The United States leads in R&D expenditure in the financial and insurance sector, with a significant value of 36.82 billion USD, outpacing other countries by a large margin. The US showed resilience with a 39.03% increase in 2023. Other notable growth includes Hungary and Iceland, with increases of 58.12% and 46.78%, respectively. Conversely, countries like Spain, Japan, and Lithuania experienced declines in expenditure. Over the past five years, the growth trend indicates an expanded emphasis on technological advancements and innovation in this sector, with a critical focus on digital transformation.
- Strong emphasis on digital innovation in financial services.
- Increasing role of fintech driving investment in R&D.
- The potential impact of global economic conditions on future R&D budgets.
Top countries in Business Enterprise R&D Expenditure in Financial and Insurance Activities by Country
| # | 10 Countries | Million US Dollars PPP = 2015 | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United States | 36,820 | 2023 | +27.34% | +39.03% | View data |
| 2 | 2 United Kingdom | 1,150 | 2021 | +12.4% | View data | |
| 3 | 3 Taiwan | 473.71 | 2023 | +7.08% | +9.59% | View data |
| 4 | 4 Italy | 468.09 | 2023 | +3.67% | +3.33% | View data |
| 5 | 5 Germany | 378.45 | 2023 | +0.079% | +5.54% | View data |
| 6 | 6 Poland | 356.2 | 2021 | -4.5% | View data | |
| 7 | 7 Canada | 277.87 | 2023 | -0.82% | +2.44% | View data |
| 8 | 8 Spain | 240.87 | 2023 | +7.47% | -5.01% | View data |
| 9 | 9 South Korea | 235.05 | 2023 | +10.77% | +5.05% | View data |
| 10 | 10 Portugal | 204.92 | 2023 | -1.89% | +3.23% | View data |
