Hardware revenues from 3D printers will be worth as much as $1.5 billion by 2019, according to the report.
The reason for companies using 3D printers is because it reduces manufacturing cycle times and also dents prototyping costs. Time Greene, a research director at IDC, said: “These technologies can help deliver larger, more accurate, and more solidly built models in a fraction of the time.”
There are different technologies available but fused deposition modelling (FDM) holds the biggest share in the 3D printing market. Dual extrusion printing can double the build speed, according to Greene.
The entry of new vendors like HP means the market for units will grow by over 30 percent a year between now and 2019.
IDC said that there’s a “vast array” of vendors trying to gain market share with different and competitive technologies. IDC surveyed over 150 3D printer manufacturers that sell in both the USA and worldwide.