The 2023 data reveals that Belgium leads in R&D expenditure in the financial services and insurance sectors with 589.18 million Euros, witnessing an 11.7% annual increase. Italy's R&D spending grew by 2.34%, reaching significant investments, followed by Sweden, experiencing a minor decline of 1.72%. Prominent growth was noted in Portugal at 9.1%. Small economies like Malta saw a positive 6.03% change, albeit from a lower base. Conversely, declines were recorded in Poland and Sweden. These variations indicate dynamic shifts, with an average CAGR favoring stable growth within the top-tier spenders over the past five years.
Future trends to watch include increasing digital transformation efforts across Europe, potentially boosting R&D investments. Countries aiming to enhance competitive advantage in fintech and insuretech sectors are likely to contribute further to expenditure increases. Additionally, the demand for innovative financial services solutions may spur cross-border collaborations and investments, influencing overall spending dynamics.
Top countries in Business Expenditure on R&D in Financial Services and Insurance by Country
| # | 10 Countries | Million Euros | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Belgium | 589.18 | 2023 | +5.58% | +11.7% | View data |
| 2 | 2 Italy | 346.71 | 2023 | +3.42% | +2.34% | View data |
| 3 | 3 Sweden | 170.78 | 2023 | +0.23% | -1.72% | View data |
| 4 | 4 Spain | 151.58 | 2021 | View data | ||
| 5 | 5 Poland | 146.49 | 2023 | +5.31% | -0.89% | View data |
| 6 | 6 Portugal | 137.48 | 2023 | +3% | +9.1% | View data |
| 7 | 7 Finland | 108.28 | 2023 | +0.61% | +0.41% | View data |
| 8 | 8 Czech Republic | 38.56 | 2023 | +4.81% | +6.86% | View data |
| 9 | 9 Hungary | 27.91 | 2021 | View data | ||
| 10 | 10 Slovakia | 9.37 | 2021 | -4.18% | +34.79% | View data |
