What is changing in academic research? What has changed over the past decades and what might change in the coming ones? Could the research mission of universities be carried out in slightly or radically different ways in the medium term? This article aims to cast light on the trends and driving forces that can be observed in academic research over the past two decades in the OECD area. It gives an outlook of the main current characteristics of academic research at a macro level in terms of funding and activities in comparison with research performed by other sectors. It also highlights future challenges and sketches a few possible futures scenarios in a 20-year time frame.