Quantum Leap in Patent Analytics: A Glimpse of Tomorrow’s Possibilities using Generative AI
By Mamata Saha
Introduction:
Inventors, researchers, and businesses have been searching for and analyzing patents in the course of seeking new ideas and innovations, since time immemorial. However, the only difference between the past and now is the pace and accuracy with which patent search and analytics need to be carried out to get up to speed on technological advancements. We must also remember to mention the unprecedented growth of the patent landscape, necessitating the use of tools with advanced technologies to process huge volumes of patent data. In a word, this blog will touch upon the top future patent trends that will change the perspectives of researchers, inventors, and businesses and the procedures they use for patent analysis, while paving the way for a promising future for innovation.
While covering the top future trends in the patent search and analytics space, we’ll keep it limited to five. Let’s take a look at what each entails:
- AI-Generated Patent Abstracts: The advanced level of Generative AI algorithms will help retrieve patent abstracts that are similar to those written by humans. The term ‘abstracts’ refers to the synopsis of the core elements of a patent, including an outline of the invention and its technical content. Generative AI aims to capture the critical data that forms a part of the original patent document while ensuring that it is grammatically accurate and easy to follow. Fetching patent abstracts is a very time-taking process, so the technology will not only save time for researchers but will also help them in securing quicker and more accurate results.
- Automated Prior Art Identification: Generative AI can quickly assess patent claims and determine prior art information, thereby helping to make the process a more efficient and organized one. Therefore, if the prior art process is more systematic, patent examiners will be able to carry out their tasks in less time, resulting in faster patent approvals and creation of new and valuable products.
- Cross-Lingual Patent Search: Considering that patents are filed and published in numerous languages, based on the countries where they were granted, it’s obvious that patent databases contain published patents in a host of different languages. Here’s where cross-lingual patent search enters the picture. It involves the search and examination of patents in multiple languages. Generative AI enables cross-lingual patent searches, making it easier for researchers to access massive amounts of world-wide patent information without worrying about the burden of a non-native language. When language no longer serves as a barrier, global collaboration becomes that much easier and enables a deeper level of patent assessment.
- Predictive Patent Valuation: Historical data and market trends can provide all the information essential for Generative AI to foretell the value of a patent. This information enables people to make critical decisions about patent sales, portfolio management, and patent licensing, all of which lead to the growth and success of a company.
- Enhanced IP Due Diligence: Generative AI automation capabilities contribute to the processing of large amounts of patent data in no time at all. As a result, it facilitates the process of IP due diligence, involving the extensive analysis of an entity to be acquired by another one. What is an extremely lengthy and tedious process, ends in far less time but not before it successfully examines the value of patent portfolios while an M&A is in progress.
In summary, the development of the patent search and analytics process is directly proportional to the advancement of Generative AI. Therefore, we can safely say that both will grow monumentally in the days to come. So, companies and industries should look forward to some very interesting and brilliant inventions in the future.
