Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Artificial Intelligence

18.3% CAGR for Spatial Computing Market Analysis and Growth Projections, Reaching USD 620.2 Billion by 2032 | Market.us

Published

on

<!– Name:DistributionId Value:8845475 –> <!– Name:EnableQuoteCarouselOnPnr Value:False –> <!– Name:IcbCode Value:2790 –> <!– Name:CustomerId Value:1269133 –> <!– Name:HasMediaSnippet Value:false –> <!– Name:AnalyticsTrackingId Value:e7d4d009-c8a8-4790-8214-a3e29614ced6 –>

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.

Spatial Computing Market

Get additional highlights on major revenue-generating segments, Request a spatial computing Market sample report at https://market.us/report/spatial-computing-market/request-sample/

Key Takeaway

  • 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.

To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/spatial-computing-market/#inquiry

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.

Market Growth

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.

Regional Analysis

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.

Competitive Landscape

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
  • Atos
  • General Electric Company
  • Cisco Systems, Inc.
  • IBM Corporation
  • Intel Corporation
  • Other Key Players

To have an edge over the competition by knowing the market dynamics and current trends, request for Sample Report here

Scope

Report Attributes Details
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
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

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.

Market Restraints

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.

Market Opportunities

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.

Grow your profit margin with Market.us – Purchase This Premium Report at https://market.us/purchase-report/?report_id=101747

Report Segmentation of the Spatial Computing Market

Type Insight

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.

Application Insight

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.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/spatial-computing-market/request-sample

Market Segmentation

By Type

  • Virtual Reality
  • Mixed Reality
  • Augmented Reality
  • Internet of Things
  • Artificial Intelligence
  • Other Types

By Application

  • Healthcare
  • Automotive
  • Transport
  • Manufacturing
  • Media & Entertainment
  • Other Applications

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • 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.

Browse More Related Reports:

About Us:

Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.

Follow Us On LinkedIn Facebook Twitter

Our Blog: 


GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

First Comprehensive Report on Public Web Data Released by Bright Data

Published

on

first-comprehensive-report-on-public-web-data-released-by-bright-data

Reveals necessity in every industry
NEW YORK, April 23, 2024 /PRNewswire/ — Released today, The State of Public Web Data Report 2024, details a comprehensive analysis on how organizations leverage public web data to drive innovation, enhance customer experience, and develop AI models.

Bright Data commissioned an independent third-party to carry out the first survey of this kind which details the emergence of public web data as the most valued data type. Nearly every organization surveyed uses and benefits from public web data through quicker decision-making, boosting revenue, and meeting customer needs.
The need for public web data in AI is clear in all industries, with more than half of respondents using public web data to build AI models for customer service or to meet internal needs such as fraud detection and risk assessment.
Although necessary to build AI machines, 72% of respondents are worried that public web data will no longer be accessible in the next 5 years. The lack of a legal framework to protect this data emerged as a top concern.
Other key insights from the report:
89% of respondents recognize public web data is crucial or very important to the global economy.82% of respondents say public web data is critical to the future of their organization.79% of respondents agree that large organizations and or big tech hide too much of their public web data.88% of respondents believe public web data is critical for the development of AI models.”Our findings reveal a clear consensus among industry leaders: leveraging public web data is key to unlocking growth and fostering innovation,” said Or Lenchner, CEO of Bright Data. “Public web data is not a ‘like to have,’ it’s a ‘must have’ to conduct business and maintain a competitive market. We understand from our own experience with 20,000 customers that once a business realizes the potential of public web data they will look to discover new ways to leverage this tool to lead against the competition.”
About Bright Data: Bright Data is the #1 web data platform. Fortune 500 companies, academic institutions, non-profits, and small businesses rely on Bright Data’s solutions to collect public web data in the most efficient, reliable, and flexible way to make faster, more informed business-critical decisions.
Contacts:[email protected]
Logo – https://mma.prnewswire.com/media/2276620/Bright_Data_logo__1044x234_Logo.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/first-comprehensive-report-on-public-web-data-released-by-bright-data-302124673.html

Continue Reading

Artificial Intelligence

OSIA becomes an official International Telecoms Union (ITU) standard

Published

on

osia-becomes-an-official-international-telecoms-union-(itu)-standard

ITU Standardization Sector (ITU-T) Recommendation X.1281 – APIs for interoperability of identity management systems
BRUSSELS, April 23, 2024 /PRNewswire/ — The Secure Identity Alliance (SIA) announced today that its OSIA specification, is recognized as international standard by the International Telecommunication Union’s Telecommunication Standardization Sector (ITU-T). This milestone establishes OSIA as official ITU standard (ITU-T Recommendation) for the global infrastructure of information and communication technologies (ICT).

The specification that is now an ITU-T Recommendation is: ITU-T X.1281 – APIs for interoperability of identity management systems.
ITU-T is the standardization arm of ITU, the United Nations specialized agency for ICT. The Secure Identity Alliance specifications were approved as official ITU-T Recommendations by ITU members including 193 countries and the world’s front-running ICT companies on 1st March 2024. The new ITU-T Recommendation is under the responsibility of ITU’s standardization expert group for security, ITU-T Study Group 17.
“We are very proud that the OSIA specification is recognized as an international standard by ITU-T. This milestone demonstrates the maturity of OSIA and its potential to foster interoperability and promote fairness in the identity management systems market,” said Debora Comparin, Chair of the OSIA Initiative.
Prof. Heung Youl Youm, Chairman of ITU-T Study Group 17, said, “The recognition of the OSIA specification as an official ITU-T Recommendation underscores its critical contribution to the advancement of global ICT infrastructure. We are thrilled about the ongoing collaboration between ITU-T SG17 and the SIA, aimed at developing standards for secure identity management.”
“As Editor of the OSIA standard in the ITU-T Study Group 17 Q10, I am pleased to have contributed to this successful recommendation by the ITU,” said Abbie Barbir, Rapporteur for ITU-T’s working group on ‘Identity management and telebiometrics architecture and mechanisms’ (Q10/17). “The collaboration with the SIA continues on OSIA and other structuring initiatives and standards development.”
Engr Abisoye Coker-Odusote, CEO, National Identity Management Commission (NIMC), Nigeria & Chair of the OSIA Advisory Committee, said, “As the Chair of the OSIA Advisory Committee, comprised exclusively of government representatives, we take great pride in our five years of collaboration guiding the working group in the development of the OSIA specification. OSIA establishes equal marketplace conditions, fosters collaboration, and ensures product compatibility post-mergers and acquisitions. The OSIA standardized interfaces drive innovation, enabling new local market models and reducing fraud within multiple ID systems. Additionally, OSIA addresses integrator/vendor lock-in, allowing governments to maintain control over their identity systems and pursue national development agendas seamlessly.”
“The Secure Identity Alliance has always supported standards and its members have contributed to thousands of standards globally, which are now used in the ICT market. Standards are key to unlock the full power of Identity to enable people, economy and society to thrive,” concluded Didier Trutt, Chairman of the SIA.
X.1281 is at publication stage and can be accessed here: https://www.itu.int/ITU-T/workprog/wp_item.aspx?isn=18778
OSIA v6.1.0. twin specification can be accessed here: https://osia.readthedocs.io/en/v6.1.0/index.html 
OSIA qualification programme can be accessed here: https://globalplatform.org/osia-qualification-program/
For more information on the Secure Identity