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May 6, 2022updated 09 May 2022 12:28pm

Fintech innovation among military industry companies has dropped off in the last year

Analysis of patent filings shows a shrinking level of fintech related applications in the industry over the past year

By Data Journalism Team

Research and innovation in fintech in the military equipment and technologies sector has declined in the last year.

The most recent figures show that the number of fintech related patent applications in the industry stood at nine in the three months ending March – down from 24 over the same period in 2021.

Figures for patent grants related to fintech followed a similar pattern to filings – shrinking from 14 in the three months ending March 2021 to six 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.

Fintech 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.

Thales SA was the top fintech innovator in the military equipment and technologies sector in the latest quarter. The company, which has its headquarters in France, filed two fintech related patents in the three months ending March. That was down from five over the same period in 2021.

It was followed by the United States based The Boeing Co with two fintech patent applications, the United States based Lockheed Martin Corp (1 applications), and the United States based Cubic Corp (1 applications).

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