The Internet of Things Continues
to Spark Patent Innovation

IP News and Information

Will the Internet Change the Patent Landscape?

There are thousands of patent applications filed and granted every year. There are also hundreds of different industries in which patents are granted. Over the years, individuals and companies have focused on different industries during different periods of time. With the innovation landscape always evolving and the latest hot technology constantly shifting the patent market is also always in flux. Plus, “with recent legislation and court rulings, the strength of patents has also experienced a shift, which has altered the patent valuation market as well, according to Arlen Olsen, president of IPTrader. With all that being said, companies and inventors are always trying to find the next great trend in technology as well as in patents. Recently, the patent landscape has experienced a very real shift toward the Internet of Things (IoT).

IoT Technology Areas

The Internet of things refers to every day objects with a network connection that allows them to send and receive data. The Internet of Things is a broad development and covers a lot of different industries and technologies, but as a whole it is one of the new driving forces in the patent landscape. The IoT is made up of five separate technology areas, which include:

  • Things
  • Networking
  • Storage & Computing
  • Services
  • Analytics

All of these are very relevant and indeed very important in the IoT landscape. However, the first and last areas are the newest, which means right now it’s the areas in the middle that have the most clout. Many established companies are using these areas to continue their development in the realm of IoT. That’s because despite the fact that these areas have been around for a while they also have the distinct ability to continue evolving and growing when it comes to the Internet of Things.

Hot Markets in The Internet of Things

There are several up and coming markets in the realm of IoT, but among the hottest markets for patent developers in the Internet of Things are wearables, medical, smart homes, automotive and industrial. These markets are being driven by their IP, much of which is geared toward the Internet of Things. While all of these has huge growth potential, as well as patent monetization potential, wearables is becoming one of the largest forces in driving the Internet of Things. Companies from all walks of the business world continue to develop inventions and patents geared toward wearable electronic devices, especially in the fitness market. Those who are the first to expand their patent portfolio in this realm with strong patents will be the companies that are best poised to take advantage of this growing trend.

Huge Market Available

That could mean a lot of money for the companies with the right patents. According to recent numbers, the health and fitness wearables market is expected to reach as high as $25 billion by the end of 2015. That means the number of patents in this space will also likely continue to rise at an impressive rate. Therefore, it’s imperative for anyone getting into the IoT market now to have a clear strategy and a strong portfolio.