The global retail industry experienced a 37% decline in the number of metaverse-related patent applications in Q1 2024 compared with the previous quarter. The total number of metaverse-related grants dropped by 1% 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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Data Insights Retail: Patents Trends Q1 2024

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Notably, the number of metaverse-related patent applications in the retail industry was 261 in Q1 2024, versus 417 in the prior quarter.

The top five companies accounted for 19% of patenting activity

Analysis of patenting activity by companies shows that Snap filed the most metaverse patents within the retail industry in Q1 2024. The company filed 25 metaverse-related patents in the quarter, compared with 15 in the previous quarter. It was followed by Omash with 7 metaverse patent filings, Wells Fargo & Co (7 filings), and Artemis (6 filings) in Q1 2024.

Patenting activity was driven by the US with a 68% share of total patent filings

The largest share of metaverse related patent filings in the retail industry in Q1 2024 was in the US with 68%, followed by China (4%) and Canada (2%). The share represented by the US was 33% higher than the 35% 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.