An analysis states that Samsung Electronics, LG Electronics, SK Hynix, Hyundai Motor, and other Korean corporations are leading global markets in innovation in nine major industries.
Market research firm Clarivate Analytics assessed that Korea is leading the world in the nine industries including semiconductor, communications, auto, and beauty industries, in their announcement of the assessment in the “2017 Global Innovation Report: The Relentless Desire to Advance” on September 27.
Ranking first in the world is Samsung Electronics, who applied for patents in the semiconductor and communications sectors, totaling 5,115 and 3,972, respectively. In addition, LG Electronics, SK Hynix, and Hyundai Motor pushed their names to the top 10 in home appliances, IT, and auto, respectively. Amore Pacific and LG Household and Health Care were selected as world leaders in the beauty and wellness industry.
Last year, research and innovation in 12 core global industries appeared to be slowing down over the previous year. But the sheer number of patent applications for 2016, a total of 2.6 million, is still showing an upward trend. Global corporations, universities, government agencies, and research institutes are perpetually seeking new solutions to the world’s most crucial issues.
Jay Nadler, CEO of Clarivate Analytics, explains, "Though it is clear the innovation growth rate has slowed down, it has not stopped.” He goes on to say, "Innovation is on the rise, and because of that, we have very detailed standards of criteria and can consistently benchmarking. So we are offering an increasingly clearer view of the future.”