India’s patent filings doubled between 2018 and 2023, reaching 6th place globally. Learn how resident innovation and IP policies drive India’s rise in global innovation India’s impressive strides in intellectual property (IP) have positioned it as a global leader in innovation. From 2018 to 2023, patent filings in India doubled, propelling the country to 6th place globally. With 64,480 patents filed in 2023, a 15.7% year-over-year increase, and an astounding 3.2 million trademark registrations, India has become the second highest in trademark activity worldwide. This rapid growth is fueled by resident innovators, industry leaders, and government initiatives focused on protecting and encouraging intellectual property. A Snapshot of India’s IP Growth India’s growth in IP activity is remarkable across several key metrics: Key Drivers Behind India’s IP Success India’s rapid growth in IP filings is driven by multiple factors that contribute to its dynamic innovation ecosystem: Implications of India’s IP Growth on the Global Stage India’s rise to 6th place globally in patent filings has significant implications for its economy, its role in global trade, and its reputation as an innovation hub: The Future of India’s Intellectual Property Landscape India’s journey towards becoming a global IP leader is likely to continue as policy reforms, industry support, and resident-driven innovation converge. With consistent growth in IP filings, India is setting the stage for enhanced economic growth, industry competitiveness, and a sustainable position in the global knowledge economy. Conclusion India’s doubling of patent filings and rise in global IP rankings marks a pivotal step in its journey as a global innovation leader. As resident innovation continues to flourish and government policies support this trend, India’s growth trajectory in intellectual property protection and innovation is set to shape its future as an economic powerhouse. NEXT :- https://akshipassociates.com/bank-of-americas-ai-patent-growth-surges-94-since-2022-revolutionizing-client-experience/

“Bank of America expands its AI patent portfolio by 94% since 2022, driving innovation in client experience and operational efficiency. Discover BofA’s investments in AI, machine learning, and other cutting-edge technologies designed to transform the financial industry.” Bank of America’s AI Patent Portfolio Surges 94% Since 2022 – Driving Innovation and Client-Focused Solutions Introduction: Bank of America (BofA) has seen a remarkable 94% increase in AI and machine learning (ML) patents and pending applications since 2022, a testament to its dedication to innovation and technological growth. This surge not only highlights BofA’s leading role in the financial industry but also showcases its commitment to improving client experiences and operational efficiency. A Responsible and Client-Centric Approach to AI Aditya Bhasin, Chief Technology & Information Officer at Bank of America, emphasizes the bank’s dedication to responsible AI. “Our investments in AI aren’t solely about efficiency—they focus on sustainable growth that centers on clients’ needs,” Bhasin explained in Traders Magazine. The bank’s AI initiatives are guided by human oversight, transparency, and accountability, ensuring that client benefits are always at the forefront of technological advancements. Investing in Technology for the Future Bank of America is committed to technological innovation, allocating over $12 billion annually to its tech budget, with $4 billion earmarked specifically for new technology initiatives in 2024. These investments are not only reshaping the client experience but also paving the way for the bank’s future. According to Bhasin, “Our pace of innovation is accelerating. We listen to our clients and build solutions that simplify their experiences.” This commitment to innovation is evident in the bank’s strategic focus on AI and ML, which continually enhances both client satisfaction and employee efficiency. Industry Leader in Patents and Innovation With close to 7,000 patents and pending applications, BofA holds the highest number of patents in the financial services sector. This achievement is driven by the creativity and ingenuity of over 7,500 inventors across 14 countries and 42 U.S. states. The bank’s supportive culture encourages these inventors to explore groundbreaking solutions that benefit both individuals and businesses worldwide. In addition to AI and ML, BofA’s recent patents span information security, online and mobile banking, payments, data analytics, and augmented/virtual reality, further cementing its role as a leader in financial technology. AI in Action: Transforming the Client Experience Bank of America’s AI and ML innovations are already making a tangible difference for clients. Here are some of the notable applications: AI at the Core of BofA’s Vision for Growth AI and ML are central to Bank of America’s growth strategy, providing data-driven insights that optimize client service, streamline operations, and create efficiencies across the board. The bank’s growing patent portfolio demonstrates a commitment to proprietary, responsible innovations that drive the future of financial services. As Bhasin concludes, “Our investments in AI and technology continue to support our mission of delivering innovative solutions and responsible growth.” https://www.linkedin.com/pulse/bank-americas-ai-patent-portfolio-surges-94-since-2022-d1hfc/?published=t https://akshipassociates.com/indian-entertainment-industry-faces-%e2%82%b922400-crore-loss-due-to-piracy-in-2023-ey-iamai-report/

