The global construction industry experienced a 38% decline in the number of internet of things-related patent applications in Q3 2023 compared with the previous quarter. The total number of internet of things-related grants dropped by 27% in Q3 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Construction: Patents Trends Q3 2023 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
Notably, the number of internet of things-related patent applications in the construction industry was 48 in Q3 2023, versus 77 in the prior quarter.
The top five companies accounted for 19% of patenting activity
Analysis of patenting activity by companies shows that Caterpillar filed the most internet of things patents within the construction industry in Q3 2023. The company filed 3 internet of things-related patents in the quarter, compared with 7 in the previous quarter. It was followed by Lutron Electronics with 2 internet of things patent filings, Acuity Brands (2 filings), and LG (1 filing) in Q3 2023.
Patenting activity was driven by the US with a 38% share of total patent filings
The largest share of internet of things related patent filings in the construction industry in Q3 2023 was in the US with 38%, followed by South Korea (33%) and China (13%). The share represented by the US was 9% higher than the 29% share it accounted for in Q2 2023.
For further understanding of GlobalData's Construction: Patents Trends Q3 2023, buy the databook here.