The global banking & payments industry experienced an 18% decline in patent filings in Q2 2023 compared with the previous quarter. The total number of grants rose by 6%, resulting in overall patent publications decreasing by 18.5%, according to GlobalData’s Patent Analytics. GlobalData’s Digital Payments Market Analysis report helps access in-depth insights and discover growth trends, competitor capabilities, and regional market opportunities. Buy the report here.
Notably, the number of patent applications in the banking & payments industry was 7,153 in Q2 2023, versus 8,777 in the prior quarter. Filings were down 16% year-on-year and decrease 18% quarter-on-quarter. This compares to a 16% year-on-year decrease in patent grants and 18% decline in quarter-on-quarter.
Most patenting activity has been in the Payment Services sector, where the number of patents filed Q1 2023 was 3527, a drop of 6% versus the previous quarter. The second-largest patent count was in Financial Service Applications (2295, down 5%) and then Communications in third (1438, down 18%).
The top five companies accounted for 40% of patenting activity
Analysis of patenting activity by companies shows that the largest number of patents filed over the last quarter was by China Investment with 1,170, followed by Industrial and Commercial Bank of China with 528 and China Investment with 445.
Patenting activity was driven by China with a 39% share of total patent filings
The largest share of patent filings in the banking & payments industry in Q2 2023 was in China with 39%, followed by the US (29%) and South Korea (8%). The share represented by China was 4% lower than the 43% share it accounted for in Q1 2023.
For further understanding of GlobalData's Digital Payments Market Size, Share, Trends and Analysis, and Segment Forecast, 2023-2030, buy the report here.