The UK's R&D budget for Industry and Knowledge shows consistent growth from 2024 to 2028, with values increasing from 18.99 billion USD in 2024 to 21.88 billion USD in 2028. The year-on-year growth rate is roughly around 3.84% to 3.94% during this period. In 2023, the R&D budget was significantly lower compared to 2024, reflecting efforts to ramp up innovation. The CAGR from 2024 to 2028 is approximately 3.9%, showcasing a solid upward trend.
Future trends to watch include potential increases in government support for R&D initiatives, impacts of global economic changes, technological advancements, and shifts in industry priorities, which could accelerate or decelerate growth in certain sectors.
