NEW DELHI: Apple spent close to USD 100 billion on research and development over the last 5 years to stay on the top in the innovation race in the technology sector, a new report has shown.

Apple will spend USD 97.37 billion between 2018 and 2022 on research and development. According to statistics collected by Finbold, Apple's spending on the market increased 84.33% over the course of the five years, rising from USD 14.24 billion in 2018 to USD 26.25 billion in 2022.

The report stated that "the spending on research & development has been increasing gradually in recent years, with the value standing at USD 16.22 billion in 2019, increasing by over 15% to USD 18.75 billion in 2020, and surpassing the USD 20 billion market for the first time to hit USD 21.91 billion in 2021.

Apple maintains its position at the top despite increased competition in the technology industry by providing cutting-edge goods and services for its devoted customer base.
According to the report, "Apple's response to the current economic crisis has provided a glimpse of how the company values the research and development department. For example, Apple has paused hiring for several positions outside of research and development in order to reduce its budget as the uncertainty persists.
Due to Covid-lockdowns in China, which have slowed production at Foxconn's major facility, Apple is currently dealing with a significant supply chain issue and is considering moving a significant portion of its manufacture to nations like India and Vietnam.
The research claims that Apple's investment is somewhat consistent with the company's business strategy, which aims to produce disruptive innovation and achieve a competitive edge.

In this case, Apple has been on a relentless journey of refinement, leading to the release of better versions of products, the company said. "The company has maintained that expenditure on research and development aims to improve user experience and differentiate the firm's products and services in the marketplace."

Notably, spending has increased in 2022 despite the fact that the economy is still weak and is being plagued by high inflation and the prospect of interest rate increases. It is safe to conclude that Apple's prior investments have assisted the corporation in navigating the current unpredictability.

In addition to the present iPhone, iPad, Mac, and Apple Watch, among other goods, the article stated that the spending "may also be viewed as Apple having more products and services in its research line."

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