The global retail industry experienced a 17% decline in the number of metaverse-related patent applications in Q3 2023 compared with the previous quarter. The total number of metaverse-related grants dropped by 18% in Q3 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Retail: Patents Trends Q3 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.
Notably, the number of metaverse-related patent applications in the retail industry was 282 in Q3 2023, versus 339 in the prior quarter.
The top five companies accounted for 15% of patenting activity
Analysis of patenting activity by companies shows that Snap filed the most metaverse patents within the retail industry in Q3 2023. The company filed 22 metaverse-related patents in the quarter, compared with 25 in the previous quarter. It was followed by Omash with 7 metaverse patent filings, Bank of America (6 filings), and Capital One Financial (5 filings) in Q3 2023.
Patenting activity was driven by the US with a 44% share of total patent filings
The largest share of metaverse related patent filings in the retail industry in Q3 2023 was in the US with 44%, followed by South Korea (23%) and China (4%). The share represented by the US was 0.92% lower than the 45% share it accounted for in Q2 2023.
For further understanding of GlobalData's Retail: Patents Trends Q3 2023, buy the databook here.