Artificial intelligence (AI) is driving innovation in the consumer industry, with companies like Intel Corp, LG Corp, and Rakuten Group Inc leading the way. Their recent patents span diverse applications, from video action segmentation to image analysis, showcasing the industry’s commitment to advancing AI capabilities. Additionally, a surge in AI-related deals and job postings reflects growing investment and demand for AI expertise within consumer companies. The impact of AI extends beyond the consumer sector, influencing various industries. GlobalData’s artificial intelligence market report provides comprehensive analysis of the 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, Deutsche Telekom AG, LG Corp, Rakuten Group Inc, and Mars Inc are leveraging the latest artificial intelligence technologies through their recent patents. These patents cover a wide range of applications, from optimizing power resources for IoT devices to nose-based pet identification. For example, Intel's patent focuses on long-duration structured video action segmentation using machine learning models, while Rakuten Group Inc's patent introduces a novel information processing technology for image analysis. By acquiring these patents, these companies can enhance their AI capabilities, improve efficiency, and offer innovative solutions to their customers. Overall, these patents showcase the continuous innovation and advancement in AI technologies that will benefit the acquirers in various aspects of their businesses.
The industry experienced a 5% decline in the number of AI-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of AI-related patent applications in the consumer industry witnessed a drop of 6% compared with Q1 2023.
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 Q1 2024, the number of AI-related deals in the consumer industry grew by 40% compared with Q1 2023. On a quarterly basis, there was 34% increase in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the consumer industry experienced a 37% growth compared with the previous quarter. On an annual basis, job postings also grew by 26%. Notably, computer and mathematical occupations, with a share of 19%, emerged as the top AI-related job roles within the consumer industry in Q1 2024, with new job postings rising by 18% quarter-on-quarter. Management occupations came in second with a share of 14% in Q1 2024, with new job postings rising by 36% over the previous quarter. The other prominent AI roles include architecture and engineering occupations with a 5% share in Q1 2024, and production occupations with a 4% share of new job postings.
Arcelik, Signify, British American Tobacco, PepsiCo, 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, the UK, China, Japan and India also maintain significant positions in AI adoption within the consumer industry.
In conclusion, the consumer industry is undergoing a significant evolution driven by Artificial Intelligence (AI) innovations. These advancements, alongside the notable increase in AI-related deals and job postings, underscore the sector's dedication to embracing AI-driven solutions and staying at the forefront of technological progress.
To further understand GlobalData's analysis on artificial intelligence in the consumer industry, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
