Abstract-In the recent years, the additive (layer) manufacturing technology, which emerged about three decades back, to assist design conceptualization and visualization through rapid prototyping, has created application interests beyond rapid prototyping. This transition beyond prototyping, i.e. transition to production of functional parts is driven by several other progresses including availability of advanced printing machines and materials including metal printing capabilities. Among others, the unlimited geometrical complexity, low material wastage, environmental friendly and in most cases economically viable operations of additive manufacturing are the key factors that attract diverse industrial sectors to further explore the potentials of this technology for production of fully functional parts. There even exists a sense of feeling, at many corners, that this technology will significantly change the global economy and the way business is done in the future, in a similar way the www technology and the smart phone technology did. Aimed to put a very small drop into this potentially huge future research and development area and based on existing experiences, published works and ongoing research activities, this article shades light on the prospects of the additive manufacturing technology as a production method for the future industry. Two of the most potential technologies, fused deposition modeling and selective laser melting, are described and potential challenges highlighted. In line with the national interests and international focus, the medical sector and the offshore oil and gas industry are identified as the best beneficiaries if additive manufacturing is used for functional part production.