In a fast-growing world, where competition is increasing at a much higher rate than ever. People are getting smarter, things are getting evolved, inventions are increasing. Huge access to the world is making people feel more connected, learned, and competitive on the same hand. Rapid growth in research and development is giving us a new way of perceiving inventions and using them in improving our lifestyle. While all this is happening around the globe, it becomes important to protect your invention through patents and stay ahead in patent trends.
An open invention will not give you the credibility and the power to control it the way you want. With the improvement in the invention flow, there is more and more demand for patents. Patent offices, across the world, grant the patent to the inventor on completion of their respective procedures and the inventor is able to hold the ownership of the invention. A lot of businesses will not be able to hold or run their businesses without patents because their business solely relies on patents only. So, for such businesses, it becomes really important to get a quality patent that can give overall protection to their invention.
Also read: Patent Watch: Needs and Advantages
Reason for growth of Patent Research
- Many law firms and patent examiners rely on the research firms to investigate the newly applied patents, old patents, monetize patents, grant patents, keeping checks on litigation activities. They need to keep updating themselves regarding new trends and innovations taking place in the patent field.
- Patent can be granted to any business or inventor regardless of their age, size, gender, etc. Patent research is the first step in acquiring patents, and every business or inventor has to first go for patent research in order to be sure that the invention made by him or her is novel, non-obvious, and doesn’t infringe any existing patent.
- The increasing trend of investment is taking a huge step with people getting aware of the need and importance of investment due to uncertainties, increased incomes, needs in the future. This surge in the role of investment is increasing the role of patent research.
- Mergers and acquisitions are another reason for the increase in the scope of patent research. Businesses are evolving through acquisitions by taking over other businesses and expanding. The businesses are merging with other businesses to expand and grow their businesses. So, for such activities, patent research is important as it is important to know about the patents of different businesses to make such big decisions.
So, the increasing patent trend and patent research are due to many such reasons, new innovations and improvements in different fields, increased awareness, and constant development are among them.
Now, in the further article, we will study more about the reasons for the increase in the patent trends.
Patent Trends in 2022
- Revenue through patent licensing: Patents are difficult to acquire but once acquired, they help in earning revenue. There are 2.1 million active patents today and 91% of patents are licensed across the world. More and more companies want to license their patent as it pools in a good sum of money. An inventor spends a lot of money on acquiring patents and therefore, it is worth only when you can monetize it.
- Patents boost businesses: Businesses enjoy goodwill with the grant of patents. Along with goodwill, businesses get a lot of opportunities in R&D, technology, and innovation. They can do further research and can focus more and more on developing new inventions and modifying existing ones. Businesses nowadays focus more on constant growth and development to stay ahead in the market due to high competition. So, patent leads them through the path that they seek so as to constantly grow and run their business, which is increasing the patent trend in 2022.
- Increase in the number of patents: There is a constant increase in the number of patents all around the world and countries with constant improvement in technology are leading. Japan took over China in 2022 as it holds a greater number of patents now than China. These countries are leading the patent trend to the next level by increasing the number of patent portfolios through constant development and innovation in different fields.
Also read: Why should you Patent your Invention?
Challenges in Patent Trends
The patent trend is constantly rising these days which is bringing up new opportunities for businesses and it also brings new challenges with it. Challenges are faced by them in many ways:
- Pressure to constantly invest in R&D as there is a need to do so in sustaining the business. There are more and more businesses coming up with new ideas and technology and to stay at the competitive edge, it is important to invest a huge amount in R&D.
- Diversion of ownership may also come along with growth and development, it is difficult to manage everything alone and to raise funds which rises up the need for diversion of ownership.
- Businesses fail sometimes with huge investments on inventions and still failing to get grants, also sometimes they fail because they are not able to improve their technology rapidly to stay ahead in the market.
So, these challenges are important to overcome so that businesses can use their patent and stay ahead in the competition. Overcoming these challenges will lead the businesses to grow and develop in their field.
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