A new survey of global manufacturing companies shows that nearly four in 10 expect to devote significant spending to advanced technologies over the next two years.
The 2016 Global Manufacturing Outlook survey, conducted by auditing firm KPMG, indicated that 39 percent of respondents expected research and development spending to be devoted to those technologies, such as 3D printing and robotics.
The poll — which included 360 executives, including 80 in the U.S. — also showed that 25 percent already incorporated artificial intelligence and cognitive computing technologies.
More than half anticipated spending 4 percent to 10 percent of revenues on R&D during the next two years. Although 21 percent of overall participants expected to spend more than 10 percent, just 15 percent of U.S. executives projected that they would reach that threshold.
“Whether investing in incremental improvements for existing products or inventing entirely new products and services, it is clear manufacturers recognize the need to increase their investment in innovation," said Brian Heckler, KPMG's U.S. Industrial Manufacturing National Sector Leader.
More than eight in 10 poll participants planned to alter their range of products in some form over the next 12 to 24 months; of those respondents, more than half expected to make significant investments and launch one or more new products.
Sizeable percentages of participating companies also expressed concerns about competing business (38 percent), customer loyalty (44 percent) and product relevance (45 percent).