AI-Driven Insights: Analyzing Patent Trends with Large Language Models
By Mamata Saha
If you’re in the patent and innovation space, you probably know how important it is to stay abreast of emerging technologies and trends, not just for companies but also for innovators. And how would they do that? With the help of Large Language Models (LLMs). LLMs are nothing but a set of deep learning algorithms intended to carry out multiple NLP (Natural Language Processing) tasks. It’s because of these models that patent data analysis and emerging trend analysis for a range of industries have now become easily accessible and more organized.
So, why are LLMs regarded as powerful tools for patent analysis? Because they are capable of assessing massive amounts of textual data. Whether it’s research papers, patent documents, or industry reports, LLMs can sort through any and all such documentation and generate deep insights. Additionally, LLMs can recognize various patterns and trends after analyzing the language used in patents and determining the relationships between different concepts. This is a very helpful exercise because identifying these patterns and trends might be difficult for most people due to the volume of datasets involved.
Before AI came into existence, patent trend analysis was a manual process, for the most part, and took up hours of research and data collation. Therefore, it goes without saying that the automation that comes with using LLMs not only enhances speed but also increases scalability because the task can be performed in far less time, leading to quick decision-making. Finally, these models can also cross-reference patent information from a range of industries, fetching trends that innovators or organizations may have overlooked earlier.
LLMs can help industries and organizations stay ahead of the competition due to extensive knowledge of emerging technologies and the latest developments in their business areas. In a word, with the creation of more and more AI-powered tools, patent trend analysis will become more accurate and share deeper and more detailed information. This, in turn, will lead to a greater number of inventions across a plethora of industries!
Since the focus of this blog is the application areas of LLMs, it might interest you to know that Relecura, a name to reckon with in the patent and innovation space, has been spending a substantial amount of time working on use cases involving these models. For those of you who have requirements involving the technology, please reach out to us.