According to GlobalData’s Technology Foresights, which uses over 165,000 patents to analyze the innovation intensity of the banking industry, there are 30+ areas of innovation that will shape the future of the industry.
AR/VR trading platforms are a key area of innovation in virtual and augmented reality
Augmented reality and virtual reality (AR/VR) trading platforms use virtual reality technology to facilitate financial transactions. Users can view and interact with trading platforms in a simulated environment, making it easier to navigate complex data and analyze market trends. The technology also provides opportunities for remote collaboration and real-time market analysis.
GlobalData’s analysis also uncovers the companies at the forefront of each area of innovation and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 10 companies spanning technology vendors, established banking firms and upcoming start-ups that are engaged in the development and use of AR/VR trading platforms.
Key players in AR/VR trading platforms – a disruptive innovation in the banking sector industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly divides companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographical scope’ refers to the number of countries each patent is registered in. It reflects the breadth of intended geographic application, ranging from ‘global’ to ‘local’.
Patent volumes related to AR/VR trading platforms
Source: GlobalData Patent Analytics
Among the companies innovating in AR/VR technologies that can facilitate financial transactions, Sony Group is one of the leading patent applicants. The company filed patents related to AR/VR devices and methods and spatial imaging, real-world acoustic and light modeling, and information processing and communication devices for enhanced user immersion and realism in AR/VR environments. Sony Semiconductor Solutions (SSS), a wholly owned subsidiary of the Sony Group, is one of the leading providers of organic light emitting diode (OLED) micro displays for AR/VR applications.
Advanced New Technologies, Alibaba Group and Bank of America are some of the other key patent applicants in this area.
In terms of application diversity, Advanced New Technologies held the top position, while Alibaba Group and Bank of America ranked second and third, respectively. By geographic reach, Sony Group leads the pack followed by Alibaba Group and Trading Technologies International.
To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Augmented Reality (AR) in Banking
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent applications and grants from official offices around the world. Text analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.