Businesses with competitors more likely to introduce innovations
Among businesses that knew their competition situation in their main market (82.1%), over 9 in 10 businesses (96.9%) had at least one competitor in 2022, compared with 3.1% of businesses reporting having no competitors.
Businesses that faced competition in 2022 were more likely to be innovative. Among business who had known competitors in their main market, more than three-quarters (76.7%) introduced innovations during the period from 2020 to 2022, compared with fewer than two in five businesses (38.8%) with no competitors.
Businesses facing more competitors were more likely to introduce innovations from 2020 to 2022 than businesses with fewer competitors. Approximately four in five businesses (80.6%) that had 11 or more competitors in their main market introduced innovations, while just under 7 in 10 businesses (68.6%) who indicated that they had one to three competitors were innovative.
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