The spatial computing market is estimated to grow with a high CAGR during the forecast period, i.e., 2021-2029. The increasing need to improve human-machine interaction, and machine-to-machine interaction, is expected to fuel the progress of this market. These technologies are deployed to converge the physical world with the digital world by digitizing the objects and enabling the operator to control the movement and interactions of these objects as the person moves through the physical or digital world. The growth of the market can also be attributed to factors such as the high requirement of creating real-world digital solutions with the help of spatial computing on a global level. The continuously evolving consumer demand has led to the rapid growth in the need to digitally transform the businesses, particularly those involving front-line workers and operating in the physical world. The rise in demand has resulted in rising expenditure on the adoption of spatial computing by major organizations and is expected to contribute to the market’s growth during the forecast period. According to the analysis of the International Telecommunication Union, spatial computing technologies such as internet of things, virtual reality, and others can help governments in countries with an aging population by providing solutions to meet the demand for their demographic shift. This is especially relevant for countries like U.S., where adults aged more than 65 years will outnumber children by 2030, and for Japan, whose 40% population will be over 65 years of age by 2060. The use of spatial computing technologies imparts efficiency to the tasks performed in many walks of life, thereby reducing human efforts. Apart from improving comfort, spatial computing innovations can also help address loneliness, which is a risk factor for health problems such as cardiovascular diseases and dementia.
The market is segmented on the basis of technology type into augmented reality, mixed reality, virtual reality, internet of things, and others, out of which, the augmented reality segment is anticipated to grab the largest share by the end of 2021 on account of its increasing use in adding aspects of digital world into real-world surroundings. Moreover, augmented reality is rapidly being deployed in business applications, which is also projected to contribute to the growth of the segment during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of end-user, the healthcare segment in the global spatial computing market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that the use of spatial computing in this segment is significantly enhancing the accuracy of diagnosis and treatment, leading to faster patient recovery. The Covid-19 outbreak has also significantly enhanced the need for advanced diagnostic tools, which may also support this segment’s growth.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to increasing awareness about spatial computing technologies in the countries of the region and the government initiatives to promote digitalization among organizations and individuals. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the presence of leading technology providers in the region. Along with this, North America also leads in terms of improved end-user experience with early adoption of advanced technologies, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the spatial computing market on account of its proven success in terms of technology enhancement and significant investment in research associated with spatial computing. The European Commission, in 2020, had put forward a European Data Strategy whose ambition is to enable the European Union to become the most attractive, most secure and most dynamic data-agile economy in the world.
The global spatial computing market is further classified on the basis of region as follows:
Our in-depth analysis of the global spatial computing market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing need to improve human-machine and machine-to-machine interaction are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
The hardships in adopting and deploying new technology and the lack of expertise required for making the spatial technology more immersive, are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about spatial computing technologies in the countries of the region.
The major players dominating the spatial computing market are Microsoft, Google, Facebook and Magic Leap among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology type, end-user and region.
With respect to end-user, the healthcare segment is anticipated to hold the largest market share owing to the fact that the use of spatial computing in this segment is significantly enhancing the accuracy of diagnosis and treatment, leading to faster patient recovery.
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