Research and innovation in internet of things in the private banking sector has declined in the last year.

The most recent figures show that the number of IoT related patent applications in the industry stood at 25 in the three months ending May – down from 71 over the same period in 2021.

Figures for patent grants related to IoT followed a similar pattern to filings – shrinking from 43 in the three months ending May 2021 to 34 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.

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.

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

Ping An Insurance (Group) Company of China Ltd was the top IoT innovator in the private banking sector in the latest quarter. The company, which has its headquarters in China, filed 7 IoT related patents in the three months ending May. That was down from 29 over the same period in 2021.

It was followed by the United States based Bank of America Corp with 7 IoT patent applications, the United States based JPMorgan Chase & Co (5 applications), and the United States based Wells Fargo & Co (2 applications).