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. Amid the growing competition in the technology sector, Apple continues to sustain its position at the top by releasing innovative products and services to suit its loyal client base.