The global insurance industry experienced a 41% decline in the number of ecommerce-related patent applications in Q2 2023 compared with the previous quarter. The total number of ecommerce-related grants dropped by 6% in Q2 2023, according to GlobalData’s Patent Analytics. GlobalData’s Business to Consumer (B2C) eCommerce Market Size, Share, Trends, and Segment Forecast to 2026 report offers a thorough analysis of the global B2C eCommerce market, segmentation and forecast by payment methods and region, and the current competitive landscape. Buy the report here.
Notably, the number of ecommerce-related patent applications in the insurance industry was 95 in Q2 2023, versus 161 in the prior quarter.
The top five companies accounted for 29% of patenting activity
Analysis of patenting activity by companies shows that State Farm Mutual Automobile Insurance filed the most ecommerce patents within the insurance industry in Q2 2023. The company filed 15 ecommerce-related patents in the quarter, compared with 21 in the previous quarter. It was followed by Allstate with 6 ecommerce patent filings, Capital One Financial (3 filings), and Strong Force Iot Portfolio 2016 (2 filings) in Q2 2023.
Patenting activity was driven by the US with a 92% share of total patent filings
The largest share of ecommerce related patent filings in the insurance industry in Q2 2023 was in the US with 92%, followed by China (4%) and Australia (1%). The share represented by the US was 26% higher than the 65% share it accounted for in Q1 2023.
For further understanding of GlobalData's Business to Consumer (B2C) eCommerce Market Size, Share, Trends, and Segment Forecast to 2026 buy the report here.