GITNUX MARKETDATA REPORT 2024

Innovation Statistics: Market Report & Data

With sources from: voxeu.org, hbr.org, fortune.com, bain.com and many more

Statistic 1

84% of executives agree that innovation is important for their company's growth strategy.

Statistic 2

65% of large companies will increase their investment in innovation in the next three years.

Statistic 3

In 2020, global investment in innovation reached $3.4 trillion.

Statistic 4

41% of companies reported that cost is a major barrier to innovation.

Statistic 5

60% of businesses view innovation as a key driver for profitable growth.

Statistic 6

80% of innovation projects never reach the market.

Statistic 7

Innovation increases firm productivity by an average of around 3%.

Statistic 8

Only 30% of companies successfully execute their ideas to produce consistent innovative results.

Statistic 9

72% of companies name the speed of technology change as their primary challenge to innovation.

Statistic 10

94% of managers are dissatisfied with their company's innovation performance.

Statistic 11

Business spending on research and development has grown 5.8% annually over the past five years.

Statistic 12

21% of companies view their innovation performance as world-class.

Statistic 13

87% of companies believe diversity is an innovation enabler.

Statistic 14

Less than 50% of innovative firms have a formal innovation management process.

Statistic 15

In 2019, 5.9% of total employment in the EU was in high-growth enterprises, often fuelled by innovation.

Statistic 16

The U.S. spends the most on innovation, with $476 billion in annual R&D investment.

Statistic 17

Over 30% of enterprises introduced innovations to their goods or services in 2020.

Statistic 18

Companies in the top 10% for innovation increase their net income by 12.9% annually.

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In the following blog post, we will explore a diverse range of statistics highlighting the crucial role of innovation in driving growth and productivity for companies around the world. These statistics shed light on the challenges, opportunities, and impact of innovation within the business landscape, offering valuable insights for executives, managers, and decision-makers striving to enhance their innovation strategies and performance.

Statistic 1

"84% of executives agree that innovation is important for their company's growth strategy."

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Statistic 2

"65% of large companies will increase their investment in innovation in the next three years."

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Statistic 3

"In 2020, global investment in innovation reached $3.4 trillion."

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Statistic 4

"41% of companies reported that cost is a major barrier to innovation."

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Statistic 5

"60% of businesses view innovation as a key driver for profitable growth."

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Statistic 6

"80% of innovation projects never reach the market."

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Statistic 7

"Innovation increases firm productivity by an average of around 3%."

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Statistic 8

"Only 30% of companies successfully execute their ideas to produce consistent innovative results."

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Statistic 9

"72% of companies name the speed of technology change as their primary challenge to innovation."

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Statistic 10

"94% of managers are dissatisfied with their company's innovation performance."

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Statistic 11

"Business spending on research and development has grown 5.8% annually over the past five years."

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Statistic 12

"21% of companies view their innovation performance as world-class."

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Statistic 13

"87% of companies believe diversity is an innovation enabler."

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Statistic 14

"Less than 50% of innovative firms have a formal innovation management process."

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Statistic 15

"In 2019, 5.9% of total employment in the EU was in high-growth enterprises, often fuelled by innovation."

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Statistic 16

"The U.S. spends the most on innovation, with $476 billion in annual R&D investment."

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Statistic 17

"Over 30% of enterprises introduced innovations to their goods or services in 2020."

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Statistic 18

"Companies in the top 10% for innovation increase their net income by 12.9% annually."

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Interpretation

In conclusion, the statistics presented highlight the increasing recognition of the importance of innovation for companies' growth strategies, as evidenced by the high percentage of executives and businesses investing in innovation. However, there are significant challenges such as cost barriers, low success rates in bringing innovations to market, and the rapid pace of technological change. Companies that effectively manage innovation processes and embrace diversity tend to outperform their peers, showcasing the potential benefits of prioritizing innovation. Despite these positive indicators, there is still room for improvement in terms of execution, with many companies expressing dissatisfaction with their innovation performance.

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