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  1. Analysis
June 13, 2022

Industrial automation innovation among payment industry companies dropped off in the last quarter

Analysis of patent filings shows an decrease in industrial automation related applications in the industry following a rise 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 declined in the last quarter – but remains higher than it was a year ago.

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 April – up from 21 over the same period in 2021.

Figures for patent grants related to industrial automation followed a different pattern to filings – shrinking from 32 in the three months ending April 2021 to 27 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 six industrial automation related patents in the three months ending April. That was down from 10 over the same period in 2021.

It was followed by the China based Jiangxi Bank with five industrial automation patent applications, the United States based Visa (3 applications), and the United States based PayPal (2 applications).

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