In the technology industry, the IoT sector unfolds a tapestry of innovation propelled by groundbreaking patents, while technology companies simultaneously reshape IoT applications through strategic deals. Despite a decline in job postings, they adapt their hiring strategies to meet the evolving demands of this transformative field. The dynamic blend of patents, strategic deals, and evolving job trends collectively shapes the future of IoT in tech. The impact of IoT extends beyond the technology sector, influencing various industries. GlobalData’s internet of things market report helps keep abreast of the latest trends in IoT, market opportunity forecast and the competitive landscape. Buy the report here.
This article presents a quarterly round-up of the latest trends in the technology industry regarding IoT. It provides an overview of recent developments in IoT-related deals, talent acquisition, and patent filings within the technology industry.
Diverse applications of internet of things in technology industry
Technology companies in the IoT field are harnessing the latest patents to drive innovation and enhance their operations. These patents span a diverse range of IoT technologies and applications, each contributing to the industry's transformative landscape. For instance, an ambient commerce system patent employs sensors to detect customer engagement, generating notifications for personalized interactions based on preferences and behavior. Another patent introduces an intelligent head-up display for motor vehicles, varying its position and color based on context to provide optimal visibility and enhance safety. Additionally, a patent addresses enterprise software updates, ensuring seamless transitions between applications and reducing downtime by allowing only one application in a group to be active at a time.
In the financial sector, dynamic appraisals of assets are facilitated through an IoT-enabled system that dynamically links financial funds, holdings, and asset values for real-time appraisals. Furthermore, a self-organizing data marketplace patent focuses on industrial fluid conveyance devices, collecting and storing detection values to enable businesses to optimize operations and make data-driven decisions.
Overall, these patents offer technology companies in the IoT field the opportunity to enhance their products and services, personalize customer experiences, streamline operations, and make data-driven decisions.
The industry experienced a 30% 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 technology industry witnessed a drop of 28% compared with Q3 2022.
Strategic deal trends in internet of things in technology industry
Technology 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 technology industry.
In Q3 2023, the number of IoT-related deals in the technology industry declined by 32% compared with Q3 2022. On a quarterly basis, there was 26% drop 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 technology industry experienced a 13% drop compared with the previous quarter. On an annual basis, job postings also declined by 35%. Notably, computer and mathematical occupations, with a share of 25%, emerged as the top IoT-related job roles within the technology industry in Q3 2023, with new job postings drop by 7% quarter-on-quarter. Management occupations came in second with a share of 14% in Q3 2023, with new job postings dropping by 20% over the previous quarter. The other prominent IoT roles include sales and related occupations with an 8% share in Q3 2023, and architecture and engineering occupations with a 7% share of new job postings.
Countries driving adoption of internet of things in technology industry
The US is the leading country in IoT adoption within the technology industry, boasting the highest number of IoT-related patents, jobs, and deals. Meanwhile, China, the UK, Japan and Germany also maintain significant positions in IoT adoption within the technology industry.
In summary, the IoT landscape in the technology industry witnesses a wave of innovation driven by diverse patents, offering companies opportunities to refine products, personalize customer experiences, and streamline operations. Despite a decline in patent applications and deals, the sector remains pivotal, influencing strategic investments and hiring trends. Globally, notable players lead in IoT adoption, showcasing comprehensive influence across patents, jobs, and deals within this evolving domain.
To further understand GlobalData's analysis on internet of things in the technology industry, buy the report here.