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5 Major Areas Of Global R&D

As technology advances, so too does the landscape of R&D projects. From pushing boundaries in artificial intelligence to pioneering therapies for diseases that have never been treated before, a wealth of initiatives are emerging globally - and here we bring you some exciting examples!

Medicine:

The emergence of the field of medicine-based artificial intelligence, or AI, has recently revolutionised the medical industry. This AI technology is allowing for unprecedented development in medical research and treatments and is revolutionising the way we diagnose, treat, and manage diseases.

By providing sophisticated algorithms to identify patterns and anomalies in patient data sets that would have been previously undetectable to humans, AI can detect diseases earlier than ever before. Additionally, AI has enabled us to develop more advanced treatments such as targeted drug therapies which are personalised to an individual's biological characteristics and maximise efficacy while minimising risk.

These advances have already seen success in such areas as cancer treatment, where AI has become a key player in rapidly developing new experimental therapies. As this technology continues to grow, it is expected that there will be greater opportunities for groundbreaking developments in the medical field as well as extraordinary potential for R&D initiatives across all industries.

Automotive:

The automotive industry is undergoing some of the most revolutionary R&D projects today. With advancements in autonomous driving, connected mobility, and electric vehicles, the automotive space is being transformed at an unprecedented rate.

Major automakers are investing heavily in developing and testing new technologies, such as driver assistance systems that use sensors to detect obstacles or traffic problems and make decisions about how to respond. There has also been great progress made in the area of powertrain innovation, with the development of more efficient engines utilising hybrid and electric capabilities.

Additionally, research into materials technology has enabled cars to become lighter, which helps reduce emissions and improve range. As the need for improved safety systems increases, we can expect even more advances in R&D projects related to automotive technology in the near future.

Healthcare:

One of the most active industries for major R&D projects is the healthcare sector. Companies in this field are investing heavily in research and development to bring groundbreaking treatments, cures, and therapies to patients.

Recent years have seen a tremendous amount of progress in areas such as gene therapy, personalised medicine, pharmacogenetics, and the development of new drugs to target resistant diseases. Additionally, medical device manufacturers are creating more advanced products that can assist doctors with diagnosis and treatment while improving patient outcomes.

As mentioned earlier, innovative technologies such as machine learning and artificial intelligence are also being used to identify patterns and improve accuracy when diagnosing diseases. With billions being invested in health care R&D annually, it is likely that some incredible advancements will be made over the next few years - many of which may have far-reaching implications for human health overall.

Renewable energy:

One of the major areas of R&D in the world today is the field of renewable energy. The global demand for clean, sustainable energy sources has led to a surge of innovative work being done in this arena.

Advances have been made in areas such as solar, wind and hydropower generation, and also in storage technologies. For example, innovations have been made in lithium-ion batteries that allow excess electricity generated during peak hours to be stored until it is needed later - helping to balance out supply and demand. Other advances include using smart meters and sensors to optimize energy use throughout networks.

Additionally, new materials such as graphene are being explored for their potential use in solar cells and other renewable energy applications. As these advancements continue to be made, we can expect even greater advances over the coming years; pushing us ever closer towards a greener future powered by renewable energy sources.

Aerospace:

Right now, the aerospace industry is undergoing some of the most innovative research and development (R&D) projects in history. From developing new, highly efficient propulsion systems to working on advanced aircraft designs that reduce drag while maximising lift, aeronautical engineers and scientists are pushing boundaries to make air travel faster, safer, and more sustainable.

In addition to this, there is a great deal of effort being put into researching and developing electrical propulsion systems for aircraft as an alternative to traditional jet engines. These electric motors offer significantly reduced emissions compared to traditional aviation engines and can potentially reduce fuel requirements by up to 70%.

Additionally, R&D is also being conducted on advanced composite materials used for airframes so that aircraft are lighter and stronger than ever before. To ensure the safety of those onboard these new aircrafts, researchers are looking at new sensing technologies such as artificial intelligence systems designed to detect potential issues ahead of time with greater accuracy than ever before.

Finally, space exploration has become a major area of focus in recent years as private companies seek new ways to explore our universe more efficiently and safely. Many of these advances will be incorporated into future aerospace technology design and development initiatives.

Government help is available thanks to R&D Tax Credits

Irish businesses that undertake qualifying R&D projects within Ireland or the European Economic Area have access to a generous tax credit offered by the Irish Revenue. This relief allows companies to set back up to €37.50 per every €100 of eligible R&D expenditure against their Corporation Tax bill, as well as reduce their overall rate from 12.5% - 25%. Importantly, claims must be submitted within one year following an accounting period in which said costs were accrued for maximum benefit!

Find out more on our R&D Tax Credits page.

Get in touch with the R&D experts

Myriad Associates' Tax Cloud is a revolutionary online platform allowing businesses and accountants to conveniently calculate the amount of tax relief they can claim for research & development costs. With an experienced team of R&D specialists, we are proud to provide services with a proven track record in successful claims - giving you confidence that maximum savings will be realised.

For more information about your eligibility for these financial benefits, don't hesitate to reach out today!