Patents
Who’s innovating where? Patent activity related to AI decreased by 19% in the financial services industry in Q3 2022
Powered by
The global financialservices industry experienced a 30% decline in the number of artificial intelligence-related patent applications in Q3 2022 compared with the previous quarter. The total number of artificial intelligence-related grants rose by 7% in Q3 2022, according to GlobalData’s whitepaper on Artificial Intelligence in Banking & Payments – Patenting Activity in Q3 2022.
Notably, the number of artificial intelligence-related patent applications in the financialservices industry was 668 in Q3 2022, versus 958 in the prior quarter.
Source: GlobalData Patent Analytics
The top five companies accounted for 25% of patenting activity
Analysis of patenting activity by companies shows that Capital One Financial filed the most artificial intelligence patents within the financialservices industry in Q3 2022. The company filed 55 artificial intelligence-related patents in the quarter, compared with 47 in the previous quarter. It was followed by China Investment with 46 artificial intelligence patent filings, Bank of America (30 filings), and Visa (20 filings) in Q3 2022.
Source: GlobalData Patent Analytics
Patenting activity was driven by the US with a 32% share of total patent filings
The largest share of artificial intelligence related patent filings in the financialservices industry in Q3 2022 was in the US with 32%, followed by China (20%) and South Korea (4%). The share represented by the US was 3% higher than the 29% share it accounted for in Q2 2022.
Source: GlobalData Patent Analytics
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
