Consumer companies are leveraging advanced artificial intelligence (AI) technologies to enhance operations and product offerings. Innovations like Intel’s multi-node service resiliency and LG Corp’s AI entity linking system are revolutionizing data handling and user interactions. Despite a decline in AI-related patent applications, there has been a notable increase in strategic deals and hiring in the AI sector, highlighting its growing importance in driving business growth and customer satisfaction. The impact of AI extends beyond the consumer sector, influencing various industries. GlobalData’s artificial intelligence 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 AI. It provides an overview of recent developments in AI-related deals, talent acquisition, and patent filings within the consumer industry.
Diverse applications of artificial intelligence in consumer industry
Consumer companies are increasingly leveraging advanced artificial intelligence (AI) technologies to enhance their operations and product offerings. Recent patents highlight innovations such as Intel's multi-node service resiliency, which optimizes data processing based on reliability metrics, and private synthetic data generation, enabling secure data handling. LG Corp's AI device for entity linking improves knowledge base interactions, while Carrier Global's predictive system for refrigeration units enhances operational efficiency by forecasting ice formation. Additionally, Intel's deep learning techniques for video enhancement promise superior visual quality in real-time applications. These advancements position these companies to improve service reliability, data security, operational efficiency, and user experience, ultimately driving business growth and customer satisfaction.
The industry experienced a 15% decline in the number of AI-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of AI-related patent applications in the consumer industry witnessed a rise of 4% compared with Q2 2023.
Strategic deal trends in artificial intelligence in consumer industry
Consumer companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in AI. 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 AI in the consumer industry.
In Q2 2024, the number of AI-related deals in the consumer industry grew by 22% compared with Q2 2023. On a quarterly basis, there was 5% increase in the number of deals in Q2 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2024, the consumer industry experienced a 19% drop compared with the previous quarter. On an annual basis, job postings also grew by 26%. Notably, computer and mathematical occupations, with a share of 19%, emerged as the top AI-related job roles within the consumer industry in Q2 2024, with new job postings drop by 13% quarter-on-quarter. Management occupations came in second with a share of 13% in Q2 2024, with new job postings dropping by 22% over the previous quarter. The other prominent AI roles include architecture and engineering occupations with a 5% share in Q2 2024, and business and financial operations occupations with a 5% share of new job postings.
Signify, Arcelik, British American Tobacco, Pandora, and Nestle are among the top companies leading in AI hiring within the consumer industry.
Countries driving adoption of artificial intelligence in consumer industry
The US is the leading country in AI adoption within the consumer industry, boasting the highest number of AI-related patents, jobs, and deals. Meanwhile, India, the UK, Japan and China also maintain significant positions in AI adoption within the consumer industry.
In conclusion, the consumer industry's focus on AI is growing, with a significant rise in strategic deals despite a drop in patent applications. The US remains at the forefront of AI adoption, emphasizing its critical role in advancing technology within the sector.
To further understand GlobalData's analysis on artificial intelligence 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.
