The global banking & payments industry experienced a 45% decline in the number of artificial intelligence-related patent applications in Q1 2023 compared with the previous quarter. The total number of artificial intelligence-related grants dropped by 35% in Q1 2023, according to GlobalData’s Patent Analytics. The growing application of Artificial Intelligence will prove to have a transformative impact on the banking & payments sector. GlobalData’s Artificial Intelligence (AI) Market report helps keep abreast of the latest trends in Artificial Intelligence, market opportunity forecast and the competitive landscape. Buy the report here.
Notably, the number of artificial intelligence-related patent applications in the banking & payments industry was 716 in Q1 2023, versus 1,305 in the prior quarter.
The top five companies accounted for 32% of patenting activity
Analysis of patenting activity by companies shows that China Investment filed the most artificial intelligence patents within the banking & payments industry in Q1 2023. The company filed 78 artificial intelligence-related patents in the quarter, compared with 230 in the previous quarter. It was followed by Industrial and Commercial Bank of China with 50 artificial intelligence patent filings, Ant Group (47 filings), and Agricultural Bank of China (37 filings) in Q1 2023.
Patenting activity was driven by China with a 41% share of total patent filings
The largest share of artificial intelligence related patent filings in the banking & payments industry in Q1 2023 was in China with 41%, followed by the US (7%) and South Korea (2%). The share represented by China was 8% lower than the 48% share it accounted for in Q4 2022.
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