Research and innovation in fintech in the naval 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 ten in the three months ending July – down from 23 over the same period in 2021.

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Figures for patent grants related to fintech followed a similar pattern to filings – shrinking from 26 in the three months ending July 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.

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

Thales was the top fintech innovator in the naval equipment and technologies sector in the latest quarter. The company, which has its headquarters in France, filed five fintech related patents in the three months ending July. That was down from 12 over the same period in 2021.

It was followed by the France-based Safran with three fintech patent applications, United States-based Cubic (one application), and the United States-based General Dynamics (one application).