LONDON, April 27, 2023 /PRNewswire/ -- PatSnap, a leading provider of innovation intelligence solutions, has released its 2023 Annual Report on the State of IP, uncovering the future of IP in a technology-driven world. The report offers valuable insights into the IP strategies of companies across industries, highlighting critical factors that impact IP management.

The report was built from a comprehensive survey of over 800 companies involved in IP and R&D activities on a global scale. Among the survey respondents, 74% identified themselves as mature public or private companies, while 22% identified themselves as startups, early-stage, or expansion-stage ventures. The report encompasses a diverse range of industries, including Energy and Electrical, Chemicals and Materials, Semiconductors, Communications and Information Technology, Consumer Electronics, Automotive, Equipment, Life Science and Healthcare, as well as other sectors such as traditional manufacturing and services.

One of the key takeaways from the report is that a company's IP department reporting structure plays a critical role in its IP strategy. It reveals that only a third of companies have their IP department report to the CEO or CTO. The report underscores the need for a well-structured IP department with a clear reporting line to ensure effective management of IP.

Although most companies believe patents will contribute significant value to their organization in the next two to three years, with protecting the outcome of R&D being the most significant value, IP and R&D teams face several challenges when it comes to working together. One of the major obstacles reported is the lack of patent knowledge possessed by R&D professionals, which can make collaboration difficult.

The report also discusses how technology companies manage their corporate patents, protection and monetization strategies, and overall patent management strategies. It examines the views of IP and R&D departments on patents as a source of tech intelligence, collaboration obstacles, and future expectations for IP.

Jeffrey Tiong, CEO of PatSnap, said, "This report provides critical insights into the challenges faced by companies in managing their intellectual property, particularly in today's technology-driven world. By elevating the role of the IP department and implementing collaborative processes and tools, companies can streamline innovation and protect their business."

PatSnap's 2023 Annual Report on the State of IP offers crucial insights to IP and R&D professionals, enabling them to develop strategies to manage IP matters effectively within their organizations. With the emergence of AI-powered technology, companies can improve their ability to manage their intellectual property, gain insights into competitors' technology, and make informed decisions about their R&D investments.

To download the report, visit: https://info.patsnap.com/en/en/2023-annual-report-on-the-state-of-ip 

About PatSnap: Founded in 2007, PatSnap is the company behind the world's leading AI-powered innovation intelligence platform. PatSnap provides global businesses with a connected, easy-to-use platform that helps them make better decisions in the innovation process. Customers are innovators across multiple industry sectors, including agriculture and chemicals, consumer goods, food and beverage, life sciences, automotive, oil and gas, professional services, aviation and aerospace, and education. 

Source: Patsnap