Artificial intelligence (AI) is revolutionizing the consumer sector, with companies leveraging the latest patents to enhance their businesses. These patents cover a wide range of AI technologies and applications, from image processing for action classification to machine learning for improved navigation systems. Additionally, strategic investments in AI are being made to secure lucrative deals and position companies at the forefront of industry advancements. Despite fluctuations in deal trends and job postings, the consumer industry continues to experience significant growth in AI-related patent applications. The impact of AI extends beyond the consumer sector, influencing various industries. GlobalData’s Artificial Intelligence (AI) Market Analysis and Forecast report helps keep abreast of the latest trends in artificial intelligence, market opportunity forecast and the competitive landscape. 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 in the field of artificial intelligence (AI) are leveraging the latest patents to innovate and improve their businesses. These patents cover a range of AI technologies and applications. For example, one patent focuses on image processing for action classification, using fine-grained motion attributes. Another patent relates to therapeutic shoes with stabilizing components to reduce foot roll and ankle injuries. Additionally, there is a patent for using machine learning to produce routes, improving navigation systems. Another patent describes a compromised network node detection system, enhancing network resilience and security. Lastly, a patent discloses methods for channel coding in wireless communication systems, improving data transmission. These patents provide the acquirer with valuable AI technologies and applications, enabling them to enhance their products and services, improve efficiency, and strengthen their competitive position in the market.
The industry experienced a 39% decline in the number of AI-related patent applications in Q3 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 0.86% compared with Q3 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 Q3 2023, the number of AI-related deals in the consumer industry declined by 27% compared with Q3 2022. On a quarterly basis, there was 9% increase in the number of deals in Q3 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q3 2023, the consumer industry experienced a 16% drop compared with the previous quarter. On an annual basis, job postings also declined by 19%. Notably, computer and mathematical occupations, with a share of 21%, emerged as the top AI-related job roles within the consumer industry in Q3 2023, with new job postings rising by 6% quarter-on-quarter. Management occupations came in second with a share of 13% in Q3 2023, with new job postings dropping by 10% over the previous quarter. The other prominent AI roles include sales and related occupations with an 11% share in Q3 2023, and architecture and engineering occupations with a 5% share of new job postings.
Signify, PepsiCo, Pandora, Procter & Gamble, 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, India, China, Japan and France also maintain significant positions in AI adoption within the consumer industry.
In summary, the consumer industry demonstrates significant growth in AI-related patent applications, despite recent fluctuations in deal trends and job postings. Strategic investments in AI are apparent, with companies like Grupa Zywiec, Signify, Heineken, LVMH Moet Hennessy Louis Vuitton, and Swatch Group actively hiring. The US leads in AI adoption, while India, China, Germany, and Japan also play pivotal roles in advancing AI technology within the consumer sector.
To further understand GlobalData's analysis on artificial intelligence in the consumer industry, buy the report here.