Fintech innovation among naval industry companies dropped off in the last year

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GlobalData’s analysis of patent filings shows a shrinking level of fintech related applications in the industry over the past year.

Research and innovation in fintech in the naval equipment and technologies sector has declined in the last year. The most recent figures show that the number of fintech related patent applications in the industry stood at 15 in the three months ending May – down from 21 over the same period in 2021.

Figures for patent grants related to fintech followed a similar pattern to filings – shrinking from 23 in the three months ending May 2021 to seven in the same period in 2022.

The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

Fintech is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

The figures also provide an insight into the largest innovators in the sector.

Thales was the top fintech innovator in the naval equipment and technologies sector in the latest quarter. The company, which has its headquarters in France, filed nine fintech related patents in the three months ending May. That was down from 12 over the same period in 2021.

It was followed by the US-based Boeing with three fintech patent applications, US-based Lockheed Martin (one application), and US-based Raytheon Technologies (one application).