India’s Deep-Tech Startups Surpass 83,000 Patent Filings in FY23

In a remarkable surge of innovation, India’s deep-tech startups have filed a staggering 83,000 patents in the fiscal year 2023, led by advancements in artificial intelligence (AI), Internet of Things (IoT), and neuro-technology. This significant milestone marks a remarkable annual growth rate of 24.6 percent, the highest in the last two decades, according to a recent report by Nasscom.

Key Highlights:

1. Technological Dominance: The proliferation of patents underscores India’s burgeoning prowess in innovation, particularly in cutting-edge domains like AI and IoT.
2. Exponential Growth: The number of patents granted has more than doubled between fiscal years 2019 and 2023, reflecting the rapid pace of technological advancement in the country.
3. Anticipated Expansion: The trend is expected to continue its upward trajectory, with projections indicating over 100,000 patents granted in the period from March 15, 2023, to March 14 of the current year.
4. Stakeholder Collaboration: To sustain and amplify this momentum, collaborative efforts among key stakeholders are deemed crucial to raise awareness and foster a conducive environment for intellectual property rights.
5. Resident Innovators: The proportion of patents filed by Indian residents has witnessed a substantial increase, accounting for over 50 percent of total filings in fiscal year 2023, compared to 33.6 percent in fiscal year 2019.
6. Global Recognition: India’s deep-tech startups have garnered global recognition, evident from over 900 patents filed since 2008, along with the submission of 32,000 Patent Cooperation Treaty (PCT) applications in India by foreign entities.
7. Application Areas: Healthcare emerges as a primary domain for patent applications, with a focus on medical imaging, diagnostics, and data processing. Additionally, automation/software development and retail/e-commerce sectors also witness significant patent filings.
8. AI Innovation: Within AI, advancements in image processing, natural language processing (NLP), and predictive modeling dominate the patent landscape. Emerging areas like Gen AI, medical data processing, and cognitive computing are also gaining traction.

Conclusion: India’s deep-tech startup ecosystem is experiencing a groundbreaking era of innovation, as evidenced by the surge in patent filings across diverse technological domains. With AI, IoT, and neuro-technology leading the charge, the country is poised to further solidify its position on the global innovation map. By fostering collaboration and nurturing indigenous talent, India can harness its innovation potential to drive sustainable growth and competitiveness in the global arena.

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