Trends and Patent Filing Growth of AI in 2023

By Aarti Dhapte , 03 February, 2023

The rapidly growing power of AI is the need of the hour. The reports show companies like tech giant Tencent and search engine provider Baidu. The companies mentioned above are ahead of U.S. firm IBM, South Korea's Samsung, former AI patent leader Microsoft and Chinese insurance provider Ping An.

Recently, Microsoft has seen significant AI investments coming into reality fruitfully, as the conversational AI bot ChatGPT by Microsoft has been making waves, as the reports say. Holding more than 9,000 active patent families each, Tencent and Baidu became the most prominent AI and machine learning owners in 2021.

According to data, the global AI market was valued at $59.7 billion in 2021 and is expected to reach $422.4 billion by 2028. In 2023, AI is supposed to assimilate within th3 mainstream society. The work of patent fillings will forecast a broad vision of what AI can do precisely with new technologies and industries.

The reviews on AI FinTech patents reveal three dominant areas of AI involvement: financial services, blockchain, and cryptocurrency. Cryptocurrency includes apps focusing on mobile banking, crypto coin generation, mining, exchange, etc.

Thus, looking deep into the applications of AI technologies across different industries shows an array of developing and emerging technologies.