Consumer companies are using advanced IoT technologies to boost product offerings and operational efficiencies. Recent patents highlight innovations like wearable devices for smoking event tracking, AR/VR-based industrial monitoring, and smart wearables for health monitoring. These advancements enhance consumer engagement and streamline processes. Despite fluctuations in patent applications, deals, and job postings, the US remains a leader in IoT adoption, with the technology influencing multiple industries beyond the consumer sector. 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 harnessing innovative Internet of Things (IoT) technologies to enhance their product offerings and operational efficiencies. Recent patents reveal advancements such as a wearable device that communicates smoking event data to provide real-time feedback, and a sophisticated industrial monitoring system that utilizes adaptive heat maps for data visualization in AR/VR environments. Additionally, NIKE's cushioning component for wearables and Bosch's method for optimizing wireless communication with domestic appliances showcase efforts to improve user experience and connectivity. GoerTek's smart wearable device integrates light-transmitting electrodes for enhanced health monitoring. These technologies position companies to better engage consumers, streamline processes, and deliver personalized experiences in an increasingly connected world.
The industry experienced a 34% decline in the number of IoT-related patent applications in Q2 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 19% compared with Q2 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 Q2 2024, the number of IoT-related deals in the consumer industry declined by 21% 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 27% drop compared with the previous quarter. On an annual basis, job postings also declined by 32%. Notably, management occupations, with a share of 18%, emerged as the top IoT-related job roles within the consumer industry in Q2 2024, with new job postings drop by 17% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 14% in Q2 2024, with new job postings dropping by 13% over the previous quarter. The other prominent IoT roles include architecture and engineering occupations with an 8% share in Q2 2024, and sales and related occupations with a 8% share of new job postings.
Signify, Panasonic, Sleep Number, General Mills, and Sigma Alimentos are among the top companies leading in IoT hiring within the consumer industry.
Countries driving adoption of Internet of Things in consumer industry
China 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, Germany, Japan and the UAE also maintain significant positions in IoT adoption within the consumer industry.
In conclusion, despite a notable decline in IoT-related patent applications and deals, the sector continues to make significant strides. The downturn in hiring reflects broader industry adjustments, but the adoption of IoT technologies remains strong across leading countries, underscoring the ongoing potential for innovation and growth.
To further understand GlobalData's analysis on Internet of Things in the consumer industry, buy the report here.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
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.
