The global consumer industry experienced a 6% decline in the number of digital payments-related patent applications in Q3 2023 compared with the previous quarter. The total number of digital payments-related grants dropped by 16% in Q3 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Consumer: Patents Trends Q3 2023 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 digital payments-related patent applications in the consumer industry was 58 in Q3 2023, versus 62 in the prior quarter.
The top five companies accounted for 45% of patenting activity
Analysis of patenting activity by companies shows that Rakuten Group filed the most digital payments patents within the consumer industry in Q3 2023. The company filed 8 digital payments-related patents in the quarter, compared with 10 in the previous quarter. It was followed by Bandai Namco with 6 digital payments patent filings, Lululab (4 filings), and LG (4 filings) in Q3 2023.
Patenting activity was driven by Japan with a 26% share of total patent filings
The largest share of digital payments related patent filings in the consumer industry in Q3 2023 was in Japan with 26%, followed by the US (22%) and China (16%). The share represented by Japan was 5% lower than the 31% share it accounted for in Q2 2023.
For further understanding of GlobalData's Consumer: Patents Trends Q3 2023, buy the databook here.