Global spending on 3D printing will achieve a 5-year compound annual growth rate (CAGR) of 18.4 percent to $23 billion in 2022, said IDC.
Worldwide spending on 3D printing will grow at 23.2 percent to $14 billion in 2019, IDC forecasts.
3D printers and materials will account for two thirds of the spending throughout the forecast, reaching $7.8 billion and $8 billion respectively in 2022.
Services spending will reach $4.8 billion in 2022, led by on-demand parts services and systems integration services.
Purchases of 3DP software will grow more slowly than the overall market with a five-year CAGR of 16.7 percent.
“3D printing solutions are gaining traction outside of the traditional industries of aerospace and automotive manufacturing and healthcare,” said Marianne Daquila, research manager, Customer Insights and Analysis at IDC.
Professional services and retail will spend more than $1 billion each before the end of the forecast period.
The United States will be spending $5.4 billion in 2019. Western Europe will be spending $4 billion on 3D printing. These two regions will provide nearly two thirds of all 3D printing spending throughout the forecast.
China will be the third largest region with more than $1.9 billion in spending, followed by Asia Pacific (excluding Japan) Central and Eastern Europe (CEE), the Middle East and Africa (MEA).
Use cases such as 3D printing are prototypes, aftermarket parts, and parts for new products use cases will account for 45 percent of spending in 2019.
Dental objects and medical support objects and tissue/organ/bone printing will see five-year CAGRs exceeding 21 percent.
“The emergence of higher speed 3D printers, production configurations, and the expanded range of materials available for 3D printing systems continue to enable wider adoption of 3D printing across numerous industries,” said Tim Greene, research director, Hardcopy Peripherals and 3D Printing.