Text Mining Analysis of Patent in Innovation Studies: Trends, Issues and Future Research Agenda

Innovation is a cornerstone of progress, and patents play a pivotal role in protecting and promoting novel ideas and technologies. This paper delves into the dynamic intersection of text mining and innovation studies by focusing on patent data. This literature review paper presents an in-depth assessment of the trends and developments in text mining techniques as they relate to patent analysis within the context of innovation studies. This paper presents a thorough study of text mining literature through a systematic literature review of 162 articles in 20 peer-reviewed journals published from 2003 to 2022. We undertake a thorough literature review in this study, identifies themes and categorize the papers into five clusters of Technology opportunities identification, Firm competition strategies, Emerging technology forecasting and evaluation, Patent technical intelligence, Technological convergence and open-endedness. The study shows that most articles concentrated on technological firms and focused on technological-driven strategies. This paper highlights key results, open issues and outlines a compelling research agenda for further investigation and development in the field of text mining in innovation studies related to patents