The global retail industry experienced a 46% decline in the number of internet of things-related patent applications in Q3 2024 compared with the previous quarter. The total number of internet of things-related grants dropped by 9% in Q3 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Retail: Patents Trends Q3 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 internet of things-related patent applications in the retail industry was 191 in Q3 2024, versus 354 in the prior quarter.
The top five companies accounted for 28% of patenting activity
Analysis of patenting activity by companies shows that NIKE filed the most internet of things patents within the retail industry in Q3 2024. The company filed 18 internet of things-related patents in the quarter, compared with 24 in the previous quarter. It was followed by Oshkosh with 14 internet of things patent filings, Capital One Financial (10 filings), and PayRange (6 filings) in Q3 2024.
Patenting activity was driven by the US with a 57% share of total patent filings
The largest share of internet of things related patent filings in the retail industry in Q3 2024 was in the US with 57%, followed by China (5%) and Australia (2%). The share represented by the US was 9% higher than the 48% share it accounted for in Q2 2024.
For further understanding of GlobalData's Retail: Patents Trends Q3 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.
