Samsung is the world’s most innovative consumer electronics company in 2023, registering the most patents out of all companies and overtaking Apple
That’s according to the experts at FOREX.com, who analysed data from Harrity and Seeking Alpha to uncover which companies are the most innovative, based on factors such as the number of US-registered patents in 2022, the number of R&D expenses over the last 12 consecutive months and their last reported Intangible Assets.
Highlights from the research:
- Samsung beats Apple as the most innovative company, with the highest number of new patents in 2022 (8,513).
- This is despite Apple having spent the most on intangible assets out of all companies (£1.84 Billion).
- The Electronics sector is the most frequent in the top 10 – 3 out of 10 companies dominate.
- E-commerce giant, Amazon, has invested the most in R&D in the last year (£65 million)
Consumer Electronic companies are the most innovative
The Dataset used can reveal that Samsung is the most innovative company, with an innovation score of 9.25/10. The consumer electronics giant, known for manufacturing televisions, mobile phones and audio equipment issued 8,513 new patents in 2022, which is the most out of all companies in the data. With the new Samsung AI technology, which will be featured in their Galaxy S24 smartphone due for release in 20242, it is no surprise to see the electronic giants rank so high. suggesting that there are new technologies on the horizon.
Competitor Apple is the second-most innovative company, with an innovation score of 9.03/10. Apple invested over £23 million on R&D in the past year, which is the third highest out of companies in the top 10, and they reported over £1.84 Billion in intangible assets in 2022, also ranking first. Apple is also investing in new materials, clean electricity and low-carbon shipping with the aim of making all of its products carbon-neutral by 20303.
In third place with a score of 8.33/10 is IT giant IBM, known for its hybrid cloud and AI solutions. Registering 4,743 patents last year, half that of Samsung in first place, they have surprisingly lost their 29-year reign as the patent leader in the US4. Despite this, IBM has shifted their focus to high-quality, high-impact innovation in the hybrid cloud, data and AI, automation, security, semiconductors, and quantum computing areas.
Johnson & Johnson is fourth, scoring 8.23/10 in the innovation index. They have the second-highest number of intangible assets (£37.16 million) which is to be expected when they trademark brands such as Neutrogena, Listerine and Tylenol. The health giants spent £11.87 million on R&D last year, and they recently met with China and Japan as part of their plans to transform healthcare innovation in those countries through new therapies and AI technologies5.
Amazon invests the most in R&D
In joint sixth place with Microsoft with an innovation score of 8.12/10, is Amazon, who spent £65,633 million on R&D in 2022, the most out of all companies analyzed and is 65% more than Apple and Samsung combined. This isn’t shocking considering their presence in both the retail and technology sectors. Just recently they rolled out a new AI-powered Image Generator6 for advertisers, which will allow for better ad performance, propelling themselves further into the AI market.
FOREX.com expert, Matt Weller offers their insights into the data:
“The report’s findings underscore Samsung’s dominance in the innovation arena, with its leading number of patents reflecting a significant push in consumer electronics. This patent portfolio is not just a measure of quantity but a marker of Samsung’s potential to disrupt markets and set new industry standards. Meanwhile, Apple’s considerable investment in intangible assets and sustainability initiatives showcases a strategic approach that blends cutting-edge innovation with environmental responsibility. These efforts not only fortify Apple’s market position but also resonate with a consumer base increasingly attuned to ethical practices. Both companies exemplify how targeted investments in innovation can yield substantial market influence and drive industry trends.”
– Matthew Weller, Head of Global Market Commentary at FOREX.com