The global retail industry experienced a 17% decline in patent filings in Q1 2024 compared with the previous quarter. The total number of grants dropped by 10%, resulting in overall patent publications decreasing by 17.9%, 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 patent applications in the retail industry was 5,685 in Q1 2024, versus 6,922 in the prior quarter. Filings were down 24% year-on-year and decrease 17% quarter-on-quarter. This compares to a 24% year-on-year decrease in patent grants and 17% decline in quarter-on-quarter.
Most patenting activity has been in the Retail sector, where the number of patents filed Q4 2023 was 1763, a drop of 6% versus the previous quarter. The second-largest patent count was in Online Retail (1112, down 40%) and then Furniture in third (489, down 12%).
The top five companies accounted for 11% of patenting activity
Analysis of patenting activity by companies shows that the largest number of patents filed over the last quarter was by NIKE with 233, followed by Alibaba Group with 131 and Capital One Financial with 106.
Patenting activity was driven by the US with a 31% share of total patent filings
The largest share of patent filings in the retail industry in Q1 2024 was in the US with 31%, followed by China (16%) and Japan (8%). The share represented by the US was 0.76% higher than the 30% share it accounted for in Q4 2023.
For further understanding of GlobalData's Retail: Patents Trends Q1 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.
