Dorothy Neufeld
2025-07-01 13:44:00
www.visualcapitalist.com
The World’s Top Companies Fueling R&D Spending Growth
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Key Takeaways
- Nvidia’s research and development (R&D) spending grew by 18.2% in 2023—significantly lower than the 35% rise seen in 2022.
- Across the pharmaceutical sector, Eli Lilly saw the fastest R&D growth, at 29.5%.
- Meanwhile, in the auto industry, Germany’s ZF Friedrichshafen outpaced Tesla in R&D expansion, growing 33.1% compared to Tesla’s 29.1%.
In 2023, global corporate R&D spending rose by 8.3% to reach $1.2 trillion.
While investment in the ICT hardware sector dropped sharply—down 50% year-over-year—it saw the most R&D spend by a wide margin. Meanwhile, the pharmaceutical sector, the second-largest by total spending, saw its R&D investment triple.
This graphic shows the top companies driving R&D spending growth, based on data from the latest WIPO Global Innovation Index.
Global Leaders in R&D Spending Growth
Below, we show the companies with the fastest R&D investment growth among the worlds’ top sectors for R&D spend.
For the analysis, data was collected from 1,700 of the world’s highest 2,500 R&D spenders in 2023.
Industry | Top 3 Companies | R&D Spending Growth Rate 2023 (%) |
---|---|---|
ICT Hardware | Nvidia | 18.2 |
Advanced Micro Devices | 17.3 | |
Samsung Electronics | 14.4 | |
Software | Adobe | 16.3 |
Uber Technologies | 13.1 | |
IBM | 12.5 | |
Pharmaceuticals | Eli Lilly | 29.5 |
Novartis | 24 | |
Merck U.S. | 21.7 | |
Automobiles | ZF Friedrichshafen | 33.1 |
Tesla | 29.1 | |
Nissan Motor | 17.5 | |
Construction/ Industrial Metals | China Energy Engineering Corporation | 28.1 |
Xinjiang Tianshan Cement | 22.6 | |
China Communications Construction Company | 19.4 | |
Travel, Leisure, and Personal Goods | Trip.com Group | 45.3 |
Nintendo | 25.9 | |
Airbnb | 14.7 | |
Health Care Equipment and Services | Shenzhen Mindray Bio-Medical Electronics | 21.4 |
B. Braun | 17.7 | |
Edwards Lifesciences | 13.4 | |
Other | Paypal | 34.5 |
Petrochina | 19.8 | |
Boeing | 18.4 |
As we can see, Nvidia outpaced all other companies in the ICT hardware sector even as R&D spending growth slowed substantially.
Meanwhile, chipmaker Advanced Micro Devices (AMD) was not far behind, with R&D investment increasing 17.3% over the year. Ranking third in the industry was Samsung Electronics, which spent nearly $21 billion on R&D in 2023. Like Nvidia and AMD, it is investing heavily in semiconductor research.
When it comes to the pharmaceutical sector, Eli Lilly led the pack with 29.5% annual growth to reach $9.1 billion. The company stands as one of the leading pharma companies offering obesity drugs alongside Novo Nordisk. Today, pharmaceuticals dominate in R&D intensity, with spending equal to 19% of total revenue—the highest among all industries.
In the automotive industry, German supplier ZF Friedrichshafen surpassed Tesla in R&D growth, recording a 33.1% increase compared to Tesla’s 29.1%.
Learn More on the Voronoi App 
To learn more about this topic from a global perspective, check out this graphic on gross R&D expenditure by country.
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