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Spatial Computing Market Size to Grow USD 1304 Million by 2030 at a CAGR of 13.1% | Valuates Reports

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27 Feb, 2024, 15:10 GMT

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BANGALORE, India, Feb. 27, 2024 /PRNewswire/ -- Spatial Computing market is Segmented by Type (Software/Platform, Service), by Application (Healthcare, Transport, Engineering, Education, Architecture, Manufacturing, Entertainment, Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2024-2030.


The global Spatial Computing market was valued at USD 551 million in 2023 and is anticipated to reach USD 1304 million by 2030, witnessing a CAGR of 13.1% during the forecast period 2024-2030.

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Major Factors Driving the Growth of Spatial Computing Market

The development of augmented reality (AR), virtual reality (VR), and mixed reality (MR) technologies, which allow for immersive digital experiences and interactions with the real world, is one of the drivers driving the growth of the spatial computing industry. Businesses in a variety of industries are using spatial computing to transform the way they develop, simulate, collaborate, and visualize data in three dimensions as these technologies become more widely available and powerful. Furthermore, the application of spatial computing is spurring innovation, raising efficiency, boosting consumer experiences, and opening up new avenues for interactive storytelling and content production in sectors including gaming, education, healthcare, manufacturing, and retail.

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TRENDS INFLUENCING THE GROWTH OF SPATIAL COMPUTING MARKET

The market for spatial computing is mostly driven by the ongoing developments in AR and VR technology. These technologies make it possible to create immersive virtual environments (VR) or to overlay digital information over the real world (AR). The need for spatial computing solutions that make use of AR and VR for a variety of applications, including teaching, gaming, and visualization, is anticipated to increase dramatically as these technologies become more advanced and widely available. The potential of mixed reality (MR), which combines aspects of virtual reality and augmented reality, to seamlessly merge digital material with the real world is gaining popularity across sectors. Immersion experiences, interactive simulations, and data visualization are made possible by MR solutions.

The need for location-based services (LBS) is increasing, which is driving the market for spatial computing. Personalized information, navigation, and services are provided by LBS based on the geographic position of the user by using spatial data. The need for spatial computing solutions to support the creation of cutting-edge location-based services (LBS) in a variety of industries, such as retail, transportation, and tourism, is growing due to the widespread use of smartphones, wearables, and Internet of Things (IoT) devices that are outfitted with GPS and other positioning technologies. The construction of intelligent, location-aware systems and settings is made possible by the integration of spatial computing with the Internet of Things (IoT), which is propelling market expansion. Indoor positioning systems (IPS) and sensor fusion algorithms are examples of spatial computing technologies that can improve Internet of Things applications by offering real-time spatial awareness.

By providing voice commands, immersive interfaces, and intuitive gestures, spatial computing enables more natural types of human-computer interaction (HCI) and improved user experiences. Spatial computing solutions are essential in providing seamless, intuitive, and contextually relevant experiences across a variety of devices and platforms, as consumers want more immersive and engaging interactions with digital material and gadgets. The need for spatial computing solutions is being driven by the gaming and entertainment sectors, which are utilizing AR, VR, and MR technologies to provide interactive storytelling, immersive gaming experiences, and location-based entertainment. Spatial computing is changing how people consume and engage with digital entertainment material, propelling market growth in several industries from virtual reality theme parks to augmented reality mobile apps.

The market for spatial computing is expanding due to the development of digital twin technology, which makes it possible to create virtual copies of real assets, settings, and systems. In sectors including manufacturing, healthcare, and urban planning, digital twins use spatial computing to synchronize real-time data with virtual models, enabling predictive analytics, remote monitoring, and simulation-based decision-making.

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SPATIAL COMPUTING MARKET  SHARE ANALYSIS

Due to the existence of major industry participants, technical advancements, and a strong consumer desire for immersive experiences, North America now leads the world market for spatial computing. The area is known for its cutting-edge infrastructure, large R&D expenditures, and a legal framework that encourages innovation in augmented reality (AR), virtual reality (VR), and mixed reality (MR) technology.

The United States' Silicon Valley and Canada's research institutes are major tech hubs that support the region's leadership in spatial computing. Further driving market expansion is the extensive use of spatial computing solutions in North America across a range of industries, such as gaming, entertainment, healthcare, and education.

Key Players:

  • Microsoft
  • Amazon
  • Magic Leap Limited

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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

-  The global Quantum Computing market size was valued at USD 235.52 million in 2021 and is forecast to be a readjusted size of USD 1,785.32 million by 2028 with a CAGR of 34.50% during the forecast period 2022-2028.

-  The global Fog Computing market size is projected to reach USD 539.8 million by 2026, from USD 40 million in 2019, at a CAGR of 44.3% during the forecast period 2021-2026.

-  Multi-access Edge Computing (MEC) Market

-  The global Healthcare Cloud Computing revenue was USD 29360 million in 2022 and is forecast to a readjusted size of USD 89750 million by 2029 with a CAGR of 17.1% during the review period (2023-2029).

-  AI based Edge Computing Chip Market

-  The global Cognitive Computing market size is projected to reach USD 30200 million by 2028, from USD 7639.3 million in 2021, at a CAGR of 21.5% during 2022-2028.

-  The global Edge Computing Market in Manufacturing revenue was USD 1531.4 million in 2022 and is forecast to a readjusted size of USD 12460 million by 2029 with a CAGR of 34.5% during the review period (2023-2029).

-  The global Cloud Computing Market revenue was USD 131400 million in 2022 and is forecast to a readjusted size of USD 804820 million by 2029 with a CAGR of 29.2% during the review period (2023-2029).

-  The global Mixed Reality market size is projected to reach USD 2482.9 million by 2028, from USD 331.4 million in 2021, at a CAGR of 28.7% during 2022-2028.

-  Quantum Cloud Computing Market

-  The global Context Aware Computing market size is expected to reach USD 83240 million by 2029, growing at a CAGR of 17.0% from 2023 to 2029.

-  Automotive High-Performance Computer Market

-  The global Serverless Computing market size is expected to reach USD 28960 million by 2029, growing at a CAGR of 20.8% from 2023 to 2029.

-   The global Visual Computing market size is projected to reach USD 43070 million by 2028, from USD 14110 million in 2021, at a CAGR of 17.0% during 2022-2028.

-  Aircraft Health Monitoring Systems (AHMS) Market

-  The global In-Memory Computing market is projected to grow from USD 15720 million in 2023 to USD 35300 million by 2029, at a Compound Annual Growth Rate (CAGR) of 14.4% during the forecast period.

-  Advanced Telecommunications Computing Architecture Blades Market

-  The global conversational AI market size was valued at USD 5.78 billion in 2020 and is projected to reach USD 32.62 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 20.0% from 2021 to 2030.

-  Confidential Computing Market

-  The global Affective Computing market was valued at USD 835 million in 2023 and is anticipated to reach USD 10580 million by 2030, witnessing a CAGR of 43.2% during the forecast period 2024-2030.

-  Fabric Computing Market

-  Geospatial Analytics Market

DISCOVER OUR VISION: VISIT ABOUT US!

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

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