Digitalization is transforming the consumer industry with technologies such as LG Corp’s AI for improved knowledge management, Intel Corp’s digital twins for enhanced situational awareness, and Rakuten Group Inc.’s personalized content systems. Innovations like Strong Force IoT’s integration of IoT with AR/VR are optimizing processes and personalizing customer interactions. Despite a recent decline in patent applications and deals, strategic investments in digitalization continue to drive significant business value and industry advancement. 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 are increasingly leveraging advanced digitalization technologies to enhance their operations and customer experiences. Recent patents highlight innovations such as LG Corp's AI device for entity linking, which improves knowledge management and user query responses. Intel Corp's development of digital twins for traffic anomaly reconstruction and spatial sound signal generation enhances real-time situational awareness and immersive experiences. Rakuten Group Inc. is innovating with a display control system that personalizes content based on user characteristics, improving engagement. Additionally, Strong Force IoT's monitoring system integrates IoT data with AR/VR, providing adaptive heat maps for industrial environments. These technologies collectively enable companies to optimize processes, personalize interactions, and improve decision-making, driving significant business value.
The industry experienced a 5% decline in the number of digitalization-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of digitalization-related patent applications in the consumer industry witnessed a rise of 6% compared with Q2 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 Q2 2024, the number of digitalization-related deals in the consumer industry declined by 11% compared with Q2 2023. On a quarterly basis, the number of deals in Q2 2024 compared to the previous quarter, remained flat.
Impact on hiring
In terms of new job posting, in Q2 2024, the consumer industry experienced a 35% drop compared with the previous quarter. On an annual basis, job postings also declined by 8%. Notably, management occupations, with a share of 17%, emerged as the top digitalization-related job roles within the consumer industry in Q2 2024, with new job postings drop by 17% quarter-on-quarter. Sales and related occupations came in second with a share of 11% in Q2 2024, with new job postings dropping by 20% over the previous quarter. The other prominent digitalization roles include computer and mathematical occupations with a 7% share in Q2 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 Australia also maintain significant positions in digitalization adoption within the consumer industry.
In conclusion, while digitalization-related deals and job postings have recently decreased, the consumer industry remains committed to leveraging advanced technologies for process optimization and personalized experiences. The US leads in digitalization adoption, reinforcing its role as a key driver of innovation in the sector.
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.
