, the office in Alexandria, Virginia has received significant attention in recent years. The city has long been a focal point of the National Patent office, and has a population of more than two thousand patent attorneys. Despite its relatively small size, the office is one of the most efficient in the country. This largely coincides with the plethora of technologies being employed in the IP office. The organization has also been credited with the recent launch of six pilot countries in Africa, all of which have been tasked with launching their own automation initiatives.
The USPTO has made an ongoing effort to automate its patent assignment process, and will continue to do so in the near future. The agency has also rolled out a series of patent innovation awards, designed to recognize innovations in the patent administration arena.
Improved efficiency of IP teams
Using patent analytics software to increase the efficiency of IP teams has become increasingly important for organizations. The knowledge economy is becoming more dependent on intellectual property. However, many companies still lack a strategic approach to intellectual property. With the help of advanced IP management systems utilizing AI, machine learning, and emerging technologies, IP executives can leverage data to track innovation, improve business value, and increase productivity.
Infineon, a leading semiconductor solutions company, launched its IP efficiency project in order to enhance user satisfaction, improve efficiency and streamline its patent processes. The project also identified cultural changes and process improvements. Infineon’s management team needed effective software tools to enable the IP function to operate efficiently.
AcclaimIP is an IP solution suite that provides real-time patent data. It enables users to evaluate the current landscape, identify trends, and forecast future conditions. The suite includes tools for patent research, litigation, and licensing. The analytics feature also offers unbiased insights that provide actionable intelligence. Ultimately, this helps clients better align their IP portfolios with their businesses’ goals.
IBM Watson offers new and unbiased insights to help IP managers more effectively manage the enormous amounts of data. Its machine learning capabilities allow it to learn and automate IP data management. It also uses natural language processing and structured query capability to help users find meaningful insights. This technology can help IP managers reduce time and money spent on analysis, and provide faster results.
Infineon’s IP function is a highly skilled organization. It manages 12 000 active patent families. The company was able to improve the speed of analysis and improve SEP pledge identification with the help of IP Advisor with Watson.
The increased use of analytics can improve decision-making by analyzing competitors’ portfolios and offering insights into trends and relative market positions. It can also help IP managers determine which patents to keep and which to prune. It can also be used to assess the performance of outside counsel. It can help in-house law departments compare their performance against the performance of other firms.
As the technology industry continues to develop, the need to manage IP becomes more complex. The excessive amount of data continues to increase, making it difficult to analyze. Moreover, manual data entry is repetitive and tiring. With next-generation analytics, experts can focus on higher levels of analysis instead of tedious, manual tasks.
South Asia & Pacific
During the past decade, Asia has developed a large technological infrastructure, which has transformed the region’s technology marketplace. Asia accounts for a substantial share of global growth in R&D spending, patent filings, and technology company start-up funding. However, it still has some areas to improve its core capabilities. In order to do so, Asia must continue to build organizational agility.
In addition to building a strong and robust technological infrastructure, Asia also needs to continually improve its talent base. Asia produced 76 percent of the world’s STEM graduates in 2016-18. In addition, Asia has the largest pool of software developers, with 10 times the number of engineers in the US.
According to a report by the World Intellectual Property Organization (WIPO), China accounted for more than 68,720 patent applications in 2020. Additionally, the patent analytics market is projected to expand at a CAGR of 12.7% between 2019 and 2029.
Patent analytics is a procedure that organizes and monitors digital data. It helps companies understand the freedom to operate, infringement risk, and licensing options. It enables organizations to make informed business decisions. This is a cost-effective way to manage and maintain patents. The demand for analytics solutions is low because of budget constraints of small and medium organizations.
As patent analytics technologies are rapidly deployed worldwide, the demand for these services is expected to increase. Increasing R&D activities in various industries is also driving the demand for these tools. A rising investment in patent analytics services by leading players is expected to boost the growth of the patent analytics market.
The global patent analytics market was valued at USD 813.2 million in 2021. It is predicted to reach USD 2,099.3 million by 2029. The growth of the market is primarily driven by the four-fold increase in patent filings. It is also anticipated that the healthcare sector will experience exponential growth. In addition, automobile industry will experience a significant growth rate during the forecast period.
The major players in the patent analytics market include IPRally, LexisNexis Brand Protection powered by Appdetex, IAM Medical, and IAM Global. These companies provide advanced solutions to meet the demand across healthcare sectors.