The global 3D printing software and services market size was valued at USD 14.98 billion in 2021. It is expected to reach USD 101.59 million by 2030, growing at a CAGR of 23.7% during the forecast period (2022–2030). The technology behind 3D Printing has made significant strides forward, with a large portion of this advancement attributable to technological advances in this industry. The environment of the 3D printing software and services industry comprises various stakeholders, including 3D printing software engineers, service providers, material producers, end-users, and others. Additive manufacturing is the term that most commonly refers to employing 3D printing in industrial settings (AM). With the assistance of computer software and a three-dimensional printer, additive manufacturing involves adding material to an object in a layer-by-layer fashion to form the entity from a three-dimensional file.
A suitable 3D printing technology is selected from the available alternatives to implement the process. Implementing this procedure in various business verticals following their respective requirements constitutes the final step. 3D Printing provides advantages to manufacturers in prototyping, designing the structure and end products, modeling, and reducing the time it takes to bring products to market. Consequently, production costs have been cut down by a sizeable amount, and manufacturers can now offer better products at more affordable prices.
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Rising Demand from Different Manufacturing Sectors to Impede the Market Growth
The market for three-dimensional printing software and services is expanding due to the widespread adoption of technology in various industries, such as medicine, consumer goods, and automobiles. The market is leading to a revolution in the industry and the widespread adoption of automation in manufacturing sectors. Because it reduces costs by reducing the need for man force and can produce goods locally, it will see an increase in the amount of investment made by manufacturing companies. The growth is driven by the ease with which it can be manufactured, the ability to construct intricately tailored designs, the reduction in errors, and overall time and development costs.
Increasing Government Initiatives and Research and Development Investments
Rapid developments and improvements made to product portfolios can effectively attract customers operating in a wide variety of industry verticals. The manufacturing process of final products in a wide variety of end-use verticals can benefit from using 3D printing technology. The use of three-dimensional Printing is growing steadily across various business sectors. As a result, the professional environment is reaping the benefits of this technology both monetarily and operationally in the form of improved efficiency and cost-effectiveness. There has been a sizeable increase in the demand for 3D Printing. This can be attributed to the fact that customers are gravitating more toward individualized products and solutions that are more cost-effective, in addition to the expanding need for automation across a variety of business sectors.
The growing demand for improved product manufacturing and a shorter time to market has led to the widespread adoption of 3D printing in the industrial sector. The industrial sector is the one that has shown the most interest in adopting 3D printing technology, which will ultimately result in the largest market share for 3D printers designed specifically for use in industrial settings throughout the forecast period.
Growing Misconceptions of Manufacturers about Prototyping to Restrict Market Growth
The technology behind 3D printing happens to require a lot of financial investment. While this is happening, manufacturers are still clinging to misconceptions about prototyping rather than recognizing the benefits of using 3D printing. In addition, the market does not possess the standard process controls or the skilled labor force necessary for 3D printing. The market's growth is anticipated to be hindered by several factors.
Production of Easy-to-Use Software to Boost Market Opportunities
The increasing use of 3D printing in the aerospace industry to produce vehicle bodies, seats, engine parts, and rotor blades is the primary factor driving the growth of the aerospace segment in the 3D printing software and services market. Users of 3D design software can create products of any size and shape they can imagine. This software can be utilized for various design-related activities, including 3D modeling and visualizing, engineering, drawing, interior design, and other comparable endeavors. Users can outsource the 3D printing process by utilizing print-on-demand services, which eliminates the need for them to worry about the expense of purchasing and installing a 3D printer. It will see an increase in investment from manufacturing companies because it lowers costs by reducing the need for a large labor force, and it can produce goods locally. These kinds of factors will result in the creation of significant opportunities in the market. The advantages of 3D printing over traditional manufacturing open up various opportunities for various industry verticals. These opportunities range from product design and development to customization services and the reorganization of supply chains to achieve higher levels of efficiency.
The global 3D printing software and services market has been divided into Application, Software, Services, and End-Use Industry.
It is anticipated that the functional models/functional prototyping/research models segment will constitute the most extensive application during the period, based on application. The increased use of 3D printing for functional prototyping is primarily driven by the fact that, in contrast to conventional manufacturing technologies, 3D printing enables users to print prototypes quickly without wasting significant energy or materials.
Based on the software, the market for software that allows users to design in 3D is anticipated to represent the largest segment of the software market during the forecast period. Users of 3D design software can create products of any size and shape they can imagine. This software can be utilized for various design-related activities, including 3D modeling and visualizing, engineering, drawing, interior design, and other comparable endeavors. These factors are going to contribute to the continued expansion of the market.
Based on the services, it is anticipated that the print-on-demand segment will represent the most significant portion of the services segment. Users can outsource the 3D Printing process through print-on-demand services, which frees them from the financial burden of purchasing and installing a 3D printer.
Based on the end-user industry, the aerospace sector is anticipated to be the end-use industry that will generate the most revenue. The growth of the aerospace segment in the market for 3D printing software and services is driven by the increasing adoption of 3D printing in the aerospace industry to produce vehicle bodies, seats, engine parts, and rotor blades.
The global 3D printing software and services market is segmented into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
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North America is the most dominant in the global 3D printing software and services market during the forecast period. The most significant proportion of the market's total revenue was generated in North America. As a consequence of the widespread adoption of 3D printers in numerous industries for 3D designing, 3D modeling, and 3D manufacturing. Manufacturers in this region are being prompted to pursue technological improvements and adopt new technologies due to government funding and other encouraging initiatives currently being undertaken in this region.
Asia-Pacific will record significant growth in the 3D printing software and services market. The region has developed into a manufacturing hub due to an increasing consumer base and the continued influx of overseas investments. The development of 3D Printing and other related technologies occurs continuously in tandem with the extensive research and development activities and the aggressive investments made by the public and private sectors. Manufacturers are encouraged by initiatives taken by the government to work toward technological advancement and the incorporation of new technologies. These kinds of factors are going to give the market in this region a boost.
The key players in the global 3D Printing software and services market include