BCG: The World's Most Innovative Companies in 20235 minutes of reading

BCG: The World's Most Innovative Companies in 2023

Every year, Boston Consulting Group (BCG) publishes the rankings The Most Innovative Companies their. Based on a survey of more than 1,000 creative directors conducted in December 2022 and January 2023, BCG evaluates a company's performance on four dimensions:

  • Global recognition: votes received from all global creative directors
  • Reviews from colleagues in the same industry: number of votes received from executives from companies in the same industry
  • Disruption in the industry: Diversity Index (Herfindahl-Hirschman) of votes across industries
  • Value created: total shareholder return, including share buybacks, for a three-year period from January 2020 to December 2022.

We've provided a more visual graph of this result in the illustration above.

Data and Typical Corporations

The 2023 ranking can be seen in the table below.

For four years in a row, Apple considered the most innovative company in the world. In fact, Apple has held this title every year since 2005 with the exception of 2019.

BCG added context on several companies in its report, including the group Bosch of Germany (ranked 37th). According to BCG, the engineering and technology group has a global research and development team with 84,800 employees in 130 locations. Bosch has also maintained its R&D spending (as a percentage of sales) from 7.6% to 8.2% from 2018 to 2021.

Another prominent corporation is Samsung (ranked 7th), has spent more than 17 billion USD (9% total revenue) on research and development by 2021, making this Korean multinational group one of the largest investors in the field. innovation in the world. Samsung was also granted 6,300 US patents by 2022, the highest number of any other company.

As this ranking shows, innovative companies are more than just technology companies. McDonald's (ranked 34th) is considered by BCG as “a pioneer in the restaurant industry in terms of technology innovation and investment”.

For example, McDonald's recently acquired Apprente, a startup dedicated to developing voice-based technology, and Dynamic Yield, a company dedicated to creating customizable online experiences. McDonald's wants to leverage these technologies to improve order times and give customers more choice.

Companies by Nationality

Now let's look at the rankings from a different perspective – by nationality. The chart below compares the distribution of countries in the 2013 and 2023 rankings.

BXH doi moi sang tao 02

The US and China are the only two countries that have increased their market share since 2013, overtaking companies from European countries such as Germany, UK and Italy. We can also see a significant drop in representation from Japan and Korea.

With economic growth of China, it is very likely that Chinese companies will continue to occupy more positions in BCG's rankings in the future. By far, the country's strongest innovator is Huawei (ranked 8th), has entered the top 50 list every year since 2014, when it first appeared at number 50.

Source: Visual Capitalist; BCG

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