The global consumer industry experienced a 37% decline in the number of internet of things-related patent applications in Q1 2024 compared with the previous quarter. The total number of internet of things-related grants dropped by 17% 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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Data Insights Consumer: Patents Trends Q1 2024

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Notably, the number of internet of things-related patent applications in the consumer industry was 448 in Q1 2024, versus 712 in the prior quarter.

The top five companies accounted for 59% of patenting activity

Analysis of patenting activity by companies shows that LG filed the most internet of things patents within the consumer industry in Q1 2024. The company filed 133 internet of things-related patents in the quarter, compared with 153 in the previous quarter. It was followed by Haier Group with 48 internet of things patent filings, Guangdong Oppo Mobile Telecommunications (47 filings), and NIKE (19 filings) in Q1 2024.

Patenting activity was driven by the US with a 42% share of total patent filings

The largest share of internet of things related patent filings in the consumer industry in Q1 2024 was in the US with 42%, followed by China (18%) and Japan (3%). The share represented by the US was 12% higher than the 29% 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.