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3D printing market to hit $4.52 billion

November 24, 2017

A recently-published report brings a positive forecast for the software and services market’s future.

A new report has been published predicting that the global 3D printing software and services market will be worth $4.52 billion (€3.81 billion) by 2021, a compound annual growth rate of 25.2 percent between 2017 and 2021.

Key amongst the reasons given for the market’s growth is the decrease in the price of 3D printing technology, prompted in part by the innovative products being used as prototypes. This suggests that “3D printing is going to significantly impact the upcoming future, especially in regard to the way maker and manufacturers conduct their business.”

The report also notes how the establishment of 3D printing within the wider manufacturing industry has brought high revenues for service providers, whose business consists of delivering ready-to-use products and prototypes, as well as engineering and consulting services. This is particularly prevalent due to the fact that commercial printers offering the precision and quality many businesses require can often costs thousands of dollars.

Therefore, the prevailing trend in the industry is towards 3D printing services, where small businesses can upload a design and receive the constructed product back from an already-equipped service provider, at substantially lower costs.

Other factors named by the report as contributing to the market’s enlargement include the growth of demand in the medical and manufacturing sectors, government initiatives, and increasing investment in Research and Development. Yet the report also highlights aspects hindering growth, such as legal and environmental issues, and a current lack of technical expertise.

That being said, increased opportunities in emerging economies and application verticals, coupled with the predicted development of more user-friendly software, leads the report to its forecast of substantial growth for the market over the next four years.

For more information about the report, go to: https://www.researchandmarkets.com/research/6ld7f6/global_3d

 

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