(Last Updated On: March 8, 2018 4:55 pm)
The year 2017-18 seems to have run into rough weather for Korean companies. In 2017-18, less number of Korean companies applied for patents in Europe, the European Patents Office (EPO) confirmed. The report suggests that the Korean electronics giant LG outnumbered the mobile maker, Samsung.
According to the recently published report, LG gained 3rd position on the list of top ten companies in the world seeking a maximum number of patents in Europe. The top position, as one can expect, is attained by the Chinese IT behemoth, Huawei, while the second spot is conquered by the German group, Siemens.
The surprising element of the EPO report reveals a lot about the Korean companies and economy. The fourth biggest Asian economy is ranked 8th among top ten patent applicant countries. Despite high on the ranks, the data suggests that patent applications from Korea are down by 8.2% in 2017-18. The same numbers were in green last year suggesting 6.5% year on year growth.
It is learned that the Samsung group was least interested in filing patent applications in EU in the current year. Korea filed about 6200 patents, which is actually down by 560. The main reason is attributed to Samsung filing 300 applications less compared to the previous year.
The EPO report suggests LG topped the chart with 1792 patent applications, which is a 53% jump on year on year basis, which outsmarted the European competitors such as Siemens and Bosch.
Digging more into data, one can easily understand the nature of Industries Korea is banking up to strengthen its economy. The sectors which saw Korean companies applying patents for are transportation, polymer chemistry, and organic fine chemistry. At the same time, IT and Electronic segments remain stagnant.
The EPO statistics suggest that Chinese manufacturer Huawei applied for the maximum number of patents with 2398 acquisitions. At the same time, the German Engineering Group applied for 2220 patents during 2017-18.
The EPO report is a good indicator, experts believe, to look into future trends and understand the sectors that may need push or stimulus. As the chart suggests, Korea is more interested in traditional business models, while China is still going strong with IT in the EU nations.
The data analysts are perplexed at the trends from the US. While United Technologies was seen 17% down from the numbers of the previous years, Intel numbers are up by 13%.
There are 6 companies that have seen an upward trend, while 4 are turning South that includes, LG and Samsung respectively. The larger picture is that EU is still the attractive destination for tech giants and IT biggies for business.