The global consumer industry experienced a 15% decline in the number of digital payments-related patent applications in Q2 2024 compared with the previous quarter. The total number of digital payments-related grants dropped by 17% in Q2 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Consumer: Patents Trends Q2 2024 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
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Notably, the number of digital payments-related patent applications in the consumer industry was 52 in Q2 2024, versus 61 in the prior quarter.
The top five companies accounted for 69% of patenting activity
Analysis of patenting activity by companies shows that LG filed the most digital payments patents within the consumer industry in Q2 2024. The company filed 15 digital payments-related patents in the quarter, compared with 5 in the previous quarter. It was followed by Rakuten Group with 14 digital payments patent filings, KT&G (3 filings), and Artemis (2 filings) in Q2 2024.
Patenting activity was driven by Japan with a 21% share of total patent filings
The largest share of digital payments related patent filings in the consumer industry in Q2 2024 was in Japan with 21%, followed by the US (19%) and China (4%). The share represented by Japan was 6% higher than the 15% share it accounted for in Q1 2024.
For further understanding of GlobalData's Consumer: Patents Trends Q2 2024, buy the databook here.
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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.
