Analytical information opted from patents facilitates universities, startups, research institutions, large corporations, and investors to make knowledgeable decisions, which enables investing time and money into new technology and product development opportunities. The necessity of protecting the intellectual assets of inventors and companies drives the market. The patent analytics is carried out for the advising companies, individuals, legal firms, research institutes, and others to make a cognizant decision about innovations and technologies. The capability of offering competitor’s intelligence analyzes competitor’s patent to uncover prominent technologies adopted by them, drives the market growth.
Patent analytics software enables users to analyze patent data and understand future trends & predict future conditions. For example, Anaqua, Inc. offers AcclaimIP a patent search and analytics software. The software enables the users to visualize the patent information, and gain useful insights to make more informed business decisions.
Patent analytical software is evolving by leveraging advanced technologies such as artificial intelligence, machine learning, and cloud computing among others. For instance, according to an article published by IBM Corporation in 2018, the company is working on applying artificial intelligence to intellectual property management effectively. The company has developed IBM Intellectual Property (IP) Advisor built on its Watson platform, leveraging artificial intelligence capabilities for fast integration and improved analytical insights.
The development of software and tools such as geographic patent analysis software, and semantic analysis software among others is adopted by organizations, to strengthen their patent documents. Practically, patent analytical software or tools are being used for analyzing data as well as representing the data in various graphic formats for better understanding. Hence, these factors are likely to augment the demand for the market.
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