Spatial Computing Market Size, Share, and COVID-19 Impact Analysis, By Type (Virtual Reality, Mixed Reality, Augmented Reality, Internet of Things, Artificial Intelligence, and Others); By Application (Healthcare, Automotive, Transport, Manufacturing, Media & Entertainment, and Others); and Regional Forecast, 2024-2032

Spatial computing is the virtualization of activities between people, machines, objects, and the environments in which they occur. It replaces traditional computing with advanced and emerging technologies such as Artificial Intelligence(AI), the Internet of Things(IoT), Augmented Reality(AR), Virtual Reality(VR), and many more. Use of GPS by autonomous vehicles, volumetric camera sensors, automated warehouse operations, virtual reality headsets, and augmented reality glasses are some cut-edge examples of spatial computing.

This computing technology will aid employers in understanding the idea of office space optimization and improving its safety standards. Additionally, spatial computing measures employees' performance and helps in the real-time programming of robotic arms. It is done by using AR as a graphical user interface. Furthermore, spatial computing and AR integration will facilitate seamless interaction between physical locations, products, individuals, and processes.

The market growth is attributed to the rising acceptance of spatial computing in activities across various industries, digitalizing how employees work. This system can digitally transform industrial operations and improve frontline staff work in factories and warehouses. In addition, spatial computing will promote and enhance the process, product, workforce, and location value. All the above factors aid the market in exploring huge growth prospects in various industries.

Impact of COVID-19 on the Spatial Computing Market

The COVID 19 outbreak has positively impacted the market due to the government's mandate lockdown and shutdown restrictions. Some regulations like work-from-home policies and online education have increased the need for spatial computing during the pandemic. Similarly, the gaming and entertainment sectors witnessed heavy adoption of AR and VR technologies. Another propelling growth factor was the need for advanced diagnostic tools in hospitals, wherein diagnoses were addressed by VR and AR tools equipped with spatial computing. Conversely, the global lockdowns have caused impediments in the hardware market's supply chain, hampering the market growth for some time.

• January 2021:  Google LLC partnered with Magic Leap, Inc. to meet the emerging needs of businesses by supplying spatial computing solutions to Google Cloud customers worldwide. This partnership delivered Magic Leap, Inc enterprise solutions on Google Cloud Marketplace, allowing customers to utilize the capabilities of artificial intelligence, machine learning, augmented reality, and analytics.

Key Insights

The report will cover the following key insights:

• Micro Macro Economic Indicators.


• Drivers, Restraints, Trends, and Opportunities.


• Business Strategies Adopted by the Players.


• Impact of COVID-19 on Spatial Computing Market.


• Consolidated SWOT Analysis of Key Players.

Analysis by Application

Based on application, the market is categorized into healthcare, automotive, transport, manufacturing, media & entertainment, and others. The healthcare sector holds the maximum share in the spatial computing market and is expected to grow at the highest rate. The rising adoption of AR and VR-equippeded diagnostic tools for accuracy of diagnosis and treatment is one of the crucial factors propelling the demand for such computing.

Furthermore, the increased development of teleconsultation and other online medication services in the healthcare industry is driving the market in the healthcare sector. For instance,

• February 2019: Microsoft Corporation launched HoloLens 2, the updated version of the AR headset for the medical and engineering sectors. This device enables surgeons to have an augmented connection as they operate on a patient. Furthermore, it integrates with the Holo Patient application and provides real-time outputs.

Regional Analysis

To gain extensive insights into the market, Request for Customization

The Global Spatial Computing Market is divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America holds the biggest market share due to the presence of leading technology providers in the U.S. and Canadian countries. Along with this, the region also leads in terms of early adoption of advanced technologies, which is also expected to accelerate the market growth in the region. For instance,

• In November 2020: Amazon launched upgraded Echo Frames smart glasses. These AR smartglasses provide better sound quality and integrate with Amazon's Alexa voice assistant for everyday tasks. Furthermore, it provides hardware and software options for the optimum utilization of augmented reality technology.

The distribution of the spatial computing market by region of origin is as follows:

• North America – 49%


• Europe – 26%


• Asia Pacific – 16%


• The Middle East and Africa – 6%


• South America – 3%

Key Players Covered

The major global spatial computing market companies include Microsoft Corporation, Google LLC, Meta Platforms, Inc., Magic Leap, Inc., Vuforia, Amazon.com, Inc., Ford, IBM Corporation, Uber India Technology Private Limited, Apple Inc., Luminar Technologies, Sony Corporation, and others.

Segmentation

Key Industry Developments

• May 2022: Magic Leap partnered with Globant to increase enterprise adoption of AR technology at a significant scale. Magic Leap combined its spatial computing solution with Globant's innovation platform to introduce AR solutions to modern businesses and increase worldwide adoption rates.


• February 2022, Tech Mahindra, a digital transformation and engineering services and solutions provider launched TechMVerse for its customers. With this launch, the company delivered interactive and immersive experiences in the Metaverse. It integrates emerging technologies including artificial intelligence, virtual reality, 5G, augmented reality, quantum computing, and blockchain.