Spatial Computing Market is expected to reach US$ 407.20 billion by 2030

PRESS RELEASE BY The Insight Partners 03 May 2024

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According to our latest study on “Spatial Computing Market Forecast to 2030 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Technology, and End User,” the market was valued at US$ 86.52 billion in 2022 and is expected to reach US$ 407.20 billion by 2030; it is estimated to record a CAGR of 21.4% from 2022 to 2030. The spatial computing market report emphasizes the key factors driving the market and exhibits the developments of prominent players.

The report includes growth prospects owing to the current spatial computing market trends and their foreseeable impact during the forecast period. Spatial computing technology blurs the distinction between the physical and digital worlds, granting users the ability to interact with computers in an immersive and seamless manner. It encompasses various technologies such as artificial intelligence (AI), machine learning (ML), natural language processing (NLP), camera sensors, computer vision, Internet of Things (IoT),  virtual reality (VR), and augmented reality (AR), as well as the related concepts mixed reality (MR) and extended reality (XR). VR was previously correlated with hardware only but has slowly and gradually penetrated the software industry. It holds a significant share in the gaming and entertainment sectors and has also captured the attention of different enterprises with varied industrial applications.

Spatial Computing Market

Spatial Computing Market

Spatial Computing Market Forecast, Trends, and Size by 2030

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Spatial Computing Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component [Hardware (Headset and Others), Software, and Service], Technology [Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR)], End User [Architecture, Engineering, & Construction (AEC); Consumer; Education; Healthcare; Retail; and Others], and Geography

Spatial computing technology enables machines to acquire knowledge about physical spaces and gather information on human behavior and movement within those spaces. By utilizing this data, machines can enhance and streamline human processes through optimization and automation. While traditional computing brings together data and logic in 2D, spatial computing brings together data, logic, and 3D-contextualized information to convert the physical and digital worlds accurately. This is achieved by leveraging innumerable data sources; sophisticated analytics; and 3D-location data made possible with volumetric cameras, computer vision, and others. The solutions available are utilized for contextualizing data in a 3D world. Such advancements are contributing to the growing spatial computing market size. 

Applications in Aerospace Sector to Offer Lucrative Opportunities for Spatial Computing Market Growth During Forecast Period

Aircraft safety is a highly regulated process and an industry requirement. Every major part of an aircraft has a serial number that is tracked and assessed for airworthiness. The manual inspection includes recording the damage and documenting the process; it can take more than 30 minutes, causing substantial delays and disruptions to flight schedules. Spatial computing blends the physical and digital worlds using augmented reality, virtual reality, and real-time 3D technologies. As enterprises increasingly use mobile devices, spatial computing offers organizations a way to benefit more from investments in smartphones, tablets, and headsets. Airlines can use spatial computing to enhance ground engineers’ decision-making by providing an immersive and interactive experience. In the context of airline safety, spatial computing allows for efficient and accurate damage inspections, drastically reducing the time required to complete the process effectively. Down the road, AI can further assist by providing recommended actions to further expedite the process. Reducing the time to review and record new damage with secure data-backed digital tools can increase reporting accuracy in a highly regulated industry, leading to safer flights. Such innovative solutions also ensure the accuracy and integrity of inspection data. Since inspections are often recorded manually on paper, it often leads to errors and data loss. With spatial computing, all inspection data is seamlessly integrated into the digital twin of the aircraft, creating a transparent and traceable chain of information. Spatial computing enhances safety and simplifies compliance with industry regulations. Such applications are expected to offer lucrative opportunities for the spatial computing market during the forecast period.

Spatial Computing Market Regional Overview:

North America holds a major spatial computing market share. The North American market is segmented into the US, Canada, and Mexico. The region is one of the fastest technology adopters and also has the presence of several technology innovators. The enterprises in the region are employing spatial computing primarily for process optimization, brand and community engagement, employee experience, and revenue diversification. Spatial computing interfaces have been helping users identify effective interactions with machines, environments, and people in the real world. Although the technology is mostly accessed via a headset or smartphone, it is anticipated to include neural interfaces direct from the brain. Such applications fuel the spatial computing market growth in North America.

Spatial Computing Market Segmental Overview

The spatial computing market is segmented on the basis of components, technology, and end user. Based on component, the market is segmented into hardware, software, and service. The market for the hardware segment is further bifurcated into headsets and others. Based on technology, the market is segmented into augmented reality (AR), virtual reality (VR), and mixed reality (MR). In terms of end user, the market is segmented into architecture, engineering, & Construction (AEC); consumer; education; healthcare; retail; and others. The geographical scope of the spatial computing market report encompasses North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

Spatial Computing Market Competitive Landscape and Key Developments  

Adobe Inc, Alphabet Inc, Apple Inc, Autodesk Inc, Dassault Systemes, HTC, Magic Leap Inc, Meta Platforms Inc, Microsoft Corporation, and Unity Technologies are among the key players that were profiled during the study. Several other important players were also analyzed during this spatial computing market analysis to get a holistic view of the global market and its ecosystem. The leading players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities and increase their global spatial computing market share. As per company press releases, below are a few key developments:

  • In March 2024, IIT Madras Pravartak partnered with VyVoxel International, an AR/VR company, to offer a course on AR/VR Programming.
  • In September 2023, Proptech platform Square Yards filed 18 international patents in the USA and India, focusing on VR, AR, XR, AI, and data applications in real estate. These patents are related to technology developed by Square Yards' technology arm, PropVR, specializing in creating immersive digital twins using 3D technologies, VR, and AR. Several of these patents have already been granted and cover innovations ranging from interactive 3D experiences for real estate to agent ranking algorithms and real estate asset analysis tools.

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