Patents
Patent applications related to IoT witnessed 18% average annual decline in the retail banking industry since 2021
Credit: Bert van Dijk/Getty images.
Powered by
The global retail banking industry experienced a 18% annual average decline in the number of IoT-related patent applications between 2021 and 2023. The total number of IoT-related grants, however, increased by an AAGR of 1% during the same period, according to GlobalData's patent analytics database.
Notably, the number of IoT-related patent applications in the retail banking industry was 458 since 2021, while 349 applications were granted.
The top five assignees by filings accounted for 36% of patent applications
Analysis of patent applications by assignee shows that Bank of America filed the most IoT patents within the retail banking industry since 2021. The company filed 35 IoT-related patents since 2021.
It was followed by Citigroup (28 applications), China Investment (25 applications), Brink’s (16 applications), and Shenzhen Yihua Computer (15 applications).
The top five assignees by grants accounted for 41% of successful patent grants
Analysis of patent grants by assignee shows that Citigroup was granted 28 patents related to IoT within the retail banking industry since 2021. It was followed by Bank of America (24 grants), Samsung Group (16 grants), Shenzhen Yihua Computer (15 grants), and Diebold Nixdorf (15 grants).
Patent activity was driven by the US with a 59% share of total patent publications
The largest share of IoT-related patent publications in the retail banking industry since 2021 was held by the US with 59%, followed by China (30%) and Japan (2%).
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patents Analytics tracks patent filings and grants from official patent offices around the world. Proprietary analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
