The global banking & payments industry experienced a 57% decline in the number of internet of things-related patent applications in Q1 2023 compared with the previous quarter. The total number of internet of things-related grants dropped by 62% in Q1 2023, according to GlobalData’s Patent Analytics. GlobalData’s Internet of Things (IoT) in Banking – Thematic Research market report provides a detailed understanding on how Internet of Things impacts the value chain in the Banking & Payments sector, and the leading Internet of Things adopters and vendors in the market. Buy the report here.
Notably, the number of internet of things-related patent applications in the banking & payments industry was 19 in Q1 2023, versus 44 in the prior quarter.
The top five companies accounted for 26% of patenting activity
Analysis of patenting activity by companies shows that JPMorgan Chase & Co filed the most internet of things patents within the banking & payments industry in Q1 2023. The company filed 1 internet of things-related patent in the quarter. It was followed by Hyundai Motor with 1 internet of things patent filing, CITIC Group (1 filing), and China Investment (1 filing) in Q1 2023.
Patenting activity was driven by China with a 26% share of total patent filings
The largest share of internet of things related patent filings in the banking & payments industry in Q1 2023 was in China with 26%, followed by Australia (16%) and the US (11%). The share represented by China was 17% higher than the 9% share it accounted for in Q4 2022.
To further understand GlobalData's analysis on Internet of Things (IoT) in Banking - Thematic Research buy the report here.