In the consumer sector, the internet of ihings (IoT) is driving innovation, with patents playing a pivotal role in enhancing efficiency and functionality. Despite a decline in IoT-related patent applications, strategic investments underscore the commitment to staying ahead in this technological landscape. However, there’s a notable drop in IoT-related deals, contrasting with a surge in job postings, particularly in management and computer-related occupations, indicating a shifting focus towards internal development and expertise. The impact of IoT extends beyond the consumer sector, influencing various industries. GlobalData’s internet of things market report provides comprehensive analysis of the market. 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 are leveraging the latest patents in the field of internet of things to innovate and improve their businesses. For example, Ceva Sante Animale SA has patented a connected hatchery with automated devices that collect data streams to determine performance indicators and transmit them over a telecommunications network. Deutsche Telekom AG's patent focuses on optimizing power resources for mobile IoT devices by adjusting configuration settings to conserve power reserves. GoerTek Inc's patent introduces a waterproof protection mechanism for wearable devices. These technologies offer benefits such as improved efficiency, power conservation, and enhanced functionality. Acquirers of these patents stand to gain a competitive edge in developing advanced IoT solutions for various industries.
The industry experienced a 37% decline in the number of IoT-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of IoT-related patent applications in the consumer industry witnessed a drop of 17% compared with Q1 2023.
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 Q1 2024, the number of IoT-related deals in the consumer industry declined by 21% compared with Q1 2023. On a quarterly basis, there was 27% drop 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 31% growth compared with the previous quarter. On an annual basis, job postings also declined by 10%. Notably, management occupations, with a share of 15%, emerged as the top IoT-related job roles within the consumer industry in Q1 2024, with new job postings drop by 1% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 12% in Q1 2024, with new job postings rising by 2% over the previous quarter. The other prominent IoT roles include architecture and engineering occupations with a 9% share in Q1 2024, and sales and related occupations with a 4% share of new job postings.
Signify, Arcelik, Panasonic, Sigma Alimentos, and L'Oreal 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, the UK, Australia, France and India also maintain significant positions in IoT adoption within the consumer industry.
In the consumer industry, the Internet of Things (IoT) is revolutionizing operations with advanced patented technologies, despite a decline in patent applications. Strategic investments persist, although there's a decrease in deals, while a surge in job postings indicates a growing emphasis on internal development and expertise.
To further understand GlobalData's analysis on internet of things 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.
