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.

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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.

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Patenting activity was driven by the US with a 38% share of total patent filings

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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.