The global retail industry experienced a 15% decline in the number of cybersecurity-related patent applications in Q3 2022 compared with the previous quarter. The total number of cybersecurity-related grants dropped by 10% in Q3 2022, according to GlobalData’s whitepaper on Cybersecurity in Retail – Patenting Activity in Q3 2022.
Notably, the number of cybersecurity-related patent applications in the retail industry was 864 in Q3 2022, versus 1,018 in the prior quarter.
Analysis of patenting activity by companies shows that Visa filed the most cybersecurity patents within the retail industry in Q3 2022. The company filed 21 cybersecurity-related patents in the quarter, compared with 15 in the previous quarter. It was followed by Capital One Financial with 21 cybersecurity patent filings, JCDecaux (19 filings), and SoftBank Group (16 filings) in Q3 2022.
The largest share of cybersecurity related patent filings in the retail industry in Q3 2022 was in China with 34%, followed by the US (27%) and South Korea (6%). The share represented by China was 10% higher than the 24% share it accounted for in Q2 2022.