What is research and development (R&D)?

Research and Development (R&D) refers to the activities companies undertake to innovate and introduce new products or services. It involves researching market needs, creating new ideas, and developing prototypes or processes to bring those ideas to life. R&D is crucial for business growth, helping organizations stay competitive by improving existing products or inventing new ones. Professionals in this field often work in laboratories, engineering departments, or product design teams.