Digital technologies enable vast opportunities for innovation. These innovations, driven by the flexible and modular architecture of digital technologies, blur traditional boundaries and foster the convergence of previously separate technologies and industries. Convergence facilitates new business opportunities and value creation. However, despite the potential of these developments, the extant literature has not fully explored their impact on business value. Our study addresses this gap by analyzing over 3.7 million patent families from 2000 to 2018, using natural language processing and regression analysis. We show that (1) technological convergence is positively linked to patent value and (2) this relationship is enhanced by the integration of digital technologies. Our study provides valuable insights into how technological convergence and the integration of digital technologies are associated with business value, offering new avenues for future research.

Digital technologies enable vast opportunities for innovation. These innovations, driven by the flexible and modular architecture of digital technologies, blur traditional boundaries and foster the convergence of previously separate technologies and industries. Convergence facilitates new business opportunities and value creation. However, despite the potential of these developments, the extant literature has not fully explored their impact on business value. Our study addresses this gap by analyzing over 3.7 million patent families from 2000 to 2018, using natural language processing and regression analysis. We show that (1) technological convergence is positively linked to patent value and (2) this relationship is enhanced by the integration of digital technologies. Our study provides valuable insights into how technological convergence and the integration of digital technologies are associated with business value, offering new avenues for future research.