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AI increasingly critical in patent search, data analytics
14 October 2024
Artificial intelligence (AI) is becoming increasingly critical in patent search and data analytics.
Dian Guan | Co-founder & APAC general manager @ Patsnap
According to Dian Guan, co-founder and APAC general manager of Patsnap, a global leader in AI-powered IP and research and development (R&D) intelligence, this is due to AI’s ability to process and analyze vast amounts of data quickly and accurately.
“Traditionally, patent documents and scientific journal papers are very text-heavy and the users have to be trained and knowledgeable enough on the subject matter to be able to search through and make sense of the extensive data, in order to use them meaningfully. The patent information sector also presents high barriers to entry, with diverse and often poorly digitized systems across countries,” said Guan.
However, with the emergence of AI-powered tools for patent search and data analytics, the task becomes easier and faster, even when dealing with large volumes of data. It also lowers the barriers to entry in the patent information sector. Hence, there is increased efficiency and enhancement in search capabilities, data analysis and predictive analytics for IP professionals.
“For example, traditional patent searches often involve complex keyword searches and manual reviews, which can be time-consuming and prone to errors. AI-powered tools use natural language processing and machine learning algorithms to understand the context and semantics of patents, making it easier to find relevant patents even if the exact keywords aren’t present. This significantly improves the efficiency and accuracy of searches,” explained Guan.
Headquartered in Singapore, Patsnap recently became the first in the industry to develop its own large language model (LLM). The LLM benefited from domain-specific training, allowing it to generate accurate and reliable answers that are far less prone to hallucinations. Combined with Patsnap’s Hiro, an AI assistant for IP and R&D teams, the company’s LLM is capable of delivering actionable insights that increase productivity for IP tasks by 75 percent. Furthermore, it reduces R&D wastage by 25 percent.
“The uptake of AI has significantly fuelled the demand for search and analytics tools in Asia, driven by the region’s focus on innovation and technology adoption,” shared Guan.
Based on Patsnap’s 2024 Global Innovation 100 report, Asia is the rising hub of global technology innovation. In its list of 100 top innovators in the world, 45 are from Asia – an increase of five companies from the 2023 list.
According to Guan, the rapid growth of R&D activities has paved the way for fierce competition among business enterprises. This meant they needed to innovate better and faster.
“Generally, businesses and IP professionals in Asia are embracing AI-powered search and analytics tools, with a clear trend toward integrating these technologies to stay ahead in the competitive landscape,” added Guan.
- Espie Angelica A. de Leon
