IDC's Latest Report Forecasts the Growth of 3D printing Market at a CAGR of 24.1 Percent
FRAMINGHAM, MA: International Data Corporation (IDC) unveils a latest report on the growth of 3D printing industry and finds the market to grow at a CAGR of 24.1 percent during the forecast period 2015-2020. The report “Worldwide Semi annual 3D Printing Spending Guide” foresees the revenues to reach $35 billion in 2020.
The sectors such as automotive design, defence, and the manufacturing units have enabled the growth of the 3D market. The IDC reports estimates discrete manufacturing to be the key revenue generator for 3D market and accounts 56 percent market share during 2016. The automobiles design generated revenuesof $4 billion while the aerospace and defence printing brought $2.4 billion in the same fiscal year.
The software related industry is also expected to grow. The increase in demand of designing software’s such as CAD, CATIA, and ANSYS is expected to triple by the forecast period while the market for on-demand service is also forecasted to grow and nearly emulate software growth. The expansion of the 3D printing for designing a prototype and products has enhanced these market growth.
The IDC predicts healthcare, professional services and retail industries as the next potential market for the 3D printing industries.
"IDC expects the worldwide 3D printing market to continue its rapid expansion over the next several years, driven by the need to reduce manufacturing cycle times and to reduce prototyping costs. This growth will be fuelled by an explosion of 3D printer manufacturers from around the world, seeking to capitalise on the anticipated growth in this market with faster printers that offer better quality output at lower prices," says Keith Kmetz, program vice president of IDC's Imaging, Printing and Document Solutions research.