The global banking & payments industry experienced a 13% decline in patent filings in Q2 2024 compared with the previous quarter. The total number of grants dropped by 7%, resulting in overall patent publications decreasing by 13.7%, according to GlobalData’s Patent Analytics. GlobalData’s databook Banking & Payments: Patents Trends Q2 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 8,780 in Q2 2024, versus 10,174 in the prior quarter. Filings were down 11% year-on-year and decrease 13% quarter-on-quarter. This compares to an 11% year-on-year decrease in patent grants and 13% decline in quarter-on-quarter.
The top five companies accounted for 45% 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 1,095 and China Investment with 721.
Patenting activity was driven by China with a 49% share of total patent filings
The largest share of patent filings in the banking & payments industry in Q2 2024 was in China with 49%, followed by the US (27%) and Japan (6%). The share represented by China was 4% lower than the 52% share it accounted for in Q1 2024.
For further understanding of GlobalData's Banking & Payments: Patents Trends Q2 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.
