Zinnov’s latest analysis reveals that the overall global Engineering R&D spend stayed resilient through 2020 and will touch a massive USD 1.9 Tn by 2023. Of this, nearly 50% will be spent on Digital Engineering over the next three years, underscoring the relevance and criticality of rapid adoption of digital technologies across verticals. In fact, spend on Digital Engineering-led initiatives will provide impetus for future growth amidst COVID-19 headwinds.
From a geographical perspective, North American enterprises account for the largest share of global ER&D spending and will grow at a CAGR (Compound Annual Growth Rate) of 13% to account for half the global ER&D spending by 2023. Interestingly, APAC (Asia Pacific) is set to unseat Western Europe for the second place over the next three years.
This latest Zinnov study answers these questions and more, to empower leaders and key decision-makers to plan and strategize their long-term growth plans.
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