Information technology represented 31 percent of innovation in 2015 as technologies such as cloud and the Internet of things led to new inventions, according to a report from Thomson Reuters.

Thomson Reuters 2016 State of Innovation report is worth a look. The report aggregates patents, innovations and how breakthroughs are happening. In addition, there's even a new buzzword to ponder: Collabovation.

What's collabovation? Thomson Reuters explains:

Collabovation is a term used to represent the elegant convergence of collaboration, innovation, cultivation, cross-pollination and calibration, swirled into the powerful process of bringing inventions to life with strategic partners and suppliers. Coming up with a novel idea can be a feat in itself, but actually bringing one to market is an entirely different game. The Lifecycle of Innovation, from discovery and protection to commercialization and launch, involves everything from research and prototyping to intellectual property protection and product monetization. In today's fast-paced world of science, technology and medicine, where disruption and multi-tiered competition are the norm, it takes collabovation to truly succeed.

The term doesn't exactly roll off the tongue, but the main takeaway is that governments, research centers, startups, enterprises and universities are all collaborating to create breakthroughs.

According to Thomson Reuters, the growth in innovation revolves around medical devices, oil & gas and aerospace & defense. IT has the largest chunk of the innovation pie. That reality isn't surprising since IT is the glue as multiple industries go digital.

IT innovation growth is primarily being driven by the Internet of things with cognitive computing, artificial intelligence, cloud and blockchain filling in gaps.

Based on inventions, Chinese companies are leading the pack with U.S., Japan and South Korea rounding out the top 10.