Research and innovation in internet of things in the major banks, central banks, and non-bank competitors sector has declined in the last year.

The most recent figures show that the number of IoT patent applications in the industry stood at 36 in the three months ending December – down from 48 over the same period in 2020.

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Figures for patent grants related to IoT followed a similar pattern to filings – shrinking from 31 in the three months ending December 2020 to 23 in 2021.

The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

IoT is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

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The figures also provide an insight into the largest innovators in the sector.

Bank of America was the top IoT innovator in the major banks, central banks, and non-bank competitors sector in the last quarter. The company filed 27 IoT related patents in the three months ending December. That was down from 39 over the same period in 2020.

It was followed by the United States based Capital One with 26 IoT patent applications, Canada based Toronto-Dominion Bank (9 applications), and the United States based PayPal (6 applications).

Capital One has recently ramped up R&D in IoT. It saw growth of 38.5% in related patent applications in the three months ending December compared to the same period in 2020 - the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the major banks, central banks, and non-bank competitors sector.

GlobalData is the parent company of Retail Banker International and its sister publications