Samsung, which snatched the runner-up position from Google in BCG’s 2013 global innovation survey, fell to third place this year.
On Oct. 28, the Boston Consulting Group released its 2014 global innovation survey involving 1,500 global senior innovation executives around the world.
The South Korean manufacturer ranked 26th in 2008, but moved up 24 spots and overtook Google to become the second most innovative company in 2013. However, Samsung returned the runner-up spot to Google this year.
LG Electronics' ranking went up by eight notches from 25th in 2013 to 17th place in 2014. The Hyundai Motor Company ranked 17th, with Kia Motors in 36th place last year, but both of them were pushed out of this year's list of the 50 most innovative companies.
Apple has topped the list for ten years in a row. Following Google and Samsung, the fourth to tenth spots were taken by Microsoft, IBM, Amazon, Tesla Motors, Toyota, Facebook, and Sony, respectively.
Seven out of the top 10 companies belong to the IT sector this year, which stands in total contrast to last year, where the auto industry nabbed many of the top spots.
Three new companies joined the list this year, with Xiaomi Technology ranking 35th, Hitachi 37th, and Salesforce.com in 40th place.