The retail industry continues to be a hotbed of patent innovation. Activity is driven by risk mitigation, convenience, rising labor cost, and the growing importance of technologies such as cybersecurity, artificial intelligence, and robotics. In the last three years alone, there have been over 156,000 patents filed and granted in the retail industry, according to GlobalData’s report on Cybersecurity in retail: secure self-service terminals. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 115,000 patents to analyze innovation intensity for the retail industry, there are 50+ innovation areas that will shape the future of the industry.
Secure self-service terminals is a key innovation area in cybersecurity
Secure self-service terminals refer to the automated teller machines (ATMs) and similar self-service devices designed for users to conduct financial transactions independently, without requiring assistance from a human teller. These terminals are equipped with robust security features and protocols meticulously crafted to safeguard user information and the integrity of transactions.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 60+ companies, spanning technology vendors, established retail companies, and up-and-coming start-ups engaged in the development and application of secure self-service terminals.
Key players in secure self-service terminals – a disruptive innovation in the retail industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to secure self-service terminals
Source: GlobalData Patent Analytics
Leading patent filers in the secure self-service terminals space include Diebold Nixdorf, Capital One Financial, Bank of America, NCR, and Glory. Diebold Nixdorf is an American technology company specializing in financial and retail technology, primarily focusing on the installation and maintenance of self-service transaction systems. In 2022, Diebold Nixdorf helped in modernizing Victoriabank's self-service device network. As part of the initiative, Victoriabank not only expanded its ATM network, but also replaced older machines with brand-new Diebold Nixdorf devices.
In terms of application diversity, Guangzhou Radio Group is the leading company in the secure self-service terminals space, while Brink's and Hyosungare in the second and third positions, respectively.
By geographic reach, Brink's leads the pack, followed by Outerwall and BBVA.
The benefits of secure self-service terminals in the cybersecurity landscape are to enhance data protection, reduce errors, and optimize operational efficiency. The terminals enforce strong authentication process, which helps in mitigating risks and amplifying security measures. To further understand the key themes and technologies disrupting the retail industry, access GlobalData’s latest thematic research report on Cybersecurity in Retail.