Overview and Scope
Academic Research and Development (R&D) refers to the systematic and organized process of creating new knowledge, advancing existing knowledge, and developing innovative solutions through scientific investigation and experimentation that will assist in solving the problem or dealing with the situation. Its primary purpose is to advance existing products, and current product lines to provide new knowledge that promotes development.
Sizing and Forecast
The academic research and development market size has grown strongly in recent years. It will grow from $497.47 billion in 2023 to $537.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to the rise of interdisciplinary research, government investment, demand from the business sector, globalization.
The academic research and development market size is expected to see strong growth in the next few years. It will grow to $742.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to rising number of students and researchers, increasing rising funding for academic r&d, growing importance of commercialization, rise of health expenditure. Major trends in the forecast period include emergence of research hubs, advancements in technology, global collaboration, focus on healthcare innovation, artificial intelligence (AI) and machine learning (ML) in academic research and development.
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Segmentation & Regional Insights
The academic research and development market covered in this report is segmented –
1) By Specialties: Medicine And Healthcare; Engineering And Technology; Social Sciences; Natural Sciences; Humanities And Arts
2) By Type Of Funding: Public; Private
3) By Technology Focus: Information Technology And Computer Science; Biotechnology And Life Sciences; Nanotechnology And Materials Science; Energy And Environmental Sciences
4) By Industry: Healthcare; Energy; Manufacturing; Information Technology; Transportation
North America was the largest region in the Academic Research and Development market in 2023. The regions covered in the academic research and development report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa
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Major Driver Impacting Market Growth
The growing importance of research ethics and integrity is expected to propel the growth of the academic research and development market in the coming future. Research integrity entails performing research in a manner that others have faith in the techniques utilized and the results reached. Research ethics is described as the ethics of research design, conduct, and reporting. Research ethics and integrity plays a crucial role in expanding the academic research and development market as it establishes an integrity culture in academic institutions and ethical leaders are required to provide an environment where everyone can make ethical decisions. For instance, in June 2022, according to a survey conducted on 993 individuals by Springer Nature, a Germany-based educational publishing firm, in collaboration with the Australian Academy of Science across the research landscape, as per the survey, 68% of respondents said the institution provided research integrity training and 50% said it was required. Moreover, 73% expressed that training should be obligatory for all research-position persons. The survey was focused on investigating research integrity in Australia. Therefore, the growing importance of research ethics and integrity drives the academic research and development market.
Key Industry Players
Major players in the academic research and development market are Amazon.com Inc., Google LLC, Microsoft Corporation, JPMorgan Chase & Co., Meta Platforms Inc., Wells Fargo & Company, Accenture PLC, International Business Machines Corporation, Bristol-Myers Squibb Company, Laboratory Corporation of America Holdings, S&P Global Inc., University of Michigan, Johns Hopkins University, Equifax Inc., University of Oxford, Kantar Group and Affiliates, The University of British Columbia, Springer Nature Group, Universidade de Sao Paulo, Morningstar Inc., Harvard Medical School, Stanford University, Henry M. Jackson Foundation, The Scripps Research Institute, Peking University, University of Washington, Russian Academy of Sciences, Helmholtz Association, Max Planck Society for the Advancement of Science.
The academic research and development market report table of contents includes:
1. Executive Summary
2. Academic Research And Development Market Characteristics
3. Academic Research And Development Market Trends And Strategies
4. Academic Research And Development Market – Macro Economic Scenario
5. Global Academic Research And Development Market Size and Growth
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26. South America Academic Research And Development Market
27. Brazil Academic Research And Development Market
28. Middle East Academic Research And Development Market
29. Africa Academic Research And Development Market
30. Academic Research And Development Market Competitive Landscape And Company Profiles
Top Major Players:
- Amazon.com Inc
- Google LLC
- Microsoft Corporation
- JPMorgan Chase & Co.
- Meta Platforms Inc
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