This report updates the 1996 SIAM Report on Mathematics in Industry in light of advances in the mathematical and computation sciences, changes in the economy, and the evolution of applications in industry and government.
Our economy and that of the developed world is in the midst of a transition from a product-based economy to a knowledge-based economy, in which innovation and advances are driven by the expertise of individuals and organizations. We are convinced that the mathematical and computational sciences have contributed and will continue to contribute to the nation’s economy by providing new knowledge and new ways of doing business. Universities will continue to play a key role as the source of talented individuals with the desire and ability to apply mathematical knowledge to real-world problems. But this will not happen by itself; university faculty must actively encourage students to consider careers in industry and prepare those students for the very different world they will encounter upon graduation.We reaffirm the last conclusion of the 1996 report in the current context. Ideas and inspirations have flowed strongly in all directions between the mathematical sciences, computational sciences, and applications. Nonacademic applications enrich and deepen the mathematical and computational sciences as well as a wide variety of other fields, including science, engineering, medicine, and business.