BCC Research Forecasts Global Spatial Computing Market to Surpass $150.5 Billion by 2028

Anticipated Compound Annual Growth Rate (CAGR) of 17.9% from 2023 to 2028 Signals Rapid Expansion for Spatial Computing Market

BOSTON, April 1, 2024 /PRNewswire/ — Global Spatial Computing Market refers to the worldwide industry that creates and sells technology allowing digital information to interact with the physical world. This includes things like virtual reality, augmented reality, and other tools that merge digital content with our real environment. It’s a broad market that involves hardware like headsets and software applications that create immersive experiences for various purposes, like gaming, education, and more.

“According to the latest research study, the demand for Global Spatial Computing Market was valued at $57.2 billion in 2022 and is expected to reach $150.5 billion by 2028 at a compound annual growth rate (CAGR) of 17.9% from 2023 to 2028.”

This report gives a detailed view of the global spatial computing market. It talks about current and future trends, competition, and how spatial computing connects with the metaverse. It also covers factors like what’s driving the market, what’s holding it back, and where the opportunities lie. The report looks at new technologies and rules that affect the market. It predicts how the market will grow until 2028 and who the main players are. It also explains what spatial computing is and how it’s used in different industries. Finally, it breaks down the market by region and by the types of products and technologies involved.

Spatial computing in architecture lets designers make 3D models of buildings and explore virtual spaces before building. This helps find mistakes, test different layouts, and make spaces better. For example, one company found their staircase was too narrow using VR. This saves time and money. But, there’s a problem: there aren’t enough skilled people for spatial computing jobs. Developers need special skills, and there aren’t enough programs to teach them. VR has challenges like bulky hardware and motion sickness, but AR is growing fast because it adds graphics to the real world. As AR gets better, more industries use it. VR’s growth depends on fixing its problems and making better content.

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Key market drivers of global spatial computing market:

1. Increasing Adoption of AR and VR technologies: refers to the increasing use and acceptance of augmented reality (AR) and virtual reality (VR) technologies by individuals, businesses, and industries. This includes the incorporation of AR and VR into various applications such as gaming, education, healthcare, training, entertainment, and more.
2. Enhanced user experiences and immersive interactions: refer to making the experience of using a product or service better for the user by creating more engaging and immersive interactions. This could involve incorporating elements like virtual reality (VR) or augmented reality (AR) to provide users with a more realistic and captivating experience.
3. More availability of wearable devices and tracking technologies: means that there are increasingly more options for devices that can be worn by people, such as smartwatches, fitness trackers, and other gadgets. These devices often come with technology that allows them to monitor various aspects of the user’s health, activity levels, location, and more.

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Report Synopsis

Segmentation Analysis of Global Spatial Computing Market:

By Component- Components usually mean three main things: hardware, software, and services. Hardware covers physical items like computers or gadgets. Software refers to the programs or apps that run on these devices. And services are the support or assistance provided to ensure everything runs smoothly.

By Technology: When looking at different technologies, several key ones stand out: Augmented Reality (AR) overlays digital content onto the real world, Virtual Reality (VR) creates entirely digital environments, Mixed Reality blends real and digital worlds, Internet of Things (IoT) connects devices to the internet, Artificial Intelligence (AI) enables machines to learn and make decisions, and Other technologies like Machine Learning (ML) and Digital Twins are also significant in this context.

By End-User Industry: In terms of industries utilizing these technologies, there are several categories to consider: Healthcare, Aerospace & Defense, Manufacturing, Retail & E-commerce, Automotive, Travel & Hospitality, Media & Entertainment. Additionally, there are other sectors such as Education, Government, Construction, and Energy & Utilities.

By Region: When considering regions, we examine various parts of the world. In North America, there are the U.S., Canada, and Mexico. Europe consists of Germany, the U.K., France, Italy, and the rest of Europe. Asia-Pacific encompasses Japan, China, India, and the rest of Asia-Pacific. Lastly, the Rest of the World includes South America, the Middle East, and Africa.

This report on global spatial computing market provides comprehensive insights and analysis, addressing the following key questions:

1. What is the projected market size and growth rate of the global spatial computing market?

   Global market for Spatial Computing was valued at $57.20 billion in 2022 and is expected to reach $150.46 billion by 2028, growing at a CAGR of 17.5% from 2023 to 2028.

2. What are the key factors driving the growth of the global Internet of Behavior market?

   The key factors driving the growth of the global spatial computing market include increasing adoption of AR and VR technologies across industries, enhanced user experiences and immersive interactions, and availability advancements in wearable devices and tracking technologies.

3. By technology, which segment will dominate the market by the end of 2028?

   By the end of 2028, the Augmented Reality (AR) segment will continue to dominate the global Spatial computing market. AR overlays digital information on real world views, which is achievable using smartphones and optical headsets. This enables the adoption of augmented reality in additional industries and use cases, such as training, designing models, gaming, navigation, and marketing. As the market grows, VR and mixed reality technologies will advance. But augmented reality’s head start, and accessibility make it the primary growth driver of the spatial computing market based on current technological capabilities.

4. Which region has the highest market share in the global spatial computing market?

   North America holds the highest market share in the global spatial computing market. North America, especially the United States, is home to many of the major technology companies investing heavily in spatial computing like Microsoft, Meta, Apple, Google, etc. The high disposable incomes and tech-savvy population in North America have driven rapid consumer adoption of new technologies like AR/VR. Moreover, substantial investments by the US defense sector in spatial computing for training and simulation have contributed to the large market share.

5. Who are the key companies/players in the global Internet of Behavior market?

   The key companies/players in the global Internet of Behavior market include Apple Inc., Epic Games Inc., Google LLC, HTC Corporation, Intel Corporation, Magic Leap, Inc., Meta Platforms, Inc., Microsoft Corporation, NVIDIA Corporation, Qualcomm Technologies Inc., Sony Corporation, Unity Software Inc., Varjo Technologies OY, Vuzix Corporation, and others.

Some of the Key Market Players Are:

• APPLE INC.
• EPIC GAMES INC.
• GOOGLE INC. (ALPHABET INC.)
• HTC CORP.
• INTEL CORP.
• MAGIC LEAP INC.
• META PLATFORMS INC.
• MICROSOFT CORP.
• NVIDIA CORP.
• QUALCOMM TECHNOLOGIES INC.
• SONY CORP.
• UNITY SOFTWARE INC.
• VARJO TECHNOLOGIES OY
• VUZIX CORP.

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