Monitoring the Patent Landscape: A patent landscape provides an overview of the publishing activity in a certain technology area. The use of geographical boundaries might help to further categorize the landscape. An analysis of this patent landscape might assist a company to forecast and capitalize on market trends. It is important to pay close attention to the technologies you and your competitors are patenting, to gain a better understanding of the industry you are innovating and monetizing in.
Why Patent Landscaping?
Any organization operating in an innovative field can benefit from patent landscape analysis. Monitoring the patent landscape assists in making data-driven, long-term decisions about business strategy, R&D investment, and IP strategy.
A patent landscape search can:
- Recognize white space
- Give competitive insights
- Discover market timing, upcoming technology, and trends
- Inform stakeholders about trends
- Locate targets for M&A and opportunities for partnership
- Respond to specific queries regarding industry or technology
- Reduce legal risk and enable building around existing IP
Adapting to a Shifting Landscape
The manual patent landscapes are frequently criticized for producing static results. Most reports and graphs simply offer a picture of the market at a specific moment in time. However, the number of patent applications filed annually exceeds 6,50,000, making the patent landscape both broad and dynamic. Even the most thorough and detailed patent analysis can become obsolete in a matter of weeks or even days.
In the past, despite many advantages, businesses were hesitant to undertake patent landscape searches because it simply was not worth the time, money, and effort to conduct a thorough landscape analysis (not to mention keeping it updated). However, patent landscaping is important if your company relies on technology and intellectual property. It is an essential type of intelligence that improves the value of your resources and enables you to find new partners and expand your reach.
Leveraging the Power of AI
Today’s AI-powered patent analytics tools, like XLSCOUT, leverage explainable AI-based technologies to help businesses discover relevant technical information quickly. With XLSCOUT, it is ever so easier now to compare and analyze technology trends over time. With easy access to graphical dashboards and insightful landscape reports, you can now view and compare the latest trends in a particular technology and identify the changes in competitor strategies.