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Academic Research and Development Global Market Report 2024: Innovations, Key Institutions, and Emerging Trends in Higher Education
Academic Research And Development Market Size
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the academic research and development market are concentrating on developing innovative artificial intelligence products to strengthen their position in the market. Artificial intelligence refers to a technology that performs tasks by mimicking human intelligence. For instance, in July 2022, Springer Nature Group, a Germany-based company that operates in research, educational and professional publishing, launched Nature Research Intelligence, a unique and innovative AI-led service to assist researchers in their decision-making. Nature Research Intelligence is built on the success of the Nature Index and is driven by Nature's 150 years of editing and research knowledge. Through this development, research teams will be able to identify, organize, curate and perceive the most remarkable and recent findings by placing current data and information in the possession of individuals making research choices. Nature Research Intelligence will help individuals develop data-driven strategies, identify research and partnership opportunities and better understand insights on the most recent research trends to guide their strategic choices, attract financing and deliver innovative research for societal benefit.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Amazon.com Inc., Google LLC, Microsoft Corporation, JPMorgan Chase & Co., Meta Platforms Inc., Wells Fargo & Company, Accentur*e 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.
Academic Research And Development Market 2024 Key Insights:
• The Academic Research And Development Global Report 2024 is expected to grow to $742.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• The Significance Of Research Ethics And Integrity In Fueling Academic Research And Development Growth
• Increasing Development Towards Artificial Intelligence-Based Academic Research Methods
• 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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