Patent information provides many valuable insights that can be exploited for developing new innovative IoT (Internet of Things) products. Most of all, patents can provide insights regarding the state of the art of IoT innovation for a specific technology/application field (e.g., Healthcare/Medical Devices, Connected Cars, Big Data Analytics) and a company (e.g., Apple, Samsung, Cisco, IBM). Thus, from the “AS IS” analysis based on the insights regarding the state of the art of IoT innovation, one can develop the “TO BE” strategy for the future technologies of new IoT products (e.g., technology roadmap in alignment with new product development goals) for a specific technology/application field and in consideration of competitors’ product innovation direction. Furthermore, patents can provide insights regarding technical details of IoT innovation (e.g., Smart UI/UX, Autonomous Vehicles). Thus, patent information combined with future technology development roadmap can provide insight regarding the future implementation of a specific IoT technology.
Patents can provide insights regarding the comparative innovation strategy in alignment with the strategic move of a specific company for the IoT business leadership through the cross-competitor analysis. For example, to compare the innovation strategy of the three leading companies in the IoT Smart Home applications, Apple, Google and Samsung, patent information is exploited for the cross-competitor analysis. To obtain the strategic parameters of the cross-competitor analysis for the IoT Smart Home exploiting patents, a system approach to the IoT patents is adopted. The analysis shows Google’s select and focus strategy for providing the care value proposition. The analysis also show that Apple is most active in the innovation of automation value proposition compare to Samsung and Google, even if Apple’s number of patent applications is smaller than that of Google and Samsung. Furthermore, patents can provide insights regarding a new company to become play a leading role in the emerging IoT market. Thus, patent information can be exploited for the product differentiation strategy.
Patents can be exploited to identify new IoT product development opportunity from scenarios analysis. The scenarios analysis can show potential interactions between the future user and the IoT product via the specific usage of the product and behavior of the user under environments provided by the product functionality. Thus, the scenarios analysis exploiting patent information can provide the new IoT product concept (e.g., specific benefits to the user, product design, product functionality and the technology for the product). Furthermore, Patents can be exploited to develop the disruptive IoT products by providing IoT products with new performance/value proposition attributes that may not previously have been valued by existing end users (e.g., convergence with other technologies to create synergies).