The 21st century has seen lots of new innovation in almost every industry and space. One of the most innovative breakthroughs has been in Digital Innovations. Companies in the digital industry and technology space have grown rapidly in the last decade and have continued to grow. The region with the companies that have the most growth so far has been North America. While North America has the highest growth, regions like Europe and Africa have started to show lots of potential with new companies entering the space and garnering attention and investment.
In regards to industries, the transportation and travel industries have continued to grow with new entrants that have grown so rapidly they became the so called “Unicorn Companies”. Examples of top innovative companies in this space are Uber, Lyft, AirBnB, and SpaceX. These companies have demonstrated the power of digital innovations and how it can disrupt a market.
The way we connect with each other is changing and evolving. The millennial generation has reimagine what it is to communicate and live life to the fullest. Considering it’s a cash strapped generation, there is less emphasis now on putting down long term roots both in loving and working spaces and more emphasis in flexibility, community, and creativity.
Digital innovations have by far been the biggest influencer in this kind of livstyle. So since people cannot afford houses they focus more on community living like coworking spaces and coliving spaces and uber rides as opposed to owning cars and car payments.
So the fundamental effects of continued digital innovations are experience, engagement, and flexibility. The acceleration of digital innovation continue to have huge effects and some of these effects are leading to secondary effects in other industries and spaces and have a wide ranging impact on people’s lives, the market space and even new technology.
Most Valuable Digital Innovations Brands in the World
It’s no surprise that that most valuable brands in digital innovation spaces are also the most valuable brands in the world. You’ve most definitely heard of these brands and companies (except you live under a rock) and you’ve also most likely used at least one of their products or services at some point.
Topping the list as currently the most valuable brand in the world is Apple Inc. Apple is valued at $182.8 billion. A major reason for their success is their loyal fan base of lovers of all things Apple. They take advantage of this loyalty by charging ridiculously high amounts for their products. The latest Apple product the iPhone X was priced at $999 and proceed to sell 29 million of them in less than two months. Apple has a huge global reach as nearly one-quarter of those sales were in China. Apple announced 21% revenue growth for the quarter in the world’s most populous country, China.
Apple’s closest competition, Samsung Electronics, actually sold more phones than Apple during the fourth quarter of 2017, but Wall Street firm Canaccord Genuity estimated Apple captured 87% of smartphone industry profits, thanks to the introduction of the pricey iPhone X to its phone lineup. The profit disparity is reflected in their brand values, with the Apple brand worth four times as much as Samsung ($47.6 billion and ranked seventh overall).
The second most valuable brand is Google. Just three years ago the gap between Apple and Google was about 121% but Google has rapidly closed that gap reducing it to just 38% difference in value between them and no 1 company, Apple. Google ranks second overall among the top brands for the third straight year, with a value of $132.1 billion, up 30%. Google’s parent, Alphabet, dabbles in other sectors with smart-home technology, self-driving cars, aging research and more.
Google’s most profitable product or service is its search business. Google pretty much means search as it is the number one search engine and constantly crashes to oblivion its other competitors in search like Yahoo and Bing. “google” is even in the dictionary as the term that means search.
The other Most valuable digital brands that make up the top 5 list are —
BCG ranked the most innovative companies in 2018 and 7 of the top 10 companies ranked are digital innovative companies. Even non digital companies in the list have built digital strategies into their plans for innovation. This leads to another important topic which is the shift to digital innovation by otherwise non-digital companies. This shift is difficult and requires big strategic changes within an organization. This of course does not come without challenges. As this BCG study so eloquently stated:
“Like other aspects of digitally driven change, the shift to digital innovation is difficult. It requires executing big changes in strategy, operations, and organization, which affect the entire enterprise. Little surprise, then, that an innovation digital divide has opened up—and threatens to widen—between leaders and laggards. While 79% of strong innovators reported that they have properly digitized innovation processes, only 29% of weak innovators made the same claim. More than one-third of survey respondents said that digitized processes aren’t really doing much for their company—a sign that they haven’t yet found a way to embrace the new possibilities.”
The Rise of Digital Innovation
In the last decade, some major areas have topped the digital innovations field. They are Big data analytics, rapid adoption of new technologies, mobile products and their increased capabilities, and digital design.
Big data seems to be the most sort after new innovation as it has risen in rank to the number one spot over a few years. Many companies use data analytics for a variety of purposes connected with innovation, including identifying new areas for exploration, providing input for idea generation, revealing market trends, informing innovation investment decisions, and setting portfolio priorities.
Energy, media and entertainment, healthcare sector, financial services, and the public sector all saw large increases in terms of the number of companies or organizations pursuing big data in innovation.
The BCG research mentioned above has shown that companies across all sectors are still struggling with their data analytics capabilities, and are seeking to prioritize it because of how it affects the fundamentals to success.
Adopting New Tech
Not just adopting new tech but adopting new tech speedingly in order to stay ahead of the competition. Speed in adaptation in itself is an innovation strategy and the percentage of companies targeting fast adoption increased significantly in manufacturing, insurance, healthcare, metals and mining, and the public sector. Strong innovators understand that successful digital transformation requires excelling in three fundamental areas: speed, scale, and value
Mobile Products and Capabilities
Designing for mobile is the buzzword these days and rightfully so. With more and more people engaging mostly through their mobile devices, companies that want to stay ahead of the curve have to come up with strategies where they can reach the consumer and user on their mobile devices in the most effective way.