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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Xometry Inc | NASDAQ:XMTR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.12% | 16.21 | 15.75 | 16.95 | 16.24 | 15.81 | 16.22 | 515,774 | 23:10:24 |
Fueling the reshoring strategy is growing optimism in American manufacturing. The survey finds that more CEOs – 71% now vs 64% in Q1 – believe there is enough manufacturing capacity in America to address the world’s supply chain concerns. As they bring manufacturing closer to home, CEOs and their management teams are making good on their promise to embrace technology, especially AI, to modernize their operations and future-proof their businesses. While 59% of CEOs saying investing in digital/automated workflows is their #1 strategy, a growing majority – 51% – are now investing in AI, significantly ahead of robotics, at 30%. Nearly all CEOs and decision-makers (97%) said they believe AI will play a large role in their future operations.
For those companies investing in AI, 68% have seen a significant ROI while just 27% of respondents say more time is required before they see any significant return. Only 5% are still developing AI for their operations.
“CEOs are optimistic about the future of American manufacturing and business in general, and are increasingly embracing AI and other digital tools to navigate a constantly changing environment,” said Randy Altschuler, CEO of Xometry. “The pandemic, the global supply chain crisis and now the emergence of AI on a wide scale are combining to accelerate manufacturing’s digital transformation and reinject much needed resources into the more than 500,000 small- and medium manufacturers across the country. All of the ingredients are there to make American manufacturing as strong as it has ever been.”
“After three consecutive quarterly surveys measuring how manufacturing CEOs are allocating their capital and resources, it's clear why a vast majority are optimistic despite major headwinds: they are effectively leading industry into the digital age,” said Jeremy Zogby, Managing Partner of Zogby Strategies.
When it comes to the economy, executive sentiment remains positive, despite the recent banking crisis. Eighty-seven percent are firmly committed to their original 2023 strategic plans and 97% say the future's looking bright or that they see light at the end of the tunnel, up slightly from 95% in the last survey. Still, the vast majority of CEOs and corporate decision-makers – 89% – now say that a recession is likely or very likely to occur this year and more than half – 54% – say the Federal Reserve should lower interest rates.
Additional survey findings include:
Xometry’s two-sided marketplace plays a vital role in the rapid digital transformation of the manufacturing industry, connecting enterprise buyers with manufacturers who build the big ideas that fuel the global economy. Xometry’s AI-driven instant quoting engine, cloud-based software and digital sourcing tools are deeply embedded with procurement managers, buyers and engineers on one side and thousands of manufacturers on the other side. Xometry’s proprietary technology shortens development cycles, drives efficiencies within corporate environments and helps stabilize supply chains to make them more resilient.
About John Zogby StrategiesA full suite veteran survey research company known for accuracy, quick turnaround and vast experience polling in 80+ countries covering a wide sector including politics, market research, branding, and trendspotting. Learn more at www.johnzogbystrategies.com.
About XometryXometry (NASDAQ:XMTR) powers the industries of today and tomorrow by connecting the people with big ideas to the manufacturers who can bring them to life. Xometry’s digital marketplace gives manufacturers the critical resources they need to grow their business while also making it easy for engineers and purchasers at small and large enterprise companies to tap into global manufacturing capacity and create locally resilient supply chains.
Press contacts:
Illume PRXometry@illumePR.comMatthew HutchisonMatthew.Hutchison@Xometry.com
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