Patents can provide useful monopolies where they cover products or processes which businesses sell. They can present a substantial barrier to entry to competitors and maintain market exclusivity for the duration of the patent.
Patents can also be valuable where they cover products or processes which businesses do not intend to sell but which may be of value to other businesses. Patents can be sold or licensed to others. It is also possible to use a granted patent to obtain exclusivity in some marketplaces (e.g. some product categories and/or some countries) and to sell or licence patent rights to others outside of those marketplaces.
Granted patents can also be useful to control the activities of external manufacturers or distributors, particularly after manufacturing or distribution agreements are terminated.
Patents can also be valuable for businesses who are seeking external investment. For many technology companies, their patent position can be a key part of the proposition which they offer to investors.
In addition, some companies use the grant of a patent in their marketing, to show that their products are innovative.