Digitalization has emerged as a transformative force in the consumer industry, revolutionizing how companies innovate and leverage cutting-edge patents to drive innovation and enhance their operations. These patents span secure network member identification, enhanced user interaction, and seamless media playback, showcasing a concerted focus on leveraging digitalization for heightened security, efficiency, and user experience. Additionally, a surge in strategic deals and a demand for specialized roles in management and sales further illustrate the industry’s commitment to advancing digitalization efforts. The impact of digitalization extends beyond the consumer sector, influencing various industries. GlobalData’s in-depth Consumer TrendSights report on Digitalization provides valuable insights into how consumers are integrating digital technologies into their lives, about the latest innovations, sector-specific relevance, and key takeaways for consumer goods companies. Buy the report here.

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 are capitalizing on recent patents to advance their digitalization efforts. Mutualink Inc's consensus-based voting method, using blockchain-based identity signatures, enhances network security. LG Corp introduces an image display device, improving user interaction through short-range communication and pointer tracking. Sonos Inc streamlines media playback across devices with different protocols. Brother Industries Ltd's patent enables efficient transitions to specific printing modes under contracts. Intel Corp's distributed machine learning model partitions data into private and public layers, ensuring secure and efficient sharing.

These patents significantly contribute to digitalization efforts by bolstering security, user engagement, media playback, printing efficiency, and distributed machine learning capabilities. By adopting these technologies, consumer companies can drive innovation and enhance their businesses in the digital landscape.

The industry experienced an 18% decline in the number of digitalization-related patent applications in Q2 2023 compared with the previous quarter. On an annual basis, the number of digitalization-related patent applications in the consumer industry witnessed a rise of 13% compared with Q2 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 Q2 2023, the number of digitalization-related deals in the consumer industry grew by 20% compared with Q2 2022. On a quarterly basis, there was 27% drop in the number of deals in Q2 2023 compared with the previous quarter.

Impact on hiring

In terms of new job posting, in Q2 2023, the consumer industry experienced a 24% drop compared with the previous quarter. On an annual basis, job postings also grew by 26%. Notably, management occupations, with a share of 18%, emerged as the top digitalization-related job roles within the consumer industry in Q2 2023, with new job postings drop by 33% quarter-on-quarter. Sales and related occupations came in second with a share of 10% in Q2 2023, with new job postings dropping by 9% over the previous quarter. The other prominent digitalization roles include computer and mathematical occupations with a 6% share in Q2 2023, and business and financial operations occupations with a 6% share of new job postings.

VF, Grupa Zywiec, Compagnie Financiere Richemont, L'Oreal, and LVMH Moet Hennessy Louis Vuitton 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, the UK, India, China and Australia also maintain significant positions in digitalization adoption within the consumer industry.

In summary, the consumer industry experiences fluctuations in digitalization-related patent applications and deal trends, with recent growth in deals but a decline in job postings. Key roles in management occupations remain prominent with companies like VF, Grupa Zywiec, and Compagnie Financiere Richemont actively hiring.

To further understand GlobalData's analysis on digitalization 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.