Research Nester released a report titled “Spatial Computing Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global spatial computing market in terms of market segmentation by technology type, end-user and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The spatial computing market is projected to grow with a high CAGR during the forecast period, i.e., 2021-2029 on account of the rising need to improve human-machine and machine-to-machine interaction. As per the analysis of the International Telecommunication Union, spatial computing technologies such as internet of things and virtual reality can help governments in countries having an aging population by providing solutions to meet the demand for their demographic transition. 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% of the total population will be over 65 years of age by 2060.
The market is segmented by technology type into augmented reality, mixed reality, virtual reality, internet of things, and others. Among these segments, the augmented reality segment is anticipated to hold the largest share by the end of 2021 in the spatial computing market as a result of its growing use in including characteristics of digital world into real-world surroundings. It is also gaining worldwide recognition for its increasing usage in business applications. On the basis of end-user, the market is segmented into healthcare, transport, engineering, education, architecture, manufacturing, entertainment, automotive, and others.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the spatial computing market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to the presence of leading technology providers in the region, especially in the United States, who are extensively involved in the improvement of end-user experience through their adoption of advanced technologies.
Rising Need to Improve Human-Machine and Machine-To-Machine Interaction and High Need for Developing Real-World Digital Solutions to Drive Market Growth
According to the World Bank, the fixed broadband subscriptions (per 100 people) reached 15.68 in 2019.
The growth in internet penetration has rapidly led to the advancement of technologies. It has been observed that spatial computing can significantly improve efficiency and quality of work of robots deployed in factories. Additionally, the rising need for developing real-world digital solutions using spatial computing technologies in recent years is also expected to boost the market growth in upcoming years. However, the difficulties in adopting and deploying new technology and lack of expertise needed for making the spatial computing more immersive are some of the factors that are estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the global spatial computing market which includes company profiling of Microsoft (NASDAQ: MSFT), Google, Facebook (NASDAQ: FB), Magic Leap, Vuforia, Amazon (NASDAQ: AMZN), Ford (NYSE: F), IBM (NYSE: IBM), and Uber (NYSE: UBER). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global spatial computing market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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