The United States leads in R&D expenditure in financial and insurance activities, followed significantly by the United Kingdom. Notably, smaller countries like Taiwan and Germany also show meaningful investment levels. Year-on-year data from 2023 shows robust growth in the U.S., Taiwan, and Canada, with the United States witnessing a 2.71% increase. Conversely, Spain experienced a notable decline. The five-year CAGR indicates strong growth in developing countries like Hungary, Iceland, and Israel, highlighting their increasing R&D focus.
Future trends to monitor include increased digitization, which could fuel R&D spending in financial technologies and cyber-security, particularly in countries like Taiwan and Estonia. Watch for potential policy shifts in Europe aiming to boost financial sector innovation.
Top countries in Business Enterprise R&D Expenditure in Financial and Insurance Activities by Country
| # | 10 Countries | Million US Dollars PPP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United States | 43,150 | 2023 | +28.79% | +42.01% | View data |
| 2 | 2 United Kingdom | 1,340 | 2021 | +13.9% | View data | |
| 3 | 3 Taiwan | 525.1 | 2023 | +8.77% | +11.72% | View data |
| 4 | 4 Germany | 472.89 | 2023 | +2.49% | +8.07% | View data |
| 5 | 5 Poland | 402.09 | 2021 | -2.54% | View data | |
| 6 | 6 Canada | 312.12 | 2023 | +0.18% | +3.31% | View data |
| 7 | 7 South Korea | 244.15 | 2023 | +9.99% | +4.81% | View data |
| 8 | 8 Portugal | 243.79 | 2023 | -0.23% | +5.32% | View data |
| 9 | 9 Spain | 210.1 | 2023 | +7.03% | -9.2% | View data |
| 10 | 10 Czech Republic | 105.77 | 2023 | +0.38% | +3.34% | View data |
