Samsung Electronics has been named the world's second most innovative company, knocking Google from its No. 2 spot but failing to dislodge Apple.
The Boston Consulting Group's annual report on the world's 50 most innovative companies put the Korean tech giant in second place, marking a rapid rise from 26th in 2008.
Google slipped a notch to third after holding on to the No. 2 spot for seven consecutive years. Apple retained its top spot for the ninth year, while Samsung's main domestic rival, LG, came in at 25th.
The U.S.-based consulting company said the technology and telecommunications industries continued to take the lead in innovation this year, claiming four of the top five places on the list.