Digitalization is transforming the consumer industry as companies explore innovative patents, despite a recent decline. Strategic investments continue to highlight the industry’s dedication to innovation, influencing job markets with a focus on management and technology roles. The US leads in global digitalization adoption, with key contributions from China, the UK, India, and Germany. The impact of digitalization extends beyond the consumer sector, influencing various industries. GlobalData’s digitalization market report provides comprehensive analysis of the digitalization market. Buy the report here.

Smarter leaders trust GlobalData

This article presents a quarterly round-up of the latest trends in the consumer industry regarding digitalization. It provides an overview of recent developments in digitalization-related deals, talent acquisition, and patent filings within the consumer industry.

Diverse applications of digitalization in consumer industry

Consumer companies like WW International, Yamaha Corp, L'Oreal SA, LG Corp, and Intel Corp are leveraging the latest patents in digitalization technologies to innovate and improve their businesses. These patents cover a range of applications such as achieving improved nutrition based on food energy data, content data processing, matching hair stylists with job offers, controlling display devices, and adaptive video encoding. By acquiring these patents, the companies can benefit from advancements in data processing, personalized recommendations, display technology, and video encoding. This will enable them to enhance their products and services, streamline operations, and provide a more personalized and efficient experience to their customers in the digital age.

The industry experienced a 10% decline in the number of digitalization-related patent applications in Q4 2023 compared with the previous quarter. On an annual basis, the number of digitalization-related patent applications in the consumer industry witnessed a drop of 12% compared with Q4 2022.

Strategic deal trends in digitalization in consumer industry

Consumer companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in digitalization. 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 digitalization in the consumer industry.

In Q4 2023, the number of digitalization-related deals in the consumer industry declined by 60% compared with Q4 2022. On a quarterly basis, there was 20% 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 6% drop compared with the previous quarter. On an annual basis, job postings also declined by 23%. Notably, management occupations, with a share of 23%, emerged as the top digitalization-related job roles within the consumer industry in Q4 2023, with new job postings drop by 7% quarter-on-quarter. Business and financial operations occupations came in second with a share of 10% in Q4 2023, with new job postings rising by 16% over the previous quarter. The other prominent digitalization roles include computer and mathematical occupations with a 9% share in Q4 2023, and sales and related occupations with a 5% share of new job postings.

LVMH Moet Hennessy Louis Vuitton, Unilever, Nestle, PepsiCo, and L'Oreal are among the top companies leading in digitalization hiring within the consumer industry.

Countries driving adoption of digitalization in consumer industry

The US is the leading country in digitalization adoption within the consumer industry, boasting the highest number of digitalization-related patents, jobs, and deals. Meanwhile, China, the UK, India and Germany also maintain significant positions in digitalization adoption within the consumer industry.

In conclusion, diverse applications of digitalization in the consumer industry, as seen in recent patents from various companies, signify a commitment to innovation. Despite a decline in patent applications and deals, the industry remains focused on strategic investments in digitalization. Top companies, including LVMH Moet Hennessy Louis Vuitton and Unilever, lead in hiring for digitalization roles, emphasizing the ongoing importance of technological advancements in the consumer sector.

To further understand GlobalData's analysis on digitalization in the consumer industry, buy the report here.

Premium Insights

From

The gold standard of business intelligence.

Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.

GlobalData

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.