Nearly Half of Respondents are Leveraging Strategic Manufacturing Partners in Regions like India; Leveraging Immersive Reality Technology to Foster Workforce Development Potential

Mountain View, Calif. - (September 16, 2024) - Grid Raster Inc., a leading provider of AI-enabled cloud-based Extended Reality (XR) platforms that power high-performance and scalable Augmented Reality (AR)/Virtual Reality (VR)/Mixed Reality (MR) experiences for enterprises, announced today results of its latest industry survey illustrating the challenges and needs U.S. manufacturers have in addressing workforce development challenges for project scalability.

The American manufacturing sector, once the backbone of the nation's industrial strength, faces multifaceted challenges in the 21st century. Key among these are a shortage of skilled labor, escalating parts shortages, and the rapid pace of technological advancement. To address these issues and sustain competitive edge, manufacturers are turning to innovative solutions such as augmented reality (AR) and virtual reality (VR), automation, robotics, and forging strategic partnerships, particularly with friendly strategic partner countries like India. These approaches not only help in overcoming current obstacles but also foster workforce development, ensuring a robust and scalable future for the industry.

GridRaster commissioned an online survey to take the pulse of U.S. manufacturers taking part in or those interested in this strategy to identify scalability potential. The online survey was conducted in July, encompassing over 2,500 enterprise-level business executives across a variety of manufacturing industries.

The survey results show how the convergence of AR/VR, automation, robotics, and strategic partnerships represents a powerful strategy for addressing the current challenges faced by the manufacturing sector. By leveraging these tools and collaborating with global partners, manufacturers can enhance workforce development, manage parts shortages, and drive business growth. As the industry continues to evolve, these innovative approaches will play a crucial role in shaping a resilient and thriving manufacturing ecosystem.

Workforce Development & Scalability Challenges
• 28% said high employee turnover; 26% said difficulty in finding skilled labor; 25% said lack of career advancement opportunities.
• Current labor skills gap affects operations by delays in project timelines *28%); and inability to adopt new technologies (26%).
• 50% said they are having a difficult time scaling current manufacturing projects because of limited growth potential here in the U.S.
• 28% said high operational costs and limited access to resources and materials are limiting growth potential in the U.S.; 25% said workforce and skilled labor restraints.
• 40% said they are very open to the idea of collaborating and expanding to countries such as India to achieve greater scalability.
Partnering with Facilities in Other Regions to Enhance Growth Potential
• 29% are expanding to new markets to identify and achieve greater growth and expansion opportunities; 27% are investing in automation and technology; 24% are outsourcing strategic operations and initiatives.
• 40% do not want to be over reliant on China for manufacturing because they are concerned about supply chain vulnerabilities.
• 40% said they are actively pursuing partnerships with manufacturing partners in India to achieve growth and expansion.
Skills, Training & Technologies
• 28% said they are investing in external training providers for workforce training and skills development.
• 49% said they are exploring options of immersive reality technologies (AR/VR) for workforce development training; 20% said they have partially adopted these technologies.
• 40% said technologies like AR/VR are very effective in enhancing workforce development initiatives.
• 25% said the primary benefits of leveraging AR/VR for workforce development include improved employee retention; 22% said faster onboarding of new employees; 21% said enhanced training efficiency.

"To fortify our American manufacturing industrial base and meet the burgeoning demands of tomorrow's economy, it is imperative that we invest in cutting-edge workforce development through AR/VR and 3D AI technologies, said Rishi Ranjan, CEO of GridRaster. "By upskilling our workforce with these advanced tools, we not only enhance our competitive edge but also position ourselves as leaders in innovation. Furthermore, forging strategic partnerships with industrial manufacturers in friendly countries like India will amplify our capabilities and ensure a robust, globally integrated supply chain. Together, these initiatives will drive growth, efficiency, and resilience in our manufacturing sector."

About GridRaster Inc.
GridRaster is a leading provider of cloud based XR platforms that power compelling high-quality AR/VR/MR experiences on mobile devices for enterprises. The company works with manufacturers in automotive, aerospace and defense, and technology to launch and scale AR/VR/MR solutions. The company utilizes a cloud-based approach leveraging distributed edge computing, low-latency remote rendering, 3D Artificial Intelligence (AI) and DevSecOps based agile deployment to help clients overcome performance, scalability, and legacy project limitations. For more information, please visit https://gridraster.com.