The global banking & payments industry experienced a 17% decline in patent filings in Q1 2024 compared with the previous quarter. The total number of grants rose by 5%, resulting in overall patent publications decreasing by 17.5%, according to GlobalData’s Patent Analytics. GlobalData’s databook Banking & Payments: Patents Trends Q1 2024 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
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Notably, the number of patent applications in the banking & payments industry was 9,506 in Q1 2024, versus 11,524 in the prior quarter. Filings were down 4% year-on-year and decrease 17% quarter-on-quarter. This compares to a 4% year-on-year decrease in patent grants and 17% decline in quarter-on-quarter.
The top five companies accounted for 47% of patenting activity
Analysis of patenting activity by companies shows that the largest number of patents filed over the last quarter was by China Investment with 1,170, followed by Industrial and Commercial Bank of China with 1,059 and China Investment with 898.
Patenting activity was driven by China with a 52% share of total patent filings
The largest share of patent filings in the banking & payments industry in Q1 2024 was in China with 52%, followed by the US (24%) and Japan (4%). The share represented by China was 4% lower than the 56% share it accounted for in Q4 2023.
For further understanding of GlobalData's Banking & Payments: Patents Trends Q1 2024, buy the databook here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
