Spatial Computing Market: Future Growth Prospects and Market Insights by Future Market Insights, Inc.

The market for "spatial computing market" is anticipated to grow between 2022 and 2032 at a CAGR of 18.2%, according to Future Market Insights. The report predicts that the market for spatial computing would be valued at US$ 102.1 billion in 2022, rising to US$ 544.6 billion by 2032.

A broad term used to describe technologies like augmented reality, mixed reality, and virtual reality, which immerse users in a virtual world filled with computer-generated objects they can interact with, enables all computation processes currently possible on modern computers to be performed in 3D.

For example, use of augmented reality in logistics to identify which boxes are supposed to be deployed by displaying messages on the screen of the frontline worker or surrounding the target box with a virtual border which could be visible through the augmented reality headset.

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Key Takeaways: Spatial Computing Market

By Component, spatial computing devices had the higher market share of US$ 44.8 Bn and computing software solution is estimated to have the higher growth rate of 2%.
By Technology, virtual reality had the higher market share for 2021 with a market share of 5%. Mixed reality is estimated to display a growth of CAGR 21.3% for the forecast period.
By Application, meeting and interaction is estimated to possess the highest market share for the forecast period, with US$ 28.4 Bn market valuation for the year 2021 and the designing and manufacturing segment is estimated to witness the highest growth with CAGR of 1% for the forecast period.
North America had the largest market share for the spatial computing market of 6% and South Asia and Pacific is the estimated region to have the highest CAGR of 23.8% for the forecast period.
According to an FMI analyst, "Spatial computing is in its initial stages. There is a possibility that the industrial and consumer applications that are being witnessed right now may improve, transform, or completely disappear. Large enterprises are heavily investing in spatial computing technologies, suggesting that they intend to be at the forefront when spatial computing begins to boom."

Spatial Computing Is Needed for Implementing Metaverse and Numerous Other Virtual Environments

Metaverse and similar VR based platforms require spatial computing: Ever since the announcement and release of Meta Verse by Facebook, there has been a growth in the number of companies and start-ups implementing providing their own version of virtual environments to consumers. Such companies are still in the development phase and will require numerous advancements and technological development to establish their solution the way they envision it to be. Spatial computing solutions can act as an aid for such companies and allow them to grow.

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Competitive Landscape

Companies with technical expertise in artificial intelligence, machine learning, augmented, virtual, and mixed realities, and cloud computing could maximise the quality of their spatial computing offerings. Companies are either dedicated to developing their business functions, developing the technologies for spatial computing, or developing the software and applications that are run on the spatial computing technologies.

In September 2022, Qualcomm and Meta partnered to improve their technologies to leverage the Snapdragon XR for the Meta Quest platform. The strategic partnership is aimed at developing the metaverse experience.
In March 2021, Microsoft secured a deal with the United States Department of Defence worth US$ 22 billion. Microsoft will be providing US soldiers with augmented reality headsets over the course of ten years. The AR headsets will provide the soldiers with improved situational awareness, enable information sharing and assist in decision-making.
More valuable insights on Spatial Computing

In this report by Future Market Insights, spatial computing has been segmented into four sections by component (Spatial Computing Devices (VR Headset, AR Glasses, Hybrid Gear), Computing Software Solutions, Services (Integration and Deployment Services, Support and Maintenance, Consulting Services)), by Technology (Augmented Reality, Mixed Reality, Virtual Reality), by Application (Entertainment, Design and Manufacturing, Meeting and Interaction, Logistics, Others), by Industry (BFSI, Government and Public Sector, IT & Telecom, Travel & Hospitality, Retail, Energy & Utilities, Healthcare, Manufacturing, Education and Others) and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the spatial computing demand outlook.

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Spatial Computing by Category

By Component:

Spatial Computing Devices
VR Headsets
AR Glasses
Hybrid Gear
Computing Software Solutions
Services
Integration and Deployment Services
Support & Maintenance
Consulting Services
By Technology:

Augmented Reality
Mixed Reality
Virtual Reality
By Application:

Entertainment
Design and manufacturing
Meetings and interaction
Logistics
Others
By Industry:

BFSI
Government & Public Sector
IT & Telecom
Travel & Hospitality
Retail
Energy & Utilities
Healthcare
Manufacturing
Education
Others
By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.