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4/6/20 3:22:02 PM
+21%+36%+65%R&D spendings on software offerings has seen rapid growth in recent years2016 Global Innovation 1000 Study: Software-as-a-CatalystNeed to increase revenue generation/growth
Top Reason companies are shifting R&D budgets toward software and services is the “need to stay competitive”Need to stay competitiveWish to keep up with customer expectationsNeed for higher marginsDesire to access untapped markets
R&D shifts to software and services, talent shifts as well - Companies are focusing more on Data & Software Engineering than traditional discipline like Mechanical & Electrical engineering Companies are acquiring service and software firms and applying new innovation modelsType of company acquired in last 5 yearsR&D spenders in top 5 industries by Region Source: PwC’s Strategy&          Type of innovation applied to compliment business model