Spatial Computing Market

Spatial Computing Market is growing at a CAGR of around 22%

Spatial computing market is set to witness steady growth during 2021-2031. One of the major growth drivers for the spatial computing happens to be the increasing necessity to advance machine-to-machine and human-machine interactions.

Spatial computing primarily deals with the digitization of activities of people, machines, objects, and the environments in which they take place in order to optimize actions and interactions.

What is Driving Demand for Spatial Computing?

One of the major factors fueling the growth of spatial computing happens to be the growing demand for improving human-machine interaction, and machine-to-machine interaction.

Spatial computing has the potential to digitally transform the way industrial enterprises optimize operations for frontline workers in their worksites, factories, and warehouses. Spatial computing is capable of reducing the downtime & operation costs of the factories along while reducing the repair time of the equipment as well, by effectively tracking the location of devices and spatial mapping of device parts that require fixing or repairing.

Furthermore, the growth of the market can be attributed to factors such as the growing need for creation of digital solutions with the help of spatial computing across the globe.

However, lack of expertise required for making the spatial technology more immersive happens to be one of the major factors restraining the market growth. Also, adoption and deployment of new technologies happens to be another factor causing hindrance in the growth of market.

Healthcare is expected to grow at the highest CAGR over the forecast period

On the basis of end user, the healthcare segment in the global market for spatial computing is projected to grow with at the highest CAGR over the forecast period.

The growth of the segment can be attributed to the fact that the use of spatial computing in the healthcare segment is significantly improving the accuracy of treatment and diagnosis, leading to faster recovery of the patients. Hence, there has been an upsurge in demand for spatial computing in the healthcare sector.

US and Canada Spatial Computing Demand Outlook

U.S. happens to be one of the largest markets for spatial computing across the globe. The growth in U.S. is attributed to the presence of established players such as Google, Magic Leap, Facebook, and Microsoft who are trying to make use of spatial computing to advance the end-user viewing experience.

Moreover, US happens to be the most rapidly changing and competitive market across the globe. Besides, the region is also anticipated to adopt new technologies at a faster pace as compared to other countries in the world.

Europe Demand Outlook for Spatial Computing

Apart from North America, Europe is also expected to hold a significant share in the market for spatial computing owing to its continuous adoption of proven success in terms of technology enhancements coupled with significant investments in research related to spatial computing.

Furthermore, the rising adoption of the IoT, VR and AR applications and devices in the countries like Germany, Italy, France, and UK in the Europe region has enabled the market for spatial computing to grow at a substantial rate over the forecast period.

Who are the Key Manufacturers and Suppliers of Spatial Computing?

Some of the leading providers of spatial computing include

• Microsoft Corporation
• Google Inc.
• Facebook
• Magic Leap
• Vuforia
• Amazon.com Inc.
• Ford
• IBM Corporation
• Uber
• Among others.

The companies operating in the market are focused on acquisitions, partnerships, and new product launches in order to strengthen their presence and enhance their product portfolio in the market. For instance,

• In October 2021, Magic Leap, a U.S. based company, entered into a strategic collaboration with VMware, a cloud computing and digital workspace technology company, that includes support for the later company’s ‘Workspace ONE XR Hub’ on Magic Leap 2. The provided support shall help in enabling enterprise applications on Magic Leap’s XR platform technology.
• In January 2021, Magic Leap entered into a partnership agreement with Google Cloud in order to build the next spatial computing era on Google Cloud. The partnership agreement is aimed at meeting businesses’ demand for solutions that supports business continuity, collaboration, and agility.
• In November, 2020, Amazon announced the launch of an upgraded model of its “Echo Frames” smart glasses. The newly launched smart glasses include better sound quality in order to use Amazon’s Alexa voice assistant for day-to-day tasks.
• In September, 2020, Facebook announced the launch of Oculus Quest 2, its next-generation virtual reality headset. The headset comprises a new touch controller tracking which makes it highly effective.

Spatial Computing Market Report Highlights:

• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint

NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.