According to new figures gathered by research firm IDC, 3D printing spend is set to rise by almost a quarter in 2019, with further growth over the next 5 years also expected.
The figures and data gathered from IDC indicate that the U.S are set to lead the way in overall 3D printing spend. They are due to be followed closely by Western Europe and China. The market forecast states that the industry is set to be worth $24 billion (approx. £18 billion) by the year 2022 according to statistics emanating from the research firm. 3D printing spend could also see growth at a compound annual growth rate of 18.4% throughout the course of the next five years.
Areas of Highest 3D Printing Spend
The areas which are set to see more focus on spend according to the research lists 3D printers and materials as amounting to almost two-thirds of the predicted worldwide spending total. They are set to reach an average spend of $7.8 billion (approx. £5.9 billion) and $8 billion (approx. £6.1 billion) each respectively by 2022. 3D printing services has an expected growth to $4.8 billion (approx. £3.6 billion) towards 2022 whilst purchases of 3D printing software is set to grow a little slower in the overall market. 3D printing hardware, software, materials and services has been forecasted to rise by 23% next year to more than $14 billion (approx. £10.8 billion).
3D Printing Solutions Continuing to Gain Traction
Research Manager of Customer Insights and Analysis at IDC, Marianna Daquila, explained how 3D printing and 3D printing services are now beginning to break out of traditional industries and how this is affecting the market.
“3D printing solutions are gaining traction outside of the traditional industries of aerospace and automotive manufacturing and healthcare. Professional services and retail will each see more than $1 billion in annual spending before the end of the forecast period, driven by the benefits of fully customised solutions.”
The Irish Times – Spending on 3D printing set to explode over next five years