When it comes to global competitiveness, innovation is essential. In addition to patents, technology, company success, and economic development, a country’s innovation encompasses its government, fiscal policies, education policies, and innovation environment.
Innovation is a crucial aspect of determining which nations have the most technologically advanced countries. Where are the most forward-thinking nations located?
Research and development, industrial productivity, high-tech business density, researcher concentration, and tertiary efficiency are just some of the seven indicators that make up the annual Bloomberg Innovation Index, which assesses 60 countries using dozens of factors.
A nation’s economic innovation may be the emphasis of the Bloomberg analysis. Still, since it covers so many different areas of a country’s economy and society, the analysis is typically taken as a measure of not just economic innovation but innovation more broadly.
Bloomberg’s 2021 list of the world’s 10 most innovative countries
- South Korea
South Korea recovered the title of the world’s most technologically sophisticated economy in the index’s 2021 edition. Patent activity is the highest performing measure for South Korea, and it ranks #1 worldwide.
South Korea was placed second for both research & design intensity and manufacturing gross value added, followed by Japan and the United States. Among the many multinational corporations based in South Korea are Samsung, L.G., and Hyundai.
According to the World Economic Forum, Singapore was named the second most inventive nation in the world in 2021. The growth of Singapore may be linked to the country’s increased productivity and industrial progress.
Singapore is also the third-highest producer of gross value added by manufacturing, the sixth-highest producer of productivity, and the fourth-highest producer of patents. By 2021, 91.09 percent of Singaporeans eligible to do so will be enrolled in some type of postsecondary education or have already finished it.
By 2021, Switzerland will have been recognized as the third most inventive nation in the world. Switzerland came in third for R&D, fourth for researcher concentration, and fifth for industrial value-added.
Switzerland is towards the top in terms of R&D investment as a percentage of GDP. R&D expenditure in Switzerland is dominated by private sector spending.
According to the 2020 rankings, Germany dropped from first place to fourth place. There are several well-known tech enterprises and numerous new digital start-ups in Germany.
German manufacturing’s gross value-added, mostly derived from the automobile sector, was placed sixth, while R&D intensity was ranked seventh in Germany. Volkswagen, Siemens, and many other industry giants call Germany home.
Through both institutions and non-profit organizations, Germany’s government significantly promotes the advancement of knowledge. As a result, Germany has become a worldwide leader in medical, defense technology, and infrastructure.
Swedish investment in R&D in 2017 was SEK 155.5 billion (US$154 billion), which explains the country’s 2021 rankings of fourth for R&D intensity, sixth for high-tech density, and seventh in both tertiary efficiency as well as researcher concentration.
Denmark ranks second in researcher concentration and eighth in R&D intensity and high-tech density, after Sweden, which ranks first.
The vast majority of research is conducted in the higher education sector, with the bulk of the funds toward healthcare R&D expenditures. In terms of output, Denmark is third in the world.
Israel tops the world’s R&D league tables in terms of both R&D intensity and researcher concentration, and Israel tops the world’s R&D league tables.
An abundance of STEM and entrepreneurial talent and inexpensive R&D personnel expenses have made Israel a competitive location in the global R&D market with many American clients. Israel is now on par with Silicon Valley in terms of technological prowess.
Only a handful of the world’s leading technology companies maintain R&D centers in Israel, including Apple, IBM, AT&T, Samsung, G.E., PayPal, Microsoft, and Motorola. Finland ranks between 10th and 17th in all seven measures, making it a jack of all crafts.
The country’s technological prowess and innovative solutions are unmatched. Text messaging and the Linux operating system are two examples of Finnish technology.
In 2021, the Netherlands will be one of the ten most creative economies in the world, according to the World Economic Forum. But the country’s high-tech density, researcher concentration, and patent activity make it easy to expect it to remain in the world’s top 10 for many years to come.
For high-tech products, the Netherlands is Europe’s leading provider. With Austria in ninth place for manufacturing value-added and sixth for R&D intensity, it completed the top ten in 2021. Its service, mechanical engineering, and organic agricultural industries are only some of Austria’s many capabilities.
The United States ranks as the ninth most inventive nation on a global scale. Since it is home to the likes of Google, Apple, Facebook, Twitter, Microsoft, and a slew of other digital giants, the United States leads the globe in terms of the concentration of high-tech firms.
Additionally, the United States is the world leader in patent activity, making it the best place to safeguard intellectual property. Technological giants like Google, Facebook, and Microsoft are all based here in America and have made the country a worldwide technology leader.
Silicon Valley is the birthplace of many of the world’s largest technology firms and the inspiration for a whole generation of software developers. Space technology, medicines, and telecommunications are areas where the United States has achieved substantial advancements.
U.S. military might is likewise unparalleled in size, scope, and technical prowess. As a result of government policies toward overseas students and how institutions reacted to the COVID-19 outbreak, the United States’ ratings for higher education in 2020/21 dropped somewhat.
Consequently, the U.S. economy dropped from the tenth position to the eleventh.
French IT giants like Dassault Systèmes, Mention, and AgoraPulse; Japan; Belgium, and China are also extremely inventive nations.
|Country||2021 Rank||2020 Rank||Total Score||R&D Intensity||Manufacturing Value-added||Productivity||High-tech Density||Tertiary Efficiency||Researcher Concentration||Patent Activity|
|United Arab Emirates||43||44||58.8900||29||36||26||50||49||43||41|
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