India has recently experienced a record-breaking surge in innovation, with deep-tech startups filing an impressive 83,000 patents in the fiscal year 2023. This marks an annual growth rate of 24.6%, the highest in the last two decades, according to a report by Nasscom. The driving forces behind this remarkable achievement are artificial intelligence (AI), the Internet of Things (IoT), and neuro-technology.
The number of patents granted has also seen significant growth, doubling between fiscal year 2019 and fiscal year 2023. This upward trend is expected to continue, with over 100,000 patents granted between March 15, 2023, and March 14, 2024. The surge in patent filings highlights India’s increasing innovation prowess, particularly in the field of AI, as stated by Debjani Ghosh, the President of Nasscom.
In order to further enhance domestic patent activity, collaborations among key stakeholders are crucial. This will foster an environment that promotes innovation and increases awareness of intellectual property rights. Over the past decade, there has been a significant increase in the proportion of patents filed by residents of India. In fiscal year 2023, over 50% of total filings were by Indian residents, compared to 33.6% in fiscal year 2019.
The report also highlights the impressive accomplishments of Indian deep-tech startups. Since 2008, these startups have filed over 900 patents. Additionally, other countries have recognized India’s innovation potential and have submitted 32,000 Patent Cooperation Treaty (PCT) applications in India. This serves as a testament to the increasing focus on innovation in the country.
When it comes to the application areas for these patents, healthcare takes the lead. Medical imaging, diagnosing, report generation, and testing have seen the highest number of applications. This is followed by automation/software development and retail/ecommerce. In the field of AI, the maximum number of patents were filed in areas such as image processing, natural language processing (NLP), and predictive modeling. Emerging areas of interest include Gen AI, medical data processing, and cognitive computing.
This surge in patent filings and grants in India is a clear indication of the country’s commitment to innovation and its potential to become a global leader in deep-tech. The focus on AI, IoT, and neuro-technology is driving significant progress in various industries, particularly healthcare. With increased collaboration and awareness of intellectual property rights, India is poised to continue its remarkable journey towards technological advancement and breakthrough discoveries.
In conclusion, India’s deep-tech startups have shattered records by filing an astounding 83,000 patents in FY2023, driven by AI, IoT, and neuro-technology. This surge in innovation showcases India’s growing prowess and commitment to technological advancement. As collaborations strengthen and awareness of intellectual property rights grows, India is poised to make even greater strides in the world of deep-tech innovation.
Use the share button below if you liked it.