The global financialservices industry experienced a 30% decline in the number of internet of things-related patent applications in Q3 2022 compared with the previous quarter. The total number of internet of things-related grants remained flat in Q3 2022, according to GlobalData’s whitepaper on Internet of Things in Banking & Payments – Patenting Activity in Q3 2022.

Notably, the number of internet of things-related patent applications in the financialservices industry was 105 in Q3 2022, versus 151 in the prior quarter.

The top five companies accounted for 11% of patenting activity

Analysis of patenting activity by companies shows that Bank of America filed the most internet of things patents within the financialservices industry in Q3 2022. The company filed 4 internet of things-related patents in the quarter. It was followed by Sungrow Power Supply with 2 internet of things patent filings, International Business Machines (2 filings), and Capital One Financial (2 filings) in Q3 2022.

Patenting activity was driven by the US with a 46% share of total patent filings

The largest share of internet of things related patent filings in the financialservices industry in Q3 2022 was in the US with 46%, followed by China (9%) and South Korea (5%). The share represented by the US was 12% higher than the 34% share it accounted for in Q2 2022.

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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.