U.S. Losing Ground as Global Innovation Powerhouse; China and South Korea Take Top Spots
BOSTON, Dec. 19, 2019 /PRNewswire/ -- Asia has driven a boom in recent years in terms of R&D spending, venture capital funding, academic publications, and patents. In order to navigate this dynamic region, Lux Research - a leading provider of tech-enabled research and advisory services - has issued a new report, "State of Innovation in Asia: Key Industries and Players Shaping Asia's Innovative Ecosystem."
The report utilizes Lux's unique methodology to analyze and determine which countries are leading the innovation charge in the global arena. More importantly, looking beyond the numbers, the report paints a picture of how the region's emerging players will dictate the evolution of the global innovation ecosystem. Lux Research predicts that in the coming years:
-- China and South Korea will leverage their robust and diverse innovation
portfolios in solidifying their innovation positions regionally and
globally
-- Japan's innovation status will continue to shrink as the country
eventually innovates itself into a corner of specialization as its
antiquated innovation strategy struggles to keep pace with regional
peers
-- Singapore solidifies itself as the pinnacle R&D hub of the world,
serving as a living laboratory for the development, prototyping, and
testing of cutting-edge technologies in real-life scenarios
-- Indonesia, Malaysia, and Thailand will continue to lay the necessary
groundwork to be the next global innovation hot spot, with clear
potential to be the world's next unicorn haven
-- India's domestic innovation ecosystem will depend heavily on universal
adoption of the "innovate, patent, produce, and prosper" spirit or else
it will remain a tech playground for foreign players
"In a time where tech innovation is nearly synonymous with global economic status, China and South Korea's recent innovation boom has propelled both to the top of the global leaderboards," said Yuan-Sheng Yu, Senior Analyst at Lux Research and lead author of the "State of Innovation in Asia" report. "While the infatuation with Silicon Valley is still prevalent in innovation circles, we are seeing an increasing interest in Asia, and rightfully so. China and South Korea may be the shining stars of Asia today, but we believe Southeast Asia's innovation landscape will inevitably lead to the next global boom in innovative ideas and unicorns."
The report's analysis finds that the center of innovation power is undeniably shifting toward the East as the transition toward a new world order is underway. The rise of Asia innovation is a global phenomenon and ripe with opportunities for everyone, not just the regional players. For the past several decades, organizations in Asia have benefited tremendously from expanding their innovation efforts abroad to the U.S. and Europe - the reverse can be equally fruitful for those able to properly navigate Asia's innovation ecosystem.
For more information about Asia's emerging innovation marketplace, the differing strategies across the regions, or the factors driving progress, you can download Lux's white paper here.
About Lux Research
Lux Research is a leading provider of tech-enabled research and advisory services, helping clients drive growth through technology innovation. A pioneer in the research industry, Lux uniquely combines technical expertise and business insights with a proprietary intelligence platform, using advanced analytics and data science to surface true leading indicators. With quality data derived from primary research, fact-based analysis, and opinions that challenge traditional thinking, Lux empowers clients to make more informed decisions today to ensure future success.
For more information, visit www.luxresearchinc.com, read our blog, connect on LinkedIn, or follow @LuxResearch.
Contact Information:
Jess Bonner
(617) 502-3219
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SOURCE Lux Research
