The global financialservices industry experienced a 30% decline in the number of internet of things-related patent applications in Q3 2022 compared with the previous quarter. The total number of internet of things-related grants remained flat in Q3 2022, according to GlobalData’s whitepaper on Internet of Things in Banking & Payments – Patenting Activity in Q3 2022.
Notably, the number of internet of things-related patent applications in the financialservices industry was 105 in Q3 2022, versus 151 in the prior quarter.
Analysis of patenting activity by companies shows that Bank of America filed the most internet of things patents within the financialservices industry in Q3 2022. The company filed 4 internet of things-related patents in the quarter. It was followed by Sungrow Power Supply with 2 internet of things patent filings, International Business Machines (2 filings), and Capital One Financial (2 filings) in Q3 2022.
The largest share of internet of things related patent filings in the financialservices industry in Q3 2022 was in the US with 46%, followed by China (9%) and South Korea (5%). The share represented by the US was 12% higher than the 34% share it accounted for in Q2 2022.