The Indian Entertainment Industry Piracy Loss 2023 has been estimated at a staggering ₹22,400 crore, as reported in “The Rob Report” by EY and the Internet and Mobile Association of India (IAMAI). This alarming figure reveals the scale of piracy affecting India’s media and entertainment sectors, with more than half of media consumers, approximately 51%, accessing pirated content in 2023. Streaming services took the hardest hit, accounting for 63% of pirated viewership. These findings underscore the urgent need for anti-piracy initiatives, stronger regulations, and robust technology-driven solutions to curb the growing issue. EY-IAMAI ReportSignificant Financial ImpactThe report ranks India’s piracy economy as the fourth largest in the global entertainment sector by segment-wise revenue losses. In 2023, movie theatres suffered a massive ₹13,700 crore loss, while OTT platforms accounted for ₹8,700 crore. This financial drain highlights the pressing need for strategic solutions to protect the industry’s revenue streams. GST LossesBeyond the entertainment sector, piracy also impacts the economy at large, resulting in potential GST losses estimated at ₹4,300 crore. These lost tax revenues further underscore piracy’s extensive effect on India’s financial ecosystem. Why Piracy PersistsPiracy in India is often driven by high subscription fees, limited access to the desired content, and the need to juggle multiple streaming subscriptions. This issue is particularly prevalent among younger audiences aged 19 to 34. Key reasons cited include: Affordability: Subscription costs for multiple platforms can add up, prompting users to seek free, unauthorized sources.Content Access: Many consumers struggle to find the content they want on authorized platforms, pushing them toward pirated alternatives.The report notes that 64% of consumers who accessed pirated content would consider switching to legal sources if ad-supported free content became available. This indicates an opportunity for OTT services to adopt ad-supported models that could attract price-sensitive audiences. Content Consumption Trends and PreferencesIn terms of audience preferences, the report notes: Male vs. Female Content Preferences: Men predominantly prefer classic films, while women are more inclined toward OTT series.Regional Disparities: Tier II cities have higher piracy rates than Tier I cities. Income gaps, limited access to authorized content, and lower awareness about piracy consequences contribute to this trend.Tier I consumers generally seek older films through illegal means, while Tier II audiences lean towards new releases. This trend highlights the need for region-specific solutions to tackle piracy. Industry’s Call to ActionRohit Jain, Chairman of IAMAI’s Digital Entertainment Committee, emphasized the urgent need to address piracy to protect the industry’s growth potential. He called for collaboration among stakeholders, including government agencies, content creators, and consumers, to combat this pervasive issue. Mukul Shrivastava, Partner and Forensic M&E Leader at EY, echoed Jain’s concerns, advocating for stronger regulations and enhanced use of technology to detect and prevent piracy. Technological Solutions and Regulatory MeasuresShrivastava pointed out that technology plays a vital role in addressing piracy. Digital watermarking, AI-driven content tracking, and machine learning models could help identify and prevent pirated content from spreading. The report calls for a comprehensive strategy that includes: Stricter laws: Enforcing stringent anti-piracy laws to deter unauthorized content sharing.Consumer Education: Raising awareness about the consequences of piracy and promoting legal content consumption.Technology-Driven Solutions: Leveraging AI and machine learning to monitor, detect, and eliminate pirated content.Conclusion: Addressing Piracy in the Indian Entertainment IndustryThe Indian Entertainment Industry Piracy Loss 2023 report reveals an urgent need for industry-wide action. With piracy threatening the revenue and growth potential of digital entertainment in India, stakeholders must take decisive steps to safeguard intellectual property. From implementing stricter regulations to developing consumer-friendly pricing models, India’s media industry stands at a crucial juncture. Effective collaboration and innovative technology solutions will be key to reducing piracy rates, fostering growth, and supporting the legal consumption of content. By prioritizing a multi-pronged approach, India can curb piracy’s damaging impact, ensuring the industry’s growth and protecting creators’ rights. Additional Optimizations:Internal Links: Link to articles on India’s digital entertainment growth or the impact of GST losses to enrich content and improve site navigation.External Resources (DoFollow Links): Consider linking to resources like the IAMAI report, EY’s insights on digital piracy, or a government page on anti-piracy regulations to add credibility.Alt Text for Image:“Indian Entertainment Industry Piracy Loss 2023 – Financial Impact on OTT and Movie Theatres” Indian Entertainment Industry Suffers ₹22,400 Crore Loss Due to Piracy in 2023: EY-IAMAI Report The Indian entertainment industry faced a massive ₹22,400 crore loss in 2023 due to widespread piracy, as outlined in “The Rob Report” by EY and the Internet and Mobile Association of India (IAMAI). According to the report, 51% of media consumers in the country accessed pirated content, with streaming services accounting for the highest share at 63%. The findings underline the urgent need for anti-piracy initiatives and regulatory measures to curb the growing problem. Key Highlights: Piracy More Prevalent in Tier II Cities The study revealed that piracy was more widespread in Tier II cities compared to Tier I cities. Factors contributing to this disparity include income differences, a lack of authorized content access, and lower awareness about the consequences of piracy. Tier I city users mostly sought older films through illegal sources, whereas Tier II consumers gravitated towards newly released films. Industry’s Call to Action Rohit Jain, Chairman of IAMAI’s Digital Entertainment Committee, emphasized that the rapid growth of digital entertainment in India is at risk due to rampant piracy. He called for collaborative efforts among stakeholders—including government bodies, industry players, and consumers—to curb the threat. Mukul Shrivastava, Partner and Forensic M&E Leader at EY, echoed this sentiment, advocating for stronger regulations and the use of technology to combat piracy effectively. Technological Solutions and Regulatory Measures Shrivastava highlighted that leveraging technology is crucial to detecting and preventing the distribution of pirated content. This approach would help protect intellectual property and ensure creators can monetize their work. The report calls for a multi-pronged strategy that includes stricter laws, consumer education, and technological innovation to reduce piracy rates. Conclusion The alarming figures from the EY-IAMAI report underscore the need for immediate action against piracy in India. With potential growth

