18.3% CAGR for Spatial Computing Market Analysis and Growth Projections, Reaching USD 620.2 Billion by 2032 | Market.us
The global market is expected to witness growth due to the increasing penetration of IoT. One of the key drivers for market expansion is the implementation of smart city projects.
New York, May 24, 2023 (GLOBE NEWSWIRE) — In 2022, the worldwide spatial computing market was valued at USD 120.5 Billion, and it is projected to expand to USD 620.2 Billion by 2032. The market is estimated to experience a Compound Annual Growth Rate (CAGR) of 18.3% during this period.
Spatial computing can replace old computing with innovative and developing technologies such as Artificial Intelligence, the Internet of Things, Amplified Reality, Effective Reality, and many more. The factors such as the introduction of technological advancements, the development of smart city projects, and the growing IoT penetration were likely estimated to propel the demand for spatial computing solutions.
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- By Type, The Internet of Things Held the Largest Share of the Market
- By Application, the healthcare segment has dominated the market, and it is growing at the highest CAGR over the forecast period 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 42%.
- Asia-Pacific will grow at a significant CAGR from 2023-2032.
A prominent share of industrial IoT service providers is offering a 5G capable network, and this will enhance the growth of the spatial computing market during the forecast period 2023-2032. Key players are concentrating on new product launches to improve customer experiences. This will likely expand the market growth.
Factors Affecting the Growth of Spatial Computing Market
There are several factors that can affect the growth of the spatial computing market. Some of these factors include:
- Increasing IoT Penetration: The increasing IoT penetration will likely facilitate global market growth.
- Emerging Smart City Projects: The main factor driving the market’s growth is a smart city project.
- Increasing Demand for Low-Latency Processing: Increasing demand for low-latency processing boosts market growth.
- Advent Of Technological Advancements: Technological advancements are expected to further boost the market’s growth.
- Key Players Are Concentrating On New Product Launches: The key players are concentrating on new product launches resulting in market growth.
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Top Trends in Global Spatial Computing Market
Spatial computing is a technology evolution without restrictions on any particular industry. Thus, IoT and spatial computing have a great future. Additionally, large enterprises in the industry, such as manufacturing and telecom, are progressively using spatial computing. Spatial computing in evolving countries such as Indonesia, China, and India aids as an advantageous opportunity for edge computing architecture. Moreover, IoT and edge computing for architects is emerging as key trend.
After the COVID-19 pandemic, the demand for spatial computing has seen a rise, and this was likely to continue during the forecast period because of the continued prominence of developing communications infrastructure. A network requires low-latency connectivity and high security. Thus healthcare system has acquired a grip with the help of online consultations. Businesses around many industry verticals have decreased their investments and expenditures to gain significant cost reductions.
North America held the largest revenue share of 42% of the overall market. The increasing implementation of connected devices like iPad, smartphones, tablets, and others has generated a huge demand for spatial computing solutions. Asia Pacific held a significant revenue share. The significant development of the connected device ecosystem of the region has resulted in huge data generation. It surges the demand for a robust computational infrastructure.
The major market players are focused on developing innovative collaboration software to gain a competitive edge and attract a more extensive customer base. It is a complete range of solutions that businesses can use to enhance, run, and build their workflow. The growing number of such offerings is projected to favor the growth of the market over the forecast period 2023-2032.
Market Key Players:
- Microsoft Corporation
- Honeywell International Inc.
- ABB Ltd.
- Huawei Technologies Co., Ltd.
- Hewlett Packard Enterprise Development
- General Electric Company
- Cisco Systems, Inc.
- IBM Corporation
- Intel Corporation
- Other Key Players
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|Market Value (2022)||USD 120.5 Billion|
|Market Size in 2032||USD 620.2 Billion|
|CAGR (2023 to 2032)||18.3%|
|North America Revenue Share||42%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The key requirement in today’s business scenario is reducing the data sent to the cloud and service access latency, mainly for enterprises via cloud infrastructure. The latency is the time the data packet travels in the computer network. Lower latency marks a higher data transmission rate. It has numerous applications, such as content delivery & remote monitoring of manufacturing sites and oil & gas fields. Furthermore, edge computing also helps in increasing application performances and the business efficiency of enterprises by decreasing operating costs. This was accomplished by reducing the costs related to unnecessary storage as well as transmission in the cloud.
Spatial computing technologies are expensive, which can lower their acceptance by smaller organizations with limited budgets. During the market for spatial computing is increasing, it is quite small compared to the other computing platforms. The criteria of a limited user base can make it more difficult for upcoming companies to invest in spatial computing skills.
The spatial computing market has important opportunities for growth and novel innovation. Inventions in hardware, AI, and gaming businesses and the rising demand for various company collaborations drive the market.
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Report Segmentation of the Spatial Computing Market
The hardware segment held the largest revenue share at 45%. The demand for the hardware segment is increasing because it has become popular in the managed services industry. During the forecast period, this will likely hold a significant market revenue share. The number of IIOT and IoT devices is growing rapidly owing to an increase in the volume of data created by these devices. Therefore, enterprises are implementing edge computing gear to deal with the volume of data created to reduce the burden on the data centers and cloud.
The IOT segment accounted for the highest revenue share of 30%. Edge computing has played an essential role in allowing manufacturers to reach the goal of digitalizing their facilities. As edge infrastructure becomes more available, the demand for edge infrastructure is estimated to increase.
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- Virtual Reality
- Mixed Reality
- Augmented Reality
- Internet of Things
- Artificial Intelligence
- Other Types
- Media & Entertainment
- Other Applications
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Recent Development of the Spatial Computing Market
- In June 2022- SixSq declared their continuing partnership to provide sound-embedded software. This software can examine particular sounds in any environment with the help of Nuvla Marketplace.
- In May 2022- The Manufacturing Connect platform was co-developed by Litmus with Google Cloud to simplify the complex task of collecting data from disparate factory devices and exposing it to AI and Google Cloud data applications.
- In April 2022- Nokia declared plans to incorporate Microsoft Azure Arc abilities into the Nokia MX Industrial Edge platform, unlocking the potential of mission-critical applications for Industry 4.0 use cases.
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- Virtual Reality Software Market is expected to grow at a CAGR of roughly 23.1% over the next ten years and will reach USD 83.9 Bn in 2032, from USD 10.5 Bn in 2022.
- Augmented Reality Windshield Market was valued at USD 315 million. It is estimated to register a CAGR of 11.5% from 2023-2032.
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