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
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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