Arm Holdings Plc has reportedly decided to terminate its architectural license agreement with Qualcomm, which permits Qualcomm to utilize Arm’s technology for chip design. The move follows a 60-day notice period issued by Arm, as reported by Bloomberg News. This decision intensifies the ongoing legal conflict between the two companies, which is set to go to trial in December in a Delaware federal court. The dispute dates back to Arm’s 2022 lawsuit against Qualcomm for not renegotiating the license after acquiring Nuvia in 2021 for $1.4 billion. The issue centers on Qualcomm’s use of Arm-based technology from Nuvia, which was founded by former Apple engineers. Arm, majority-owned by SoftBank Group, has not commented on the matter, and Qualcomm has yet to respond to requests outside regular business hours. Key Points: This development could significantly impact Qualcomm’s future product lines. Stay tuned for updates as the situation unfolds.

The world of Intellectual Property Rights (IPR) is filled with intriguing cases that challenge existing legal frameworks. A prime example is the decade-long legal battle between the Indian Council of Scientific & Industrial Research (CSIR) and the US-based Curcumin Research LLC over turmeric.

In today’s rapidly evolving global environment, Intellectual Property Rights (IPR) play a crucial role in driving innovation and economic development. As technology advances at an extraordinary rate, the protection and management of intellectual property have become essential for fostering progress and maintaining competitive advantage.

In today’s competitive business landscape, intellectual property (IP) is vital for the success and expansion of start-ups. IP includes a range of intangible assets, such as patents, trademarks, and copyrights, which play a key role in protecting innovations and establishing a strong market presence.

Welcome to our detailed guide on navigating the patent granting process. If you have an innovative invention and want to protect your intellectual property, understanding the steps involved is crucial.