The world’s 1,000 most innovative companies increased their R&D spending by 3.2 percent in 2017, pushing it to an all-time high of $702 billion (597 billion euros), according to the Global Innovation 1000 survey published by consultancy PwC on Tuesday.
The figure marked a resumption of meaningful growth in innovation spending following flat results in 2016…..
For the first time in the study’s 13-year history, a software and internet company, Amazon, is leading the top 20 R&D spenders, with outlays of $16.1 billion.
The US online retail giant is followed by Google’s parent company Alphabet Inc., with an outlay of $13.9 billion in 2017, and ahead of US chipmaker Intel and Korean electronics firm Samsung with $12.7 billion each.
German carmaker Volkswagen (VW) dropped to fifth place in 2017, with spending of $12.2 billion, and after leading the tables for the five previous years.
Click here to view the full company rankings from the PwC Global Innovation Study.