Research and development (R&D) is an important component of innovation and business strategy. At the heart of R&D is the ability to generate new ideas for improved products and processes that in turn drive transformation in society and the economy.
Given the importance of R&D, early estimates of 2020 industrial in-house R&D spending and anticipated spending straight through to 2022 are being provided prior to the full suite of findings, which will be released in late spring 2022.
Advance results indicate that industrial R&D in-house expenditures declined from the revised 2019 estimate of $21.9 billion to $21.3 billion in 2020. Looking ahead, expenditures are expected to bounce back to $21.9 billion in 2021 and to further increase to $22.4 billion in 2022.
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