Apple reportedly spent nearly $100Bn on product innovation in last 5 years
By MYBRANDBOOK
A new report stated that tech giant Apple spent close to $100 billion on research and development over the last five years to stay on the top in the innovation race in the technology sector. Between the five years, Apple’s spending on the segment surged 84.33%, from $14.24 billion in 2018 to $26.25 billion in 2022.
The report stated, “The spending on research and development has been growing steadily in recent years. In 2019, the value stood at $16.22 billion, growing by over 15 per cent to 2020’s $18.75 billion. In 2021, the spending surpassed the $20 billion market for the first to hit $21.91 billion.”
Apple 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. In this case, Apple has been on a relentless journey of refinement, leading to the release of better versions of products.”
According to the report, Apple’s spending partially aligns with its business model, which seeks to create disruptive innovation and gain a competitive advantage. However, analysts assert that the tech giant is lagging behind its competitors.
The spending can also be interpreted as Apple having more products and services in its research line beside the current iPhone, iPad, Mac, and Apple Watch, among others, the report added. Overall, the R&D budget aims to improve the company’s cash cow products like the iPhone.
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