PUBLISHER: The Business Research Company | PRODUCT CODE: 1596072
PUBLISHER: The Business Research Company | PRODUCT CODE: 1596072
Academic research and development (R&D) refer to systematic and investigative activities conducted within academic institutions such as universities, research centers and specialized institutes with the goal of advancing knowledge, technology and societal understanding. The market primarily consists of companies that provide products, services or support to institutions conducting research. It encompasses a wide range of disciplines and fields, ranging from natural sciences to social sciences and is a foundational element in the advancement of knowledge across sectors.
The academic research and development market consist of sales, by entities (organizations, sole traders and partnerships), of academic research and development services that are utilized by scholars, scientists and researchers who aim to explore new ideas, test hypotheses and contribute to innovations that can be applied in both academic and practical contexts. These activities are undertaken by professionals such as university faculty, doctoral students and postdoctoral researchers, often supported by technical staff and research assistants.
The global academic research and development market was valued at $340,530.00 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 7.0%.
Strong Economic Growth In Emerging Markets
Strong economic growth in emerging markets supported the growth of the academic research and development market during the historic period. Strong economic growth in emerging markets increased government and private investments in education and scientific research. This led to improved infrastructure, enhanced faculty expertise and more research grants for universities. Additionally, collaboration between academic institutions and industries grew, driving innovation. As businesses expanded and tech-savvy industries developed, demand for advanced research surged, further boosting the academic research and development (R&D) market. For instance, according to the World Bank, Brazil's GDP (gross domestic product) growth rate stood at 4.99% in 2021, marking a significant increase of 8.27% compared to 2020. Therefore, strong economic growth in emerging markets contributed to the growth of the academic research and development market.
Advanced AI-Driven Research Tools Revolutionizing Data Analysis And Insight Generation Across Academic Disciplines
Major companies in the academic research and development market are deploying advanced AI (artificial intelligence)-driven tools to transform data analysis and insight generation. These tools utilize machine learning to rapidly and accurately process large datasets, uncovering patterns and trends that enhance research efficiency. By automating complex analysis, they support more robust studies and accelerate discoveries across academic disciplines. For instance, in May 2024, Clarivate Plc, a US-based analytics company, introduced the first version of the Clarivate Academic AI Platform, enhancing its suite of AI-powered Research Assistants. This platform, built on Retrieval Augmented Generation (RAG) architecture, ensures accurate and consistent artificial intelligence (AI) deployment across academic and government solutions. By integrating extensive curated content from sources like Web of Science Core Collection and ProQuest, it provides reliable insights and metadata to support the needs of students, researchers and librarians. Additionally, in January 2024, Elsevier, a Netherlands-based academic publishing company specializing in scientific, technical and medical content launched Scopus AI, a generative artificial intelligence (AI) tool designed to provide researchers with quick, accurate summaries and insights, enhancing collaboration and societal impact. Leveraging Scopus' comprehensive database of over 27,000 academic journals and 1.8 billion citations, Scopus AI utilizes trusted content vetted by a distinguished board of scientists and librarians. This tool aims to streamline research processes and support academic institutions in deriving meaningful insights from a vast array of scholarly information.
The global academic research and development market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 2.62% of the total market in 2023.
Academic Research And Development Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global academic research and development market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for academic research and development? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The academic research and development market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider academic research and development market; and compares it with other markets.