Apple spent nearly $100 bn on product innovation in last 5 years: Report

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, a new report has shown.

Between 2018 and 2022, Apple spent $97.37 billion on R&D. Between the five years, Apple’s spending on the segment surged 84.33 per cent — from $14.24 billion in 2018 to $26.25 billion in 2022, according to data acquired by Finbold.

“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,” said the report.