The global banking & payments industry experienced a 40% decline in the number of future of work-related patent applications in Q1 2023 compared with the previous quarter. The total number of future of work-related grants dropped by 27% in Q1 2023, according to GlobalData’s Patent Analytics. GlobalData’s Future of Work – Thematic Research report explains how the theme future of work is impacting the workforce across different sectors, it presents key technology, macroeconomic and regulatory trends, market size and growth forecasts for technologies that will play a key role in the theme. Buy the report here.
Notably, the number of future of work-related patent applications in the banking & payments industry was 388 in Q1 2023, versus 650 in the prior quarter.
The top five companies accounted for 27% of patenting activity
Analysis of patenting activity by companies shows that China Investment filed the most future of work patents within the banking & payments industry in Q1 2023. The company filed 71 future of work-related patents in the quarter, compared with 164 in the previous quarter. It was followed by Industrial and Commercial Bank of China with 15 future of work patent filings, Coupang (10 filings), and JPMorgan Chase & Co (6 filings) in Q1 2023.
Patenting activity was driven by China with a 38% share of total patent filings
The largest share of future of work related patent filings in the banking & payments industry in Q1 2023 was in China with 38%, followed by South Korea (9%) and the US (7%). The share represented by China was 23% lower than the 61% share it accounted for in Q4 2022.
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