American companies “Apple”, “Tesla” and “Amazon” occupied the first three places in the “Boston Consulting Group” report for the year 2023 for the most innovative companies, while European representation is still scarce with the presence of “Siemens” as the only company. In the European Union among the top 20 companies.
Within the index, which included 50 companies, Saudi Aramco was the only Arab representative, and it ranked 41st in the world, and second in the oil sector behind the American “ExxonMobil”.
During the 2009 downturn, only 58% of companies planned to increase spending, with 15% expecting to reduce investment in innovation. Today, 66% of companies plan to increase spending, which highlights the growing importance of innovation in the corporate world, according to what was reported by “innovation Origins” and viewed by Al Arabiya.net.
The United States continues to dominate the innovation landscape, with 6 companies in the top 10 on BCG’s list. While China’s BYD Automotive embodies Asia’s expanding role in innovation.
The limited representation of European companies highlights the urgent need for the EU to develop a more innovation-focused ecosystem.
In the face of unparalleled economic uncertainties, innovation has emerged as a critical factor for companies seeking to thrive and maintain competitive advantage. In 2023, 79% of companies ranked innovation among their three priorities – up from 75% in 2022. This increased focus on innovation has led to increased investment, leading 66% of companies to plan to increase spending. It is worth noting that 42% of these companies intend to increase their investments by more than 10%.
Artificial intelligence (AI) has emerged as a driving force for innovation, with 61% of companies investing in AI and machine learning, which is 15 percentage points more than investments in robotics and process automation.
Companies that invest in AI are thought-generating powerhouses, producing more than 5 times more ideas and twice the minimum viable product than other companies.
For his part, Justin Manley, managing director, partner and co-author of the study at Boston Consulting Group, emphasized the strong relationship between innovation, growth and advantage. It is noteworthy that companies that prioritize innovation and readiness to work continue to expand their leadership and achieve huge returns.
The 10 most innovative companies in 2023:
1. Apple (USA)
2. Tesla (United States)
3. Amazon (US)
4. Alphabet (USA)
5. Microsoft (USA)
6. Moderna (United States)
7. Samsung (South Korea)
8. Huawei (China)
9. BYD (China)
10. Siemens (Germany)