The global retail industry experienced a 21% decline in the number of internet of things-related patent applications in Q1 2024 compared with the previous quarter. The total number of internet of things-related grants dropped by 21% in Q1 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Retail: Patents Trends Q1 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 186 in Q1 2024, versus 236 in the prior quarter.

The top five companies accounted for 18% of patenting activity

Analysis of patenting activity by companies shows that NIKE filed the most internet of things patents within the retail industry in Q1 2024. The company filed 19 internet of things-related patents in the quarter, compared with 20 in the previous quarter. It was followed by Citigroup with 4 internet of things patent filings, Bank of America (4 filings), and Seven & i (4 filings) in Q1 2024.

Patenting activity was driven by the US with a 62% share of total patent filings

The largest share of internet of things related patent filings in the retail industry in Q1 2024 was in the US with 62%, followed by China (7%) and Japan (3%). The share represented by the US was 13% higher than the 49% share it accounted for in Q4 2023.

For further understanding of GlobalData's Retail: Patents Trends Q1 2024, buy the databook here.

This content was updated on 18 April 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.