The global consumer industry experienced a 27% decline in the number of digital payments-related patent applications in Q1 2024 compared with the previous quarter. The total number of digital payments-related grants dropped by 10% in Q1 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Consumer: Patents Trends Q1 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 51 in Q1 2024, versus 70 in the prior quarter.

The top five companies accounted for 53% of patenting activity

Analysis of patenting activity by companies shows that Rakuten Group filed the most digital payments patents within the consumer industry in Q1 2024. The company filed 8 digital payments-related patents in the quarter, compared with 5 in the previous quarter. It was followed by PepsiCo with 6 digital payments patent filings, NIKE (5 filings), and LG (4 filings) in Q1 2024.

Patenting activity was driven by the US with a 53% share of total patent filings

The largest share of digital payments related patent filings in the consumer industry in Q1 2024 was in the US with 53%, followed by China (8%) and Japan (8%). The share represented by the US was 30% higher than the 23% share it accounted for in Q4 2023.

For further understanding of GlobalData's Consumer: Patents Trends Q1 2024, buy the databook here.

This content was updated on 18 April 2024

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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.