Clarivate Analytics, the global leader in providing trusted insights and analytics to accelerate the pace of innovation, has released the 2017 State of Innovation Report: The Relentless Desire to Advance. According to the report, analysis of year-over-year research and patent activity across 12 key industries shows that the growth rate has slowed in 2016. Patent volume is still on an upward trajectory, with over 2.6 million published patents in 2016. This indicates that global corporations, universities, government agencies and research institutions are continuing to relentlessly contribute new solutions to address the world's biggest problems.
The eighth annual study analyses global intellectual property data, including worldwide patent application activity and scientific literature publications, as a leading indicator of innovation. This year's study finds a growth in patent filings of eight percent - down from 14 percent last year. The report also finds the highest innovation growth coming from the Food, Beverage and Tobacco industry at 39 percent.
The study looks at the following 12 industries: Aerospace & Defense, Automotive, Biotechnology, Cosmetics & Wellbeing, Food, Beverage & Tobacco, Home Appliances, Information Technology, Medical Devices, Oil & Gas, Pharmaceuticals, Semiconductors and Telecommunications.
The State of Innovation study also tracks global scientific literature publications as a window into the scientific and scholarly research that typically precedes discovery and the protection of innovation rights. Total scientific literature production has again posted a year-over-year decline, reinforcing a potential future slowdown in innovation growth.
According to the Information Technology and Innovation Foundation (ITIF), innovation drives economic growth. Research and development (R&D) activities allow scientists and researchers to develop new knowledge, techniques and technologies that enable people to produce more with either the same or fewer resources. The resulting increase in productivity fuels economic growth. The research indicates that a 1 percent increase in R&D spending grows the economy by 0.61 percent.
Data in the 2017 State of Innovation report was compiled using Derwent World Patents Index and Web of Science.
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