Topics:

10 Manufacturing Statistics That You Cannot Ignore in 2023 & Beyond

Posted on January 31, 2023
Written By Siddharth Sujan

Manufacturing Statistics That You Cannot Ignore in 2023

The manufacturing industry has recently seen a significant boost in demand and production capacities, but the near-term outlook is uncertain with concerns around inflation and economic instability. Compounding these challenges are acute talent shortages, supply chain disruptions, cost pressures, and cyberattacks. In this complex landscape, proactive and strategic leadership is imperative for manufacturers to sustain growth and remain competitive in the 2023 market.

Let us look at ten important statistics that business leaders in the manufacturing sector must consider while building their short and long-term strategies:

Manufacturing industry statistics 2023-1

Manufacturing output will decline in 2023, according to the Q4 Manufacturing Outlook survey by Make UK/BDO. The survey predicts a -3.2% contraction, following the -4.5% forecasted contraction in 2022. Despite a strong rebound in 2021 due to the pandemic, the industry is expected to face continued contraction in the coming years.

Manufacturing industry statistics 2023-2

The manufacturing industry may face a shortage of up to 2.1 million workers by 2030, according to a new report by NAM. To address this shortage, manufacturers must not only attract new talent, but also retain their existing workforce. This will require strategic recruitment efforts and a focus on employee engagement and retention.

Manufacturing industry statistics 2023-3

The Deloitte outlook survey finds that 72% of surveyed executives identify the shortage of critical materials and ongoing supply chain disruptions as one of the primary uncertainties for the manufacturing industry in the near future.

Manufacturing industry statistics 2023-4

CNN’s latest report highlights growing inflation and recession risks affecting the manufacturing industry. 75% of manufacturers report a worsening of inflationary pressures compared to six months prior, with 54% also facing increased competitiveness and profitability challenges due to rising prices.

Manufacturing industry statistics 2023-5

A report by FICTIV indicates that customer expectations have reached new heights and show no signs of slowing down. 97% of respondents observe evolving customer demands. To satisfy customers, it’s crucial to understand their changing wants and needs.

Manufacturing industry statistics 2023-6

A recent study, “Cyber Security: UK Manufacturing”, exposes a concerning trend: 42% of UK manufacturers have experienced cybercrime in the past 12 months. Neglecting this issue is not a viable option for businesses. Although heightened awareness in the sector is positive, significant progress remains to be made.

Manufacturing industry statistics 2023-7

The Smart Manufacturing Market is poised for exponential growth, projected to reach a staggering US$ 365.22 billion by 2028, as per the latest forecast by The Insight Partners. The growing use of robots and automation due to implementation of AI and other advanced technologies is expected to boost the market growth.

Manufacturing industry statistics 2023-8

The Manufacturing Institute’s report reveals that 64% of surveyed companies acknowledge the significance of Diversity & Inclusion as a crucial aspect of their business, yet 37% of them struggle to tackle D&I challenges effectively.

Manufacturing industry statistics 2023-9

The Macroeconomic Outlook: Business Trends, ESG 2022 survey by 451 Research reveals that 48% of manufacturers plan to escalate their investments in energy-efficient technologies, including IIoT and enterprise data-powered energy and power management platforms.

Manufacturing industry statistics 2023-10

As indicated by a recent study by FICTIV, a significant proportion of surveyed individuals, approximately 50%, have amplified their reliance on outsourcing. Nearly three-fourths of the respondents held a favorable perception towards outsourcing, highlighting its efficacy, superior quality, cost-effectiveness, and expediency as the primary reasons. Firms are increasingly turning to outsourcing to overcome innovation obstacles and streamline their supply chains.

QX Global Group – Specialist Business Partner for Manufacturing Companies

As a renowned global provider of consulting, intelligent automation, and business process outsourcing, QX Global Group specializes in helping manufacturing companies unlock their full potential by optimizing processes in the areas of finance, accounting, recruitment, HR, and IT. Our solutions have enabled our clients to establish highly proficient back-office teams that are equipped to scale with their business, integrate cutting-edge technology, and manage operational costs.

Connect with our team of transformation specialists to gain insight into our service offerings and discover how we can help you enable & accelerate your business transformation journey.

Originally published Jan 31, 2023 09:01:10, updated Jan 31 2023

Topics:


Don't forget to share this post!

Related Topics

tech driven full cycle recruitment

The Future of Full Cycle Recruitment: 94...

14 Jun 2024

Technology is playing a significant role in transforming how companies hire new employees. Tools lik...

Read More
The Human Touch in Accounts Receivable Outsourcing: Building Better Customer Relationships

The Human Touch in Accounts Receivable O...

13 Jun 2024

Introduction The increasing integration of technology in financial services highlights the growing i...

Read More
How Offshore Recruitment Services can Improve Scalability

How Offshore Recruitment Services can Im...

13 Jun 2024

When it comes to enhancing business efficiency by increasing ROI and reducing costs, staffing compan...

Read More
A Guide to Overcoming Challenges in Credit Control

A Guide to Overcoming Challenges in Cred...

10 Jun 2024

Introduction  Effective credit control is fundamental to maintaining robust financial health and en...

Read More