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  1. Analysis
March 28, 2022

How is industrial automation innovation progressing in the payment industry?

Analysis of patent filings reveals the top companies for industrial automation related applications in the industry over the past year

By Data Journalism Team

Research and innovation in industrial automation in the banks, payment providers, cards programmes and processors sector has stagnated in the last quarter.

The most recent figures show that the number of industrial automation related patent applications in the industry stood at 24 in the three months ending January – down from 28 over the same period in 2021.

Figures for patent grants related to industrial automation followed a similar pattern to filings – shrinking from 32 in the three months ending January 2021 to 17 in the same period in 2022.

The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

Industrial automation is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

The figures also provide an insight into the largest innovators in the sector.

Capital One was the top industrial automation innovator in the banks, payment providers, cards programmes and processors sector in the latest quarter. The company, which has its headquarters in the US, filed 28 industrial automation related patents in the three months ending January. That was up from 12 over the same period in 2021.

It was followed by the United States based Bank of America with 12 industrial automation patent applications, the United States based Visa (4 applications), and the United States based Goldman Sachs (3 applications).

Capital One has recently ramped up R&D in industrial automation. It saw growth of 57.1% in related patent applications in the three months ending January compared to the same period in 2021 - the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the banks, payment providers, cards programmes and processors sector.

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