Global 3D Printing Software and Services Market to Reach $4.52 Billion by 2021
3D printing has long been considered a tool to quickly design and make one-off prototypes of objects. However, as the technology is becoming more accessible, more affordable and more capable, it is beginning to redefine the way the manufacturing industry is framed. The 3D printing technology has brought a revolutionary change in the manufacturing industry.
The growing market and the decrease in the price of the printers are some of the factors that are anticipated to give birth to some new competitors in the market. In addition, the innovative products that will be used as prototypes are expected to significantly reduce the price of 3D printing. Hence, it can be evidently deduced that 3D printing is going to significantly impact the upcoming future especially in regards to the way makers and manufacturers conduct their business.
The establishment of 3DP within the manufacturing industry has resulted in high revenues for the service providers, as their primary business consists of delivering ready-to-use prototypes and products as well as 3DP engineering and consulting services. The principal advantage of using external service providers is that it allows clients to use different manufacturing technologies, as well as to save on capital expenditure for machines and materials. Most of the consumer 3D printers can be purchased for $1000 or less; the cost of commercial 3D printers that offer the precision and build quality that many businesses need, can be as high as thousands of dollars.
Hence, the current trend that is trailing in the 3D printing industry is that many of the small businesses are opting for 3D printing services, wherein they upload the design they need, and get the 3D printed products constructed by a 3D printing service provider (that already has a 3D printer) at a substantially low cost. In other words, service bureaus that 3D print objects on demand provide a way for smaller companies to rapidly prototype without having to invest substantial amount up front. The global 3D printing software and services market is expected to reach $4,526.6 million by 2021, registering a CAGR of 25.2% between 2017 and 2021.
The factors driving the 3DP software and services market include high investment cost of 3D printers, strong growth in medical industry, growing demand from manufacturing sectors, ease of developing customized products, government initiatives and rising investments for research and development (R&D). However, high cost and complexity of 3DP software, lack of technical expertise, quality and functionality of 3D printed products, legal issues and environmental issues are some of the factors which are hampering the growth of 3D printing software and services market. Opportunities in the emerging economies, opportunities in emerging application verticals, development of more user friendly software and opportunity to enhance the supply chain management are expected to create growth prospects for the 3DP software and services market.
Stratasys, 3D Systems, Dassault Systemes, Autodesk, Siemens, Materialise NV, Prodways, Voxeljet, Exone, Protolabs, and PTC are few of the major industry players that have adopted this strategy to grow their business.
Key Topics Covered:
1 Research Scope and Methodology
2 Market Dynamics
3 Competitive Insights
4 Industry Analysis
5 Global 3D Printing Software Market
6 Global 3D Printing Services Market
7 Global 3D Printing Software and Services Market, by Region