Digitalization is transforming the consumer industry by enhancing efficiency and fostering innovation. Companies like Intel, Brother Industries, LG, and Pictometry International are leveraging new patents to improve processes and offer advanced solutions, such as AI-adapted learning systems and real-time object detection. As a result, there has been a notable increase in job postings within the consumer industry, particularly in management and computer-related occupations, reflecting the growing demand for digitalization expertise. The impact of digitalization extends beyond the consumer sector, influencing various industries. GlobalData’s digitalization market report provides comprehensive analysis of the market. Buy the report here.
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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 Intel Corp, Brother Industries Ltd, LG Corp, and Pictometry International Corp are leveraging the latest patents in digitalization technologies to innovate and improve their businesses. These patents cover a range of applications, from creating new data records based on hash values to controlling terminal devices for printing services, adapting learning systems to AI, evaluating unmanned aircraft structures, and facilitating real-time object detection in multi-camera environments. By acquiring these patents, these companies can enhance their digitalization capabilities, streamline processes, improve efficiency, and offer cutting-edge solutions to their customers. Overall, these technologies will enable the acquirers to stay ahead in the digitalization race and drive growth in their respective industries.
The industry experienced 0.78% decline in the number of digitalization-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of digitalization-related patent applications in the consumer industry witnessed a drop of 6% compared with Q1 2023.
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 Q1 2024, the number of digitalization-related deals in the consumer industry declined by 23% compared with Q1 2023. On a quarterly basis, there was 36% 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 36% growth compared with the previous quarter. On an annual basis, job postings also grew by 26%. Notably, Management Occupations, with a share of 14%, emerged as the top digitalization-related job roles within the consumer industry in Q1 2024, with new job postings rising by 23% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 10% in Q1 2024, with new job postings rising by 59% over the previous quarter. The other prominent digitalization roles include sales and related occupations with a 10% share in Q1 2024, and business and financial operations occupations with a 6% share of new job postings.
Arcelik, VF, Nestle, LVMH Moet Hennessy Louis Vuitton, and PepsiCo 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, China, Japan and India also maintain significant positions in digitalization adoption within the consumer industry.
In summary, digitalization is driving significant advancements in the consumer industry, leading to increased efficiency and innovation. This shift is also creating more job opportunities, particularly in management and computer-related fields, underscoring the growing demand for digital expertise.
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.
