Data-as-a-Service provider, Anomaly42, also predicts that the number of patent wars being fought globally will spiral in the years ahead as companies increasingly use automation and powerful new data analytics to protect and maximise their IP.
Currently, managing patent portfolios manually is not only time-consuming, slow and expensive (it is generally carried out by patent lawyers) but ineffective at highlighting all patent infringements and revenue opportunities. Today’s patent ecosystems are simply too large, too disconnected and are changing too fast.
Automating the process of patent management, by contrast, not only rapidly uncovers existing or historical patent infringements, but enables infringements to be spotted as they emerge, significantly collapsing time to revenue — or time to court.
Essentially, automation enables companies to look at entire patent ecosystems from above, effortlessly cutting through the traditional challenges of format, language and — with new countries adhering to IP law – geography.
Freddie McMahon, Director, Strategy & Innovation, Anomaly42, commented: “Our work with brands globally has revealed that most are nowhere near leveraging the IP revenues they should be. The global ecosystem of patents has become so large and siloed, and so complex as new technologies emerge, that patent infringements are consistently being missed. Even the biggest companies are exposed to sub-optimal patent management. By automating patent portfolio management, companies are finally able to see their real as opposed to perceived IP position — and, crucially, realise its true economic value. Armed with new and smarter data intelligence, we expect IP-generated revenues to hit $1 trillion by 2020 and for litigation to increase substantially, as brands seek to protect and maximise their IP.”
