Artificial intelligence (AI) is revolutionizing the consumer sector, with companies such as Intel Corp and LG Corp at the forefront of innovation. These patents highlight how these companies are driving innovation and improving their businesses through AI advancements. The consumer industry has experienced a decline in AI-related patent applications and deals in recent quarters, but the US remains the leading country in AI adoption within the sector. The impact of AI extends beyond the consumer sector, influencing various industries. GlobalData’s artificial intelligence market report provides comprehensive analysis of the AI market. Buy the report here.
This article presents a quarterly round-up of the latest trends in the consumer industry regarding AI. It provides an overview of recent developments in AI-related deals, talent acquisition, and patent filings within the consumer industry.
Diverse applications of artificial intelligence in consumer industry
Consumer companies like Intel Corp and LG Corp are leveraging new artificial intelligence technologies through recent patents. Intel Corp's patents include efficient convolution in machine learning environments, adaptive resolution of point cloud, and assisted data review for active learning cycles. These technologies enable Intel to enhance neural network training, improve video streaming quality, and optimize machine learning model training. By acquiring these patents, Intel can stay at the forefront of AI innovation, leading to more efficient and effective AI applications across various industries. LG Corp's patent focuses on transmitting buffer size information in wireless communication systems, showcasing their commitment to advancing AI technologies in the telecommunications sector. Overall, these patents highlight how these companies are driving innovation and improving their businesses through AI advancements.
The industry experienced a 10% decline in the number of AI-related patent applications in Q4 2023 compared with the previous quarter. On an annual basis, the number of AI-related patent applications in the consumer industry witnessed a drop of 10% compared with Q4 2022.
Strategic deal trends in artificial intelligence in consumer industry
Consumer companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in AI. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of AI in the consumer industry.
In Q4 2023, the number of AI-related deals in the consumer industry declined by 23% compared with Q4 2022. On a quarterly basis, there was 4% drop in the number of deals in Q4 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q4 2023, the consumer industry experienced a 15% drop compared with the previous quarter. On an annual basis, job postings also declined by 30%. Notably, computer and mathematical occupations, with a share of 24%, emerged as the top AI-related job roles within the consumer industry in Q4 2023, with new job postings drop by 11% quarter-on-quarter. Management occupations came in second with a share of 17% in Q4 2023, with new job postings rising by 1% over the previous quarter. The other prominent AI roles include business and financial operations occupations with a 6% share in Q4 2023, and architecture and engineering occupations with a 5% share of new job postings.
Signify, PepsiCo, Unilever, Mondelez International, and Nestle are among the top companies leading in AI hiring within the consumer industry.
Countries driving adoption of artificial intelligence in consumer industry
The US is the leading country in AI adoption within the consumer industry, boasting the highest number of AI-related patents, jobs, and deals. Meanwhile, China, India, Turkiye and the UAE also maintain significant positions in AI adoption within the consumer industry.
In the consumer industry, artificial intelligence is advancing through recent patents, with a focus on efficient convolution in machine learning, adaptive resolution of point cloud, and assisted data review for active learning cycles. Despite a decline in AI-related activities, the US continues to lead in AI adoption within the consumer sector, emphasizing the transformative influence of AI across global markets.
To further understand GlobalData's analysis on artificial intelligence in the consumer industry, buy the report here.