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White Paper identifies industry stats and forecasts

31st March 2023

     

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For the past three years, business leaders and organizations have faced an unyielding procession of challenges. As we usher in 2023, many of those challenges persist, and new ones are emerging. Yet, as unrelenting as the challenges have been, technology and innovation have proven to be just as resilient.

In its new White Paper – 37 Technology Stats You Need to Know for 2023 – global technology intelligence firm ABI Research has identified and highlighted the most impactful forecasts that illuminate the direction in which digital transformation is heading.

“From among the many millions of data points ABI Research creates each year, we have focused on the most enlightening stats that will shape the year ahead. “The rapid growth of the global machine tool market and digitation spending by fast-moving consumer goods (FMCG) manufacturers are just two of the many changes on the horizon indicative of a more connected, technology-driven world,” explains ABI Research chief research officer Stuart Carlaw.

There are a number of statistics highlighted in the White Paper.

Industrial and Manufacturing Technologies

ABI Research forecasts that the machine tool market will reach $222.9-billion in 2030 in manufacturing value added.

“This is primarily driven by new product design facilitating the need for new machine tools, old equipment reaching the end of its lifecycle and requiring replacement, and new machine tool solutions being provided and upgrade incentives,” explains ABI Research analyst James Prestwood.

Industrial and Manufacturing Markets

According to ABI Research director Michael Larner, “Digitalisation spending by process manufacturers and firms in the extractive industries is forecast to grow by a compound yearly growth rate of 8.8% over the next ten years. In 2027, digitalisation spending by FMCG manufacturers is forecast to overtake spending by oil and gas producers to become the largest spender.”

“Nobody has a crystal ball, but we can say with relative certainty that the challenging climate will persist well into 2023. These statistics should provide insights and actionable data needed to chart a successful course in 2023 and beyond,” Carlaw concludes.

Edited by Zandile Mavuso
Creamer Media Senior Deputy Editor: Features

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