The Internet of Things (IoT) has revolutionized various industries, including the consumer sector. Consumer companies innovate using diverse IoT patents, encompassing route provision for sensor-equipped vehicles and wireless communication systems’ transmission priority determination. Despite declines in IoT-related patents and deals, companies like Signify, General Mills, and iRobot continue to lead in IoT hiring. The US remains at the forefront of IoT adoption, with other countries like Germany and Canada also making significant contributions. GlobalData’s Internet of Things (IoT) Market report helps keep abreast of the latest trends in internet of things, 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 IoT. It provides an overview of recent developments in IoT-related deals, talent acquisition, and patent filings within the consumer industry.
Diverse applications of Internet of Things in consumer industry
Consumer companies in the field of Internet of Things (IoT) are leveraging the latest patents to innovate and improve their businesses. These patents cover a range of technologies and applications related to IoT. For example, one patent describes a route provision device and method for vehicles equipped with sensors, allowing for selective reception of layers based on the types of sensors provided. Another patent focuses on determining transmission priority of uplink data in a wireless communication system. Additionally, there are patents related to providing enhanced images for navigation, intelligent electronic footwear for navigation assistance, and sensing resources for sidelink communication. These patents offer valuable technological advancements for consumer companies, enabling them to enhance their IoT capabilities and provide innovative solutions to their customers.
The industry experienced a 37% decline in the number of IoT-related patent applications in Q3 2023 compared with the previous quarter. On an annual basis, the number of IoT-related patent applications in the consumer industry witnessed a drop of 18% compared with Q3 2022.
Strategic deal trends in Internet of Things in consumer industry
Consumer companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in IoT. 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 IoT in the consumer industry.
In Q3 2023, the number of IoT-related deals in the consumer industry declined by 62% compared with Q3 2022. On a quarterly basis, there was 14% 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 36% drop compared with the previous quarter. On an annual basis, job postings also declined by 27%. Notably, computer and mathematical occupations, with a share of 18%, emerged as the top IoT-related job roles within the consumer industry in Q3 2023, with new job postings drop by 39% quarter-on-quarter. Management occupations came in second with a share of 14% in Q3 2023, with new job postings dropping by 38% over the previous quarter. The other prominent IoT roles include sales and related occupations with an 8% share in Q3 2023, and business and financial operations occupations with a 6% share of new job postings.
Signify, Sleep Number, General Mills, iRobot, and Philip Morris International are among the top companies leading in IoT hiring within the consumer industry.
Countries driving adoption of Internet of Things in consumer industry
The US is the leading country in IoT adoption within the consumer industry, boasting the highest number of IoT-related patents, jobs, and deals. Meanwhile, Germany, France, Canada and Spain also maintain significant positions in IoT adoption within the consumer industry.
In summary, the consumer industry sees fluctuations in IoT-related patent applications and deal trends, with recent declines in deals and job postings. Key roles in computer and mathematical occupations continue to be important. Companies like Signify, Lien Hwa Industrial, Compagnie Financiere Richemont, General Mills, and Henkel are actively hiring. The US leads in IoT adoption, with China, India, Canada, and Austria also playing significant roles in advancing IoT within the consumer sector.
To further understand GlobalData's analysis on Internet of Things in the consumer industry, buy the report here.