Leading the Pack: Trends for the Top 200 Engineering Research and Development (ER&D) Enterprises 2024

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.