The global banking & payments industry experienced a 25% decline in the number of cybersecurity-related patent applications in Q1 2023 compared with the previous quarter. The total number of cybersecurity-related grants dropped by 25% in Q1 2023, according to GlobalData’s Patent Analytics. GlobalData’s Cybersecurity in Banking – Thematic Research market report provides a detailed understanding on how Cybersecurity impacts the value chain in the Banking & Payments sector, and the leading Cybersecurity adopters and vendors in the market. Buy the report here.
Notably, the number of cybersecurity-related patent applications in the banking & payments industry was 1,474 in Q1 2023, versus 1,962 in the prior quarter.
The top five companies accounted for 24% of patenting activity
Analysis of patenting activity by companies shows that China Investment filed the most cybersecurity patents within the banking & payments industry in Q1 2023. The company filed 119 cybersecurity-related patents in the quarter, compared with 358 in the previous quarter. It was followed by Ant Group with 69 cybersecurity patent filings, Industrial and Commercial Bank of China (65 filings), and Capital One Financial (61 filings) in Q1 2023.
Patenting activity was driven by China with a 39% share of total patent filings
The largest share of cybersecurity related patent filings in the banking & payments industry in Q1 2023 was in China with 39%, followed by the US (14%) and South Korea (7%). The share represented by China was 12% lower than the 52% share it accounted for in Q4 2022.
To further understand GlobalData's analysis on Cybersecurity in Banking - Thematic Research buy the report here.