A patent can be cited as a representative indicator of technology convergence, which is very useful in terms of understanding the evolution of technology and enabling various analyses through the attributes of individual patents. Patent data provide valuable information that can present the evolution of technologies over time.
Patent landscape analysis is a comprehensive study and multi-step process, involving use of high of human intelligence and computer software to analyse a particular field of technology to provides a real insight in to the technological space and helps businesses to find answers to some of the most critical questions. It also gives a competitive analysis of the past, present and future trends in the concerned technical space and helps to identify white spaces in the subject technology domain.
It involves meticulous data mining because any technological area has a vast pool of data that needs to be analysed.
Some of the purposes of patent analysis include:
- Avoiding rework (reducing research costs)
- Carrying out studies from a higher level of knowledge
- Identifying new products and emerging technologies
- Predicting technology development trends in a specific field
- Gaining technical know-how and commercial trends in technology in other countries and determining safe fields for investment
- Solving research and industrial problems
