The growth of the American manufacturing sector will accelerate in the coming months, according to the forecasts of the industry itself. On Tuesday, PricewaterhouseCoopers (PwC) published its latest quarterly Manufacturing Barometer, a survey that gauges the optimism of industry insiders. Respondents forecast a 5.6 percent growth over the next 12 months, up from 5.2 percent last quarter and 4.2 percent in the third quarter of 2013.

Conversely, manufacturers are less optimistic about the overall national and global economy. Fifty-seven percent of respondents have a positive outlook about the U.S. economy, down from 65 percent three months ago, and only 30 percent are optimistic about the world economy, the lowest rate in two years. PwC U.S. industrial manufacturing leader Bobby Bono believes geopolitical concerns are leading to uncertainty.

"Despite notable growth thus far for the industrial manufacturing industry and many bright spots regarding company performance, we believe management teams are taking a more conservative approach to cash outlays as they assess recent events and seek to gauge the direction of the global economy," said Bono. "However, balance sheets remain strong across the sector, boding well for future investment activity as the macro-environment becomes clearer."

In almost every area, including operations, research and development, and mergers and acquisitions, manufacturers expect to spend less over the next year. However, hiring should remain steady, as 52 percent of respondents said their organizations plan to add to their workforce. Fifty-one percent cited the lower cost of raw materials as the main reason they believe the industry will grow.

Manufacturing business software can help companies fulfill these positive expectations by keeping track of inventory and job costs and optimizing their business processes.