NEW YORK, Sept. 6, 2021 /PRNewswire/ -- As per the research findings mentioned in Zion Market Research study, spatial computing industry gathered revenue about US$ 22.22 billion during 2019 and is set to earn revenue of approximately US$196.21 billion by 2026. The spatial computing market is projected to register highest gains of approximately 41% during 2020-2026. Moreover, spatial computing is digitization of spatial relationships between objects, machines, and individuals in 3D environment for optimizing their functions and interactions. In other words, spatial computing can relate a location in space from self-driven automotive on roads and robot in factory or by blending all these techniques. A paradigm shift in computing activities is predicted to alter the way employees work in firms and this is likely to increase acceptance of spatial computing technology across various industries. Furthermore, spatial computing system has ability for digitally transforming operations of industrial enterprises along with improving work of frontline staff in warehouses and factories. Precisely, spatial computing will enhance product value, process value, location value, and value of workforce. All these aforementioned factors will facilitate spatial computing market explore huge growth prospects in various industries and tap potential of expanding in new untapped sectors.
Furthermore, integration of spatial computing & AR will facilitate seamless interaction between physical locations, individuals, products, and processes. It will enhance spatial understanding of various devices along with enhancing awareness of surrounding conditions. Spatial computing will assist employers in understanding concept of office space utilization and improving its safety. Additionally, spatial computing measures employee performance and helps employee in programming robotic arms in real-time by using AR as graphical user interface. The above mentioned aspects will produce new growth avenues for spatial computing technology, thereby driving spatial computing market trends. Need for improving customer experience and ensure timely delivery of goods & services will drive spatial computing industry trends.
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Need For Improving Human-Machine Interaction to Drive Spatial Computing Market Size By 2026
The market growth can be attributed to spatial computing empowering humans with spatial capabilities. Citing an instance, spatial computing assists workers in effectively interacting with physical tools in factories. Reportedly, spatial computing helps in improving automated warehouse functions. Furthermore, spatial computing helps in unlocking synchronized functionalities between humans & machines, thereby optimizing entire worksites involving humans & machines.
In addition to this, thriving industrial internet of things industry is likely to benefit growth of spatial computing market in foreseeable future. Furthermore, spatial computing helps employes connect effectively to digital workflow. For instance, industrial units consistently need optimization of workflow & movement of large number of staff. However, according to manufacturers, time & motion studies cannot accurately determine workforce optimization. Moreover, use of spatial analytics for constant process improvement can exactly identify relationship between worker & production bottlenecks. This will further drive growth of spatial computing market. Spatial computing delivers immersive experience to end-users. For the record, Magic Leap offers exquisite spatial computing experiences to users wearing Magic Leap One – a head-mounted virtual retinal display- that superimposes 3D computer generated pictures over real-world objects.
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North American Market to Record Massive Growth Over 2020-2026
Growth of spatial computing market in North America over forecast period can be attributed to massive use of spatial computing technologies in healthcare, automotive, and manufacturing industries in countries such as the U.S. and Canada. Apart from this, presence of startup firms such as Magic Leap, Inc. and Jabil Inc. focusing on making use of spatial computing techniques in 3D visualization and entertainment industry will steer growth of spatial computing industry in North America. With massive innovations in machine learning tools, wireless communication systems, satellite positioning technologies, computer vision systems, and cloud computing systems, it is likely that spatial computing will be next-gen technology with massive applications in plethora of industries in developed countries such as the U.S. and Canada in coming decade. This will trigger regional market growth over years ahead.
Key players influencing growth of spatial computing market and profiled in report include Amazon, Inc., Microsoft Corporation, Magic Leap, Inc., Google, Inc., Vuforia, and Facebook.
This review is based on a report by Zion Market Research, titled, "Global Spatial Computing Market - By Application (Healthcare, Transport, Engineering, Education, Architecture, Manufacturing, Entertainment, And Automotive), And By Region–Global Industry Analysis, Size, Share, Growth, Trends, And Forecast, 2020-2026."
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The global Spatial Computing market is segmented as follows:
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