Spatial Computing Market worth $280.5 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 2, 2023 /PRNewswire/ -- The future of the Spatial Computing Market will be defined by the confluence of technology with real-world applications, altering industries and improving user experiences across a wide range of sectors, while also tackling the accompanying challenges and possibilities in this dynamic industry.

The Spatial Computing Market size is expected to grow from USD 97.9 billion in 2023 to USD 280.5 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 23.4% during the forecast period, according to a new report by MarketsandMarkets™. The availability of affordable hardware and advancements in real-time rendering engines will likely boost the adoption of spatial computing globally.

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Scope of the Report

Based on services, managed services will record the highest CAGR in the Spatial Computing Market during the forecast period.

Managed services specifically deal with client experiences. Enterprises cannot bargain on this variable, as it helps them maintain their market position. Sometimes, it becomes troublesome for companies to concentrate on their core business procedures and simultaneously handle these services. This leads to companies relying on third parties to offer managed services. Every technological domain requires well-delivered managed services. Technical expertise, service consistency, and flexibility must be provided by vendors, regardless of the geographical location of the client. Managed services offer all the required skillsets to maintain and upgrade the solutions, which is of utmost importance in the spatial computing environment.

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By Technology Type, the AR Technology segment holds the largest market share during the forecast period.

The adoption of Augmented Reality (AR) technology in the Spatial Computing Market has been marked by significant strides in recent years. AR, which overlays digital content into the real world, has found various applications across industries. In retail, AR enhances shopping experiences with virtual try-ons and product visualizations. In healthcare, it aids in surgery planning and medical training. The gaming sector is embracing AR for immersive experiences, and in education, AR is making learning more engaging and interactive. Furthermore, AR is employed in industrial settings for maintenance and repair and in architecture and design for 3D modeling and visualization. The growth of AR in spatial computing is driven by advancements in hardware, such as smart glasses and smartphones, and improved software capabilities, which are expanding the horizons of this technology and its potential for transforming how we perceive and interact with the world around us.

By region, the Asia Pacific region recorded the highest CAGR during the forecast period.

The adoption of spatial computing in Asia has steadily risen in recent years, reflecting the global trend toward immersive technologies. As the region's economies grow and technological infrastructure improves, businesses and consumers have shown increasing interest in spatial computing applications. Major players in the technology industry, including companies from Japan, South Korea, China, and India, have been actively developing augmented and virtual reality solutions, focusing on diverse sectors like gaming, healthcare, education, and manufacturing. Government initiatives, educational institutions, and research centers across the Asia Pacific region have supported the development and integration spatial computing technologies, further fostering adoption. With a vast and dynamic market, the Asia Pacific region is poised to become a significant hub for spatial computing innovation and applications, contributing to the global evolution of these transformative technologies.

Top Key Companies in Spatial Computing Market:

Major vendors in this market are based in North America, Asia Pacific, and Europe. Some of the key players operating in the Spatial Computing Market are – Meta (US), Microsoft (US), Apple (US), Sony (Japan), Qualcomm (US), Google (US), Epson (Japan), Samsung (South Korea), Magic Leap (US), and PTC (US).

Recent Developments

• In March 2022, Google acquired Raxium. This acquisition added to Google's AR hardware portfolio as Raxium develops AR display devices. With this acquisition, Google focuses on developing AR glasses and headsets.
• In February 2022, Sony collaborated with Niantic to develop and expand its AR hardware portfolio. The collaboration would mainly focus on the development of AR for headphones.
• In February 2022, Samsung acquired a German-based AR developer, Apostera, to expand its business in the car technology market, for example, for Head-up Displays in cars.
• In December 2021, Meta worked with game engine developer Unity to create AR and VR content. Unity partnered with Meta Audience Network to offer Unity ads through Unity mediation to in-app bidding. Through the partnership, Unity creators could optimize further revenue potential, and developers would have access to more than 60 ad ecosystem partners and Meta Audience Network.
• In September 2021, Qualcomm acquired Wikitude, a provider of AR SDK that enables developers to create and build AR solutions and experiences that can be deployed across multiple platforms.

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Spatial Computing Market Advantages:

• With the ability to precisely map the physical world, spatial computing systems provide exact tracking, placement, and interaction in three dimensions.
• Through real-time interaction with digital items and information, users can create dynamic and responsive experiences within their actual surroundings.
• Rich visualisations that superimpose digital data on the real environment are made possible by spatial computing, which helps with training, design, and data analysis.
• Physical input devices are not always necessary because users can engage with spatial computing systems using gestures, sight, voice, and other intuitive techniques.
• It is useful for training scenarios in industries like manufacturing, aviation, and healthcare since it enables students to practise in authentic virtual settings.
• Because spatial computing creates shared virtual workspaces that teams may use to collaborate remotely from any location, it makes remote collaboration easier.
• Complex data can be visualised thanks in large part to spatial computing, which facilitates data understanding and analysis across a range of disciplines.
• Spatial computing enhances immersive shopping experiences in the retail industry by enabling consumers to see things in their surroundings before making a purchase.

Report Objectives

• To define, describe, and forecast the global Spatial Computing Market based on component, technology type, vertical, and region.
• To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To strategically analyze the market subsegments with respect to individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To strategically analyze macro and micromarkets1 with respect to growth trends, prospects, and their contributions to the overall market
• To analyze industry trends, patents and innovations, and pricing data related to the Spatial Computing Market.
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players.
• To profile key players in the market and comprehensively analyze their market share/ranking and core competencies
• To track and analyze competitive developments, such as mergers & acquisitions, product developments, and partnerships & collaborations in the market.

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