Initially, 3D printing seemed to have a very limited application in a handful of industries, but now it has come to a revolutionary point where even fashion industry is using this technology. Over the past few years, 3D printing technology has become more accessible and affordable, and its capability has redefined the manufacturing industry to a large extent. With the declining prices of 3D printers, it is expected that the way manufacturers conduct their business will undergo significant transformation and the competition in the market will intensify.
The integration of 3D printing in the manufacturing industry has resulted in high revenues for service providers. The primary business of these service providers is to deliver ready-to-use prototypes and products as well as 3DP engineering and consulting services. The principal advantage of using external service providers is that they allow the clients to use different manufacturing technologies, as well as to save on capital expenditure for machines and materials. 3D printing has expanded its market to include automobile parts, industrial machinery and heavy-duty machinery, which constitute the primary markets, whereas the secondary market comprises tools, molds, and casting patterns.
3D printing is expected to take over the manufacturing industry, across the globe, in the near future for 3DP functional parts, fit and finish components, and the molds and tooling segment in case of heavy duty machinery. The speed and efficiency of 3D printing makes it advantageous in every aspect when compared with the conventional manufacturing process. Hence, there is an increasing demand for these printers from various industries, and a strong growth in the medical industry, growing demand in various manufacturing sectors, ease of developing customized 3D printed products, government initiatives, and rising investment in R&D are some of the factors that are driving the market.
The global 3D printing software and service market is expected to register a CAGR of 25.2%, between 2017 and 2021, reaching 4.52 billion by 2021, and this robust CAGR can be attributed to the increasing demand from various end-use application verticals, such as healthcare industry, consumer industry, automotive industry, fashion & aesthetics industry, aerospace & defense industry, education industry, and architecture industry, among others. However, the market is experiencing some restraints in the form of high cost and complexity of 3DP software, lack of technical expertise, quality and functionality of 3D printed products, legal issues, and environmental issues. Despite such hindrances, the opportunities in the market are expected to increase with the emerging application verticals, development of more user-friendly software, and scope to enhance the supply chain management.
BIS Research has conducted an extensive research on the global 3D printing software and services market, and compiled the observations and insights in a report titled ‘Global 3D Printing Software & Services Market – Analysis and Forecast (2017 to 2021)‘. The market intelligence report aims at providing an in-depth analysis of the key developmental strategies, marketing strategies, and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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