The global insurance industry experienced an 18% 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 rose by 18% in Q1 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Insurance: 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 internet of things-related patent applications in the insurance industry was 46 in Q1 2024, versus 56 in the prior quarter.
The top five companies accounted for 57% of patenting activity
Analysis of patenting activity by companies shows that State Farm Mutual Automobile Insurance filed the most internet of things patents within the insurance industry in Q1 2024. The company filed 20 internet of things-related patents in the quarter, compared with 15 in the previous quarter. It was followed by Hartford Financial Services Group with 2 internet of things patent filings, Allstate (2 filings), and RapidSOS (1 filing) in Q1 2024.
Patenting activity was driven by the US with a 100% share of total patent filings
The largest share of internet of things related patent filings in the insurance industry in Q1 2024 was in the US with 100%, followed by Brazil (2%) and China (2%). The share represented by the US was 7% lower than the 107% share it accounted for in Q4 2023.
For further understanding of GlobalData's Insurance: Patents Trends Q1 2024, buy the databook here.
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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.
