A recent study highlights a transition in product development challenges, with economic factors overtaking supply chain issues as the primary obstacle to innovation.
Speed is of the Essence in Product Development
The latest report from Protolabs, which surveyed over 700 professionals in fields like aerospace and consumer electronics, underscores a critical trend: the acceleration of product development. A majority of respondents (53%) are bringing products to market more rapidly than before, and an even larger group (80%) is actively seeking ways to expedite this process further. The drive for speed is largely fueled by competitive pressures, with 65% of those surveyed citing this as a key motivator. During the prototyping phase, time constraints are the most significant challenge, while quality becomes paramount in ongoing production.
Optimism for Post-Pandemic Recovery
Participants in the survey are optimistic about overcoming pandemic-induced obstacles such as material shortages and supply chain disruptions. While 70% felt the sting of material shortages on late-stage prototyping last year, only 33% foresee this issue persisting over the next five years. Similarly, supply chain disruptions are expected to decline in impact, with 74% having experienced disruptions in ongoing production recently, but only 44% anticipating continued challenges.
Economic Conditions: The New Barrier
The economy is predicted to be a persistent challenge, particularly in the later stages of product development. Over 60% of respondents believe economic issues will affect late prototyping and ongoing production in the coming five years.
Factors Influencing Future Product Development Timelines
- Rising customer demands are anticipated to have the most significant impact on development time, as stated by 78% of those surveyed.
- Labor and workforce issues, including shortages and skill gaps, are expected to continue as challenges for 65% of respondents.
- A minority believe that artificial intelligence (35%) and environmental or sustainability goals (37%) will influence the speed of product development in the future.
The report from Protolabs provides valuable insights into the evolving landscape of product development, highlighting the shift in challenges from supply chain disruptions to economic pressures. As the industry adapts, the focus on speed and quality remains unwavering, with an optimistic outlook on overcoming current material and logistical constraints.
