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.

Consumer Electronic companies are the most innovative

The Dataset 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, 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 that 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 billion 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 Trillion in intangible assets in 2022, also ranking first.  Apple is also investing in new materials, clean electricity and low-carbon shipping to make 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.

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 billion 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.