Technology is a primary component of developed economies as it involves mature markets that invest heavily in a sector that generates many incomes and great margins thanks to the actual value of technological products in areas like electronics, biotechnology, informatics, and programming.
Technology and innovation in a country can be analyzed thru the number of patent registrations in a country, the investment in higher education and the percentages of the educated population, the productivity of a country (GDP), the number of researchers compared to the total population and the number of tech companies in the country.
According to the previous factors, the following countries are the most innovational in the world:
From the private sector side, it’s the biggest manufacturer of smartphones and TV’s, with companies such as Samsung and LG leading the way in worldwide markets. From the public sector side, South Korea is the country with the most investments in research and development which translates into one of the highest numbers of university programs and doctorates.
Germany’s industry is one of the most productive in the world and the density of high-tech companies puts it as the second most technologically driven economy in the world. Electronics and automotive industries lead their economy, with brands such as Audi, Mercedes, or Siemens.
The Scandinavian country invests almost 4% of its GDP in research and investment and the government is a major player in pushing these investments. Their innovations in education are revered in the whole world. They stand out due to the number of patent registries and their main sectors are metallurgy, engineering, and electronics.
Thanks to its long history in banking and finances, Switzerland is home to most of the biggest multinational companies in the world. With one of the highest GPD’s per capita, they manage to have most of their population go thru higher education diplomas and count with a very well-prepared workforce. The European Organization for Nuclear Research (CERN) is the largest particle physics laboratory in the world.
It’s the second country in the world with the most Startups (behind the USA). Israel possesses one of the most advanced networks of private investment combined with high level infrastructure in their industry. They also top the charts in terms of scientific researchers and patent registries.
According to the World Bank, Singapore is one of the top three countries where it’s the easiest to conduct business activities. They’re also a reference in terms of energetic efficiency. There have been huge investments in education that have taken Singapore’s universities to the top rankings in many categories.
A country that standouts for its innovations in renewable energies, robotics, biotechnologies, and nanotechnologies. Japan is the third major car manufacturer in the world and one of the top-ranked manufacturers of consumable electronics (home appliances, computers, mobile phones, etc.).
Where does the USA ranks?
According to Bloomberg’s ranking, the USA fell down to the eleventh position mainly due to bad results in higher education even though the country counts with many of the most prestigious universities in the world.
The USA remains the country with the most startup companies in the world and the concentration of tech companies around Silicon Valley makes it the country with the most tech patents in the world.
Other countries bound to make an impact in the following years
China and India are registering spectacular results in technological and innovational areas in their economies.
China is a manufacturer leader and it’s starting to reinvest the incomes of their industries in technology and informatics.
India is becoming one of the leading exporters of technology appliances and software. Also, they possess one of the biggest workforces in terms of highly qualified professionals in the programming and informatics categories.
This has led the country to host multiple companies that are thriving in digital offers such as online live casinos that stand out for their innovative games that involve playing with real dealers, providing an authentic experience to their clients, thanks to video interfaces that connect the players with professionally trained dealers using real casino equipment. These sites give a near-identical experience to playing in a real casino and are only one of the examples of the growth potential that India is showcasing to the world.
We can expect much more of these countries in the years to come.