- The Artificial Intelligence (AI) market is predicted to grow from $8B in 2016 to $72B in 2021, attaining a 55.1% Compound Annual Growth Rate (CAGR).
- The Blockchain market is predicted to grow at a 61.5% Compound Annual Growth Rate (CAGR) between 2016 and 2021, growing from $.2B to $2.3B in 2021.
- 86% of the top 100 companies in R&D spending worldwide are from the manufacturing industry.
- Top technology investment areas for manufacturers include advanced analytics, cloud computing, modeling and simulation, Internet of Things (IoT) platforms, and optimization and predictive analytics.
These and many other insights are from a recent research study Deloitte in collaboration with the Council on Competitiveness and Singularity University published this month titled Exponential Technologies in Manufacturing (PDF, 64 pp., no opt-in). The study’s goals include discovering the latest opportunities and barriers manufacturers face in evaluating and adopting technologies, and explores how global manufacturing companies can best capitalize on emerging technologies. The study defines exponential technologies as those that enable change at a rapidly accelerating, nonlinear pace facilitated by substantial progress and cost reduction in the areas of computing power, bandwidth, and data storage.