Four Korean companies including Naver and Celltrion made the top 100 innovative companies selected by US economy magazine Forbes.
According to Forbes's list of "the Most Innovative Companies in the World" released on June 6, Naver came in ninth among all 100 companies, the same ranking as last year. The Korean search giant has placed 53rd in 2014, 21st in 2015 and 13th in 2016.
Forbes ranked companies based on innovation premiums by evaluating and indexing how long they could develop new technologies or services. Naver received 64.62% out of 100%. Among Korean companies, Celltrion ranked 14th (62.3%), AmorePacific 18th (60.81%) and LG Household & Healthcare 27th (55.26%). Celltrion ranked high in its first inclusion in the list. AmorePacific and LG Household & Healthcare nabbed 16th and 28th place, respectively, last year.
The overall rankings changed significantly this year. ServiceNow, a US cloud service company, topped the list while making the top ten for the first time. Established in 2004, ServiceNow focuses on IT service management (ITSM) for corporate clients as its core business.
Second-ranked cloud solution provider Workday was also included in the list for the first time this year. Workday provides cloud-based applications specialized in finance and human resources to companies, governments and educational institutions.
Last year's No. 1 ranker, cloud computing company Salesforce, fell to No. 3. Tesla, an electric car maker, went down by two notches. Among the top ten companies, eight were US companies.
The growth of Chinese companies was noticeable. The list contained seven Chinese companies including Internet company Tencent (25th), online travel agent Ctrip (28th) and internet portal Baidu (45th).
Seven Japanese companies landed on the list, including Fast Retailing, the parent company of Uniqlo which stood at 32nd place.
Forbes has been announcing the rankings of innovative companies for the eighth year since 2011. "This year's rankings show that digital conversion has become the main trend," Forbes said. “The main characteristic is that ServiceNow, Workday and Salesforce which took first to third place, are focusing on these key areas."