The global research and development analytics market size accounted for USD 2,558 million in 2024 and is expected to exceed around USD 8,088 million by 2034, growing at a CAGR of 12.2% from 2024 to 2034.
Research and development (R&D) analytics is the mechanism of gathering insight and data to inform R&D strategies. Research and development can help organizations stay ahead of other market players by detecting the latest market needs, increasing productivity, and improving products and services. The utilization of analytics in Research and Development can lower costs, grow revenue, save time, and enhance accuracy. The growing use of R&D analytics in large oraganisaiton is the key factor driving the growth of the market.
The utilisation of AI and ML is the key trend in the market and is revolutionizing R&D analytics by enabling enhanced data processing, decision-making, and predictive modelling. In addition, many industries like automotive, biotechnology, and pharmaceutical are investing heavily in R&D to remain competitive in the market. There is also an increasing need for businesses to launch new services smoothly in the competitive business environment leading to the growth of the Research and development (R&D) analytics market.
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| Stats ID: | 7054 |
| Format: | Databook |
| Published: | December 2024 |
| Delivery: | Immediate |
| Stats ID: | 7054 |
| Format: | Databook |
| Published: | December 2024 |
| Delivery: | Immediate |
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