The significance of patent rights in technology lies in their ability to protect innovation and encourage research. By granting inventors exclusive rights to their inventions, patent laws incentivize creative development, allowing creators to profit from their work. This fosters a competitive market where companies strive to improve products and technologies. Additionally, patents can attract investment as they provide a layer of security for businesses. Ultimately, patent rights help ensure a continuous cycle of innovation and technological advancement, benefiting society as a whole.