Exploiting patent data—without breaking the bank
Companies that shift their focus to patent data in combination with business insights, rather than relying on business judgement alone, can gain a strategic advantage over their rivals.
By using this data, companies can increase revenue by targeting technology development in the right areas and reduce losses by mitigating risks from an IP perspective. Being warned of potential threats to your company is one of the main reasons why patent monitoring should be taken seriously by all businesses.
However, taking advantage of this data is becoming more difficult as the volume is ever-increasing. In 2018, the number of patent applications filed with the European Patent Office (EPO) grew by 4.6% from the year before, to a new high of 174,317.
Chinese patent applications skyrocketed to 1.54 million, an 11.6% increase from 2017. Worldwide there were 3,326,300 applications filed in 2018, a 5.2% growth from 2017, according to the World Intellectual Property Organization.
Whether you are a researcher, an IP lawyer, a professional patent searcher or a business professional, it’s hard to keep track of the information that is relevant to you. Hours upon hours can be spent digging through this data, to ensure you don’t miss crucial applications, a new competitor entering your field or even a potential infringement.
