Well-organized patent data can really make a difference for your company. One of the most powerful benefits of patent data is that it allows you to better understand your competitor landscape. Most established companies know who the big name competitors are in their respected fields. However, patent data allows you to see deeper than just the competitors you are already familiar with. Take, for example, the AI Biotech/Diagnostics: Activity sector. Most of the top competitors in that sector are well known companies such as IBM, Philips Electronics, and FitBit.
However, this past week the Patent Forecast® picked up 5 newly published patent applications from automaker Toyota Motors. These 5 applications are the first documents Toyota has in the sector, and all teach systems and methods related to a device for AI-based walking rehabilitation. Although Toyota is not known for its work in the AI Biotech Sector, the recent emergence of 5 applications on a new technology in a foreign sector certainly indicates a shift in focus by Toyota Motors. As a competitor, it would be crucial to know as early as possible when a company like Toyota Motors begins seeking patent protection on technology similar to yours. Early detection of a massive emerging competitor allows smaller companies to reassess their portfolios, and make sure their present and future products are adequately protected.
This is just one or many examples of how patent data can provide early detection of important changes with a competitive landscape. Make sure to check out the Patent Matrix® for an in depth analysis of the claims of some of Toyotas newly published applications, as well as the Patent Forecast® for the AI Biotech/Diagnostics: Activity Sector to stay up to date with the newest patent data available!