Companies around the world are transitioning to new communication technologies. The advent of 5G wireless communication is driving patent applications skyward as businesses look to take advantage of international upgrades.
Digital technology has moved to the front of the global patent scene, ending the 13-year long reign of medical technology filings. With numbers up nearly 20% in the last year to put the application count over 14,000, digital communications can likely thank the rise of 5G technology for the boost.
Growth on the horizon
5G comes with promises of faster and more reliable connections, lower latencies and more efficient usage of energy. But those aren’t the only benefits. Studies predict that 5G will be responsible for $13.2 trillion in worldwide economic value by 2035, along with the creation of over 22 million jobs.
This has technological powerhouses like Huawei, Samsung and QUALCOMM all vying for a foothold as plans begin to take shape. But the giants aren’t the only players in the game, as implications will affect international trade on down to day-to-day happenings in local municipalities.
While the networks will likely begin on the infrastructure patents of the large providers, implementation will require cooperation between entities big and small. The number of connected devices in the world could reach 25 billion by next year, meaning there are near-countless ways innovators can begin to implement the technology.
Carving out room in the market early is important, and protecting the technology that gives you an edge is an essential part of local and international business. Understanding every facet of intellectual property law, both home and abroad, can be daunting, but taking the proper steps now is crucial to secure rights in the future.