Additive manufacturing (AM), commonly known as 3D printing, has emerged as a transformative technology in modern manufacturing due to its ability to produce complex, customized components with reduced material waste and shorter production timelines. Driven by increasing consumer demand for personalization and rapid product development, AM enables layer-by-layer fabrication directly from digital CAD models, offering significant advantages over traditional manufacturing methods. This paper presents a comprehensive review of additive manufacturing technologies, examining their evolution, key processes, materials, and applications across various industrial sectors. The paper highlights the primary benefits of AM, including cost effectiveness, design flexibility, reduced tooling requirements, and the integration of advanced information technologies for automated process monitoring. At the same time, it critically analyzes the limitations that hinder widespread industrial adoption, such as restricted build volume, material and mechanical property constraints, regulatory challenges in the healthcare and food sectors, and ethical and security concerns related to misuse. Particular emphasis is placed on the lack of standardized regulatory frameworks for medical devices and implants, which contributes to industry hesitation despite the significant potential of AM in personalized healthcare solutions. Furthermore, the paper discusses current adoption trends and identifies key drivers such as prototyping, product development, and innovation that continue to fuel advancements in additive manufacturing. Finally, the scope for future research is outlined, focusing on large-scale printing systems, advanced material development, improved quality control through artificial intelligence, and the establishment of AM-specific regulatory standards. The findings suggest that while additive manufacturing is unlikely to fully replace conventional manufacturing in the near future, it will continue to play a critical complementary role in shaping the future of intelligent and sustainable manufacturing.