The global retail industry experienced a 20% decline in the number of internet of things-related patent applications in Q4 2023 compared with the previous quarter. The total number of internet of things-related grants rose by 12% in Q4 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Retail: Patents Trends Q4 2023 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 internet of things-related patent applications in the retail industry was 195 in Q4 2023, versus 245 in the prior quarter.

The top five companies accounted for 23% of patenting activity

Analysis of patenting activity by companies shows that NIKE filed the most internet of things patents within the retail industry in Q4 2023. The company filed 18 internet of things-related patents in the quarter, compared with 13 in the previous quarter. It was followed by LG with 14 internet of things patent filings, Omash (5 filings), and Bank of America (4 filings) in Q4 2023.

Patenting activity was driven by the US with a 59% share of total patent filings

The largest share of internet of things related patent filings in the retail industry in Q4 2023 was in the US with 59%, followed by China (7%) and Japan (3%). The share represented by the US was 12% higher than the 47% share it accounted for in Q3 2023.

For further understanding of GlobalData's Retail: Patents Trends Q4 2023, buy the databook here.

This content was updated on 23 January 2024

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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.