Spatial Computing Market worth $280.5 billion by 2028, growing at a CAGR of 23.4%: Report by MarketsandMarkets™
Chicago, Nov. 13, 2023 (GLOBE NEWSWIRE) — The Spatial Computing Market size is expected to grow to USD 280.5 billion by 2028 from USD 97.9 billion in 2023 at a Compound Annual Growth Rate (CAGR) of 23.4% during the forecast period, according to a new report by MarketsandMarkets™.
During the forecast period, virtualization in fashion, art, and retail industries drive the global Spatial computing market. With the advent of the metaverse, companies have started to showcase and sell their products in an immersive 3D metaverse through websites or social media. Virtual showrooms of art and paintings, VR-based fashion shows, and virtual dressing rooms are shifting from infancy to mass adoption.
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Spatial Computing Market Dynamics:
- Virtualization in fashion, art, and retail industries
- Increase in adoption of extended reality in healthcare sector
- Availability of affordable hardware
- Advancements in real-time rendering engines
- Rise in health concerns associated with excessive usage of VR/XR devices
- Diversity of AR/VR platforms and complex development landscape
- Lack of technical knowledge and expertise
- Increase in government initiatives toward cloud computing
- Continuous development in 5G technology
- Incorporation of spatial computing and adjacent technologies in aerospace & defense sector
List of Key Players in Spatial Computing Market:
- Meta (US)
- Microsoft (US)
- Apple (US)
- Sony (Japan)
- Qualcomm (US)
- Google (US)
- Epson (Japan)
- Samsung (South Korea)
- Magic Leap (US)
- PTC (US)
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Based on component, the hardware segment will record the highest CAGR in the Spatial computing market during the forecast period. Hardware plays a crucial role in spatial computing, enabling creation, interaction, and immersion within virtual and mixed-reality environments. Microsoft’s new HoloLens 2 is a fabulous example of how XR technology is evolving gradually. Qualcomm very particularly has the capacity to influence a host of future AR glasses. The firm’s Snapdragon XR2 5G Platform uses AI to achieve true mixed reality and immersion that responds as quickly as human reflexes.
Glasses powered by Snapdragon chips will be unlike anything that the world has seen in spatial computing to date. Apple’s Vision Pro, launched in June 2023, creates an infinite canvas for apps that scale beyond the boundaries of a mere traditional display by introducing a fully 3D user interface controlled by the most natural and intuitive inputs possible, such as the user’s eyes, hands, and voice. The breakthrough/flagship design of Vision Pro features an ultra-high-resolution display system that packs 23 million pixels across two displays, and custom Apple silicon in a unique dual-chip design so as to ensure every experience feels like the occurrence is taking place in front of the user’s eyes in real time. Spatial computing hardware are increasingly used across by individuals and enterprises to deliver the best-in-class 3D virtual experience in by creating a real-time ambience/ecosystem.
Based on hardware, the VR devices segment will hold a larger market share in 2023. Virtual Reality (VR) devices are advanced technologies that immerse users in entirely computer-generated environments, blocking the physical world and providing a highly immersive sensory experience through headsets or goggles. These devices are integrated into spatial computing, enabling users to navigate and interact within spatially-aware virtual worlds.
Through high-resolution displays, motion-tracking sensors, and spatial audio, VR devices create a convincing sense of presence, allowing users to explore and manipulate digital spaces as if they were physically there. This technology is applied in various fields, including gaming, training, architecture, and therapy, to offer users unique and spatially immersive experiences that simulate real-world scenarios or create new spatial environments for education, entertainment, and problem-solving.
Based on vertical, the travel & hospitality segment to grow at the highest CAGR during the forecast period. In various countries, tourism is one of the largest industries. It depends on four key factors: accommodation, transportation, catering, and tourist attractions. Spatial computing technology plays a crucial role in the tourism industry as it provides tourists with new AR mobile applications that provide helpful information, navigation instructions, and guidance. This technology offers a unique experience to tourists by displaying virtual things in realistic environments to feel the presence of virtual things and enhance their live tourism experience.
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