We are living in an era where everything is so well connected. Every single year we see a number of new industries rising around the globe that revolutionizes the whole world altogether. If we consider the trends of the 20th century, there was a significant evolution in the world every 15 years. It was awe-inspiring as the century witnessed two World Wars that almost destroyed the world. The British Empire lost its glory, and the United States and the USSR emerged as the two superpowers on the globe. The century also witnessed the Cold War tensions that ended in the last decade of the century when the USSR disintegrated and the Russian Federation emerged.
Still, the growth did not stop, and we achieved so many milestones in the 20th century itself. If we can witness such a rapid shift in technology around the globe during such challenging times, it is not hard to imagine how much growth potentials exist in the internet era. That is why it becomes essential that you keep an eye on global trends to always be a leader and not a follower of the new world. If you do not want to lose your glory, the only option is to adapt to the new world without hesitation. The ability to predict the trends in advance allows you to prepare for the future before the world, helping you stay ahead of the world at all times.
Why WIPO report matters?
The World Intellectual Property Organization (WIPO) is a specialized global agency of the United Nations that promotes the protection of Intellectual Properties around the globe. You can find the headquarter of the WIPO in Geneva, Switzerland. The people from the IP industry already know the importance of the WIPO in the global IP industry. We will be discussing the WIPO Technology Trends 2021 that tells us about the IP trend of 2021. The report is based on the data compiled from global patent filing applications and is considered one of the most precise ways to predict the global IP trend.
The WIPO 2021 report focuses on Assistive Technology and how it is rising around the globe. But it does not tell you about Assistive Technology, and there is a ton of other information that can help you as a business or as an investor. We will discuss everything that matters to you as a business and an inventor.
The Assistive Technology Market and Future
According to the WIPO, over a billion people around the globe need some kind of assistive technology. The market is still emerging, and the number of people with the requirements of assistive technology is only expected to grow. The report says the number of users will be doubled by the year 2050. It means there will be more than 2 billion people around the globe depending on assistive technology.
The data also suggests that most of the products developed around Assistive Technology will not wholly replace conventional assistive products. Instead, it will work alongside the existing products to make things even better and more accessible. It means that most modern products in assistive technology will be designed to complement the existing products.
The number of patent filings for conventional assistive products remains about eight times bigger than the emerging modern assistive technology. But the best part in favor of contemporary assistive technology is that the year-on-year growth rate remains around three times the conventional assistive products. The growth rate of the conventional assistive products is limited to 6%, while the emerging assistive technology leads with a year-on-year growth of 17%. In the emerging assistive technology space, the domains leading the trend are hearing, mobility, cognition, communication, environment, self-care, and vision.
The five major nations around the world that lead the patent protection in the emerging assistive technology include the People’s Republic of China, the United States, Europe, Japan, and the Republic of Korea. The Republic of Korea and the People’s Republic of China are the global leaders leaving the dominance of the United States and Japan behind. These five nations also lead the board when it comes to the invention of assistive technology.
The Learnings for Businesses and Inventors
The WIPO report and various other reports by the global think tanks around the world suggest that the tech industry is there to stay now. The growth in technology is only going to get even more rapidly over time. The shifting trends indicate that the future of Intellectual Property will not be limited to the United States, Japan, or the European Union in the future. The emerging economic powers from Asia and Africa like China, the Republic of Korea, India, and Nigeria will play a major role in the future of the IP industry.