Research and innovation in internet of things in the private banking sector has rebounded in the last quarter.

The most recent figures show that the number of IoT patent applications in the industry stood at 18 in the three months ending December – down from 37 over the same period in 2020.

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Figures for patent grants related to IoT followed a similar pattern to filings – shrinking from 20 in the three months ending December 2020 to 17 in 2021.

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.

IoT 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.

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

Bank of America Corp was the top IoT innovator in the private banking sector in the last quarter. The company, which has its headquarters in the United States, filed 27 IoT related patents in the three months ending December. That was down from 39 over the same period in 2020.

It was followed by the Canada based The Toronto-Dominion Bank with nine IoT patent applications, the United States based Wells Fargo & Co (3 applications), and Canada based Royal Bank of Canada (3 applications).