In any emerging technology, the pace of innovation is rapid, sometimes dauntingly so. More companies enter the market with new products that have been in in secretive development for several years, protected by patents in an effort to gain a dominant position as quickly as possible. This is true of any emerging technology, be it 3D printing, lithium ion batteries or synthetic biology: those companies who develop a product that not only meets a customer need, but is their protected intellectual property, often go on to become the market leaders and reap the financial rewards accordingly.
Of course, developing the right product is half the battle, but how can an organization accurately assess their competitor’s product before it’s even been announced? How can they pre-empt how crowded the market is, who is entering or leaving, or whether there are any global locations in which a particular product would face fierce competition?
Patent Analytics is a service that IDTechEx provides utilizing our long-standing expertise in a range of emerging technologies to provide clients of its services with visibility to these questions through the analysis of the patent information stored on international IP databases. Using dedicated software, the highly technical analysts at IDTechEx can query the data to develop a bespoke Patent Analytics Report sharing actionable insights which are tailored to answer a client’s key strategic technological questions.