Economic uncertainties influenced global Engineering Research and Development (ER&D) spending in 2023, with enterprises prioritizing caution and cost control over rapid innovation. Despite the headwinds, enterprises spent on themes such as AI integration, generative AI exploration, next-generation technologies, and green initiatives. Heightened customer demand for intelligent, sustainable, and interconnected products drove this shift, motivating enterprises to allocate resources toward R&D activities in new areas.
In this research, we analyze the global ER&D market, focusing on the top 200 enterprises with the highest ER&D spend across 10 industries. Our study reveals that global business spending on ER&D activities increased by 7.14% in 2023, reaching US$1.5 trillion, with the enterprises featured in this report accounting for 51% of the spend.
Scope
Geography: global
Industries: Internet Service Vendor (ISV) and internet, automotive, consumer electronics, semiconductors, industrial products, telecom equipment providers, aerospace and defense, medical devices, telecom service providers, and compute and storage
Contents
In this report, we examine:
ER&D trends and priorities for the top 200 enterprises across 10 industries
ER&D spend growth, enterprises’ ER&D spend intensity (ER&D spend as a percentage of revenue), and key investments and initiatives
