Manufacturing CEOs Are Stepping Into 2024 Embracing AI, Accelerating Reshoring And Investing In High-Tech Talent
20 December 2023 - 12:22AM
After a challenging 2023, manufacturing CEOs are stepping into 2024
overwhelmingly optimistic about the future and committed to
investing in their operations and in talent.
Those are the conclusions of Xometry’s year-long series of
polling, which shows CEOs are more adept than ever at navigating
constantly changing geopolitical and economic environments. They’re
accelerating investments in Artificial Intelligence, automation and
robotics, while also up-leveling the skills of their current
employees and recruiting highly trained workers.
“Manufacturing today is a high-tech industry, and CEOs are
investing in AI and talent to pivot more quickly than in
generations past to meet the needs of the future,” said Xometry CEO
Randy Altschuler. “Modernizing their operations is their #1
priority followed closely by reshoring – two complementary efforts
to create locally resilient supply chains.”Here are the findings
in-depth:
- Modernizing Through AI Tech: AI is the key to
modernizing the manufacturing industry. Manufacturing CEOs say AI
will play a significant role in their company in the next one to
two years. Of the CEOs who have already implemented AI, more than
70% have seen a significant ROI in key areas such as supply chain
management, quality control and procurement.
- Witnessing A Domestic Manufacturing
Renaissance: Reshoring will continue to trend upwards with
76% of manufacturing CEOs having successfully reshored some or all
of their operations throughout 2023 – a move accelerated by federal
tax incentives and initiatives such as “Build America, Buy
America.”
- Tapping the Breaks on EVs: While the
automotive industry is primed for growth and innovation in 2024, EV
manufacturers may be taking their foot off of the accelerator when
it comes to electric vehicles. Xometry’s groundbreaking Automotive
Survey finds that 84% of automotive executives said current
production timelines and waning consumer demand may make it
difficult for the industry to meet the Biden Administration’s goals
for the years ahead. Among auto executives’ chief concerns: battery
innovation, charger compatibility and slowing consumer adoption,
according to the survey.
- Tracking a More Sustainable Future: Though EVs
may be hitting a road bump for now, companies are focusing on a
net-zero emissions future and taking proactive action to limit
their greenhouse gas emissions across their industrial supply
chains. Fifty-two percent of CEOs view climate change as an
existential threat caused by human activity. 2024 will see the
actualization of companies making sustainability a business goal
with more investment in measuring and tracking tools to prioritize
decarbonization of their operations.
- Investing to Fight a Skilled Labor Shortage:
Manufacturing was on the cusp of a labor crisis even before
COVID-19. Now going on four years post-pandemic, the manufacturing
job market has improved according to the U.S. Bureau of Labor
Statistics and there remains a shortage of over 600,000
manufacturing jobs waiting to be filled. As American manufacturing
becomes more high tech, CEOs remain worried about attracting highly
skilled talent. According to Xometry’s own research, more than half
(56%) of CEOs said they struggle finding qualified employees in
today’s tight labor market.
- Pushing Forward No Matter Which Party Captures The
White House: Manufacturing is the bedrock upon which all
other industries are built and crucial to the economy and national
security. Xometry’s Q4 CEO survey shows a near 50/50 split on
whether Democrats or Republicans will better support manufacturing
and the economy at large. The priorities remain non-partisan:
bipartisan collaboration, public-private partnerships that invest
in skilled labor, and proactive assistance from the Federal
Government for the reshoring of manufacturing.
Xometry’s two-sided marketplace plays a vital role in the rapid
digital transformation of the manufacturing industry. Xometry’s
proprietary technology shortens development cycles, drives
efficiencies within corporate environments and helps companies
create resilient supply chains. Xometry’s product portfolio
includes: its industry leading digital marketplace; popular
Thomasnet.com industrial sourcing platform, and cloud-based tools,
including Xometry Teamspace, centralized project management
software for large, mission-critical projects.
About XometryXometry’s (NASDAQ:XMTR) AI-powered
marketplace, popular Thomasnet.com industrial sourcing platform and
suite of cloud-based services are rapidly digitizing the $2.4
trillion manufacturing industry. Xometry provides manufacturers the
critical resources they need to grow their business and makes it
easy for buyers to create locally resilient supply chains. The
Xometry Instant Quoting Engine® leverages millions of pieces of
data to analyze complex parts in real-time, matches buyers with the
right suppliers globally, and provides accurate pricing and lead
times. Learn more at www.xometry.com or follow @xometry.
Media Contacts:IllumePR for
XometryXometry@IllumePR.com
Matthew HutchisonVP, Global Corporate
CommunicationsMatthew.Hutchison@Xometry.com
Investor Contact:Shawn MilneVP, Investor
Relations240-335-8132Shawn.Milne@Xometry.com
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