3 Key IP Trends to Watch Out for in 2023
2023 is shaping up to be a forward-looking year for technology trends, specifically in the field of intellectual property (IP).
Three key IP trends to pay attention to in 2023 include:
- The Internet of Things, with forecasts predicting over 50 million devices in use and a growing market for data collection and analysis
- Robotics, with a rapidly expanding market in industries such as manufacturing, agriculture, and healthcare
- Renewable Energy, with a projected 85.75% CAGR and increasing global focus on sustainability and climate change
This article provides a brief overview of these key IP trends and highlights the reasons to pay attention to them.
Let’s dive in!
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Key IP Trend #1: The Internet of Things (IoT)
IoT connects devices and technology to improve communication, efficiency, and security. By 2023, there will be over 50 million IoT devices in use, driving the need for data collection, analysis, and decision-making.
What’s more, the IoT market is expected to reach $2.98 billion by 2025, with a CAGR of 49.06%. The three main sectors with the highest growth rate in 2023 are the ‘digital twin market’ ($16.5 billion), ‘machine-to-machine healthcare market’ ($2.35 billion), and ‘IoT security market’ ($35.20 billion).
The number of patent filings in the IoT industry have doubled in the last five years, specifically in industry leaders such as Siemens AG, General Electric Co, and Schneider Electric. New filings are expected to continue growing this year and beyond. These trends highlight the significance of IoT as a technology to keep an eye on in 2023.
Key IP Trend #2: Robotics
Robotics has the potential to greatly improve efficiency in various aspects of daily life, from humanoids being tested in homes, supermarkets, and hospitals to their increasing use in manufacturing, agriculture, mining, and transportation.
The market for robotics is expected to grow from $641 million in 2018 to $6.40 billion in 2025, with the pharmaceutical robot market alone estimated at $109.25 billion. As this technology continues to advance, the robotics market is one to watch in 2023 for potential advancements in everyday life.
Key IP Trend #3: Renewable Energy
The renewable energy industry is projected to have a significant growth rate of 85.75% and is predicted to reach a value of $160.23 billion by 2025.
By 2024, 33% of the world’s electricity is likely to come from renewable sources, with solar photovoltaic accounting for the majority. Due to concerns about climate change and global energy policies, the renewable energy sector is on a fast-and-furious mission to innovate and solve climate-related problems.
The renewable industry, along with the solar panel, renewable battery, and solar photovoltaic glass industries, will experience exponential growth in the years to come. The Asia-Pacific region, specifically Australia and Japan, will see increased adoption of these technologies as the region matures. Keep an eye out for new patents and research coming from these markets in 2023.
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