Academic Research and Development Global Market Report 2024

The global academic research and development market 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 global academic research and development market 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.

The increasing significance attributed to research ethics and integrity is poised to drive the growth of the academic research and development market in the near future. Research integrity involves conducting research in a manner that instills confidence in the methods used and the outcomes achieved. Research ethics encompasses the ethical considerations related to research design, conduct, and reporting. The pivotal role played by research ethics and integrity in the expansion of the academic research and development market lies in the establishment of a culture of integrity within academic institutions. Ethical leadership is indispensable for creating an environment where individuals are empowered to make ethical decisions. As an illustration, in June 2022, a survey conducted by Springer Nature, an educational publishing company based in Germany, in collaboration with the Australian Academy of Science, involved 993 participants from across the research landscape. According to the survey results, 68% of respondents stated that their institutions offered research integrity training, with 50% indicating that it was mandatory. Additionally, 73% of respondents expressed the view that such training should be compulsory for all individuals holding research positions. The survey's focus was on examining research integrity within Australia. Consequently, the growing emphasis on research ethics and integrity serves as a driving factor for the academic research and development market.

The academic research and development market is expected to experience growth due to the increasing investments in research and development (R&D) activities. These R&D activities involve systematic and purposeful processes of investigation, experimentation, and innovation carried out by organizations, institutions, or individuals to advance knowledge and create new products. Investing in R&D activities is highly beneficial for academic research and development as it promotes excellence, fosters innovation, and contributes to the advancement of knowledge and societal well-being. For example, in January 2023, the US-based statistical agency, the National Center for Science and Engineering Statistics (NCSES), reported that the investment in research and experimental development (R&D) activities in the US reached $791.9 billion in 2021, compared to $717.0 billion in 2020. Therefore, the increasing investments in research and development activities are expected to drive the growth of the academic research and development market.

The academic research and development market is facing growth constraints due to a decrease in expenditure on research and development (R&D) activities. Reduced R&D spending can result in slower development of new products, processes, and services. Factors like budget limitations, shifting priorities, and a move toward more industry-focused R&D efforts can contribute to the decline in spending on research and development activities. For example, in March 2023, the UK-based Office for National Statistics reported that the UK government's net expenditure on research and development (R&D) remained at $14.82 billion (£14.0 billion) in 2021. This represented a decrease in total net R&D spending from $16.19 billion (£15.3 billion) in 2020 to $15.34 billion (£14.5 billion) in 2021, marking a decline of $850.07 million (£803 million) or 5.3%. Consequently, the decrease in R&D expenditure is impeding the growth of the academic research and development market.

Prominent companies within the academic research and development market are placing a strong focus on the development of innovative artificial intelligence (AI) products as part of their strategy to reinforce their market presence. Artificial intelligence, in this context, refers to technology that mimics human intelligence to perform various tasks. For instance, in July 2022, Springer Nature Group, a company headquartered in Germany specializing in research, education, and professional publishing, introduced Nature Research Intelligence. This groundbreaking AI-driven service is designed to support researchers in their decision-making processes. Nature Research Intelligence leverages the success of the Nature Index and draws upon Nature's extensive 150 years of editorial and research expertise. This development enables research teams to efficiently identify, organize, curate, and gain insights from the most noteworthy and up-to-date research findings. By providing access to current data and information, Nature Research Intelligence empowers individuals involved in research decision-making. It facilitates the development of data-driven strategies, assists in the identification of research opportunities and partnerships, and enhances the understanding of emerging research trends. These capabilities guide strategic decisions, attract funding, and facilitate the delivery of innovative research with broader societal benefits.

In December 2022, Springer Nature Group, a German company engaged in research, education, and professional publishing, completed the acquisition of Research Square Company for an undisclosed sum. This acquisition underscores the shared objective of both organizations, which is to offer swifter, enhanced, and quality-assured author services. It involves supporting authors in enhancing their research articles prior to submission and facilitating the dissemination of their findings both before and after publication. Research Square Company, based in the United States, specializes in providing research support services and enhancing research communication in the publishing domain.

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.

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. The countries covered in the academic research and development market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, and Spain.

The key specializations within academic research and development encompass medicine and healthcare, engineering and technology, social sciences, natural sciences, and humanities and arts. Medicine and healthcare specialties involve the study and practice of patient care, diagnosis and prognosis management, injury and disease prevention, treatment, and the enhancement of overall health and well-being. Funding for academic research and development can come from both public and private sources and is often directed towards various technologies such as information technology, computer science, biotechnology, life sciences, nanotechnology, materials science, and energy and environmental sciences. The end-users of the research findings are diverse and include sectors like healthcare, energy, manufacturing, information technology, and transportation.

This report provides academic research and development market statistics, including academic research and development industry global market size, regional shares, competitors with an academic research and development market share, detailed academic research and development market segments, market trends and opportunities and any further data you may need to thrive in the academic research and development industry. This academic research and development market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The academic research and development market consists of revenues earned by entities by providing services such as laboratory services, licensing services, consulting and advisory services, tuition services, research assistance, academic funding services, and publication services. The market value includes the value of related goods sold by the service provider or included within the service offering. The academic research and development market also includes sales of laboratory equipment, scientific instruments, chemicals for research, books, and research papers and products that are used in providing academic research and development services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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