The global retail industry experienced a 30% decline in patent filings in Q3 2024 compared with the previous quarter. The total number of grants dropped by 12%, resulting in overall patent publications decreasing by 30.1%, 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.
Notably, the number of patent applications in the retail industry was 5,502 in Q3 2024, versus 7,867 in the prior quarter. Filings were down 37% year-on-year and decrease 30% quarter-on-quarter. This compares to a 37% year-on-year decrease in patent grants and 30% decline in quarter-on-quarter.
Most patenting activity has been in the Retail sector, where the number of patents filed Q2 2024 was 1530, a drop of 7% versus the previous quarter. The second-largest patent count was in Online Retail (1195, down 60%) and then Furniture in third (472, down 15%).
The top five companies accounted for 12% 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 183, followed by Alibaba Group with 139 and Capital One Financial with 122.
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 Q3 2024 was in the US with 31%, followed by China (13%) and Japan (8%). The share represented by the US was 6% higher than the 26% 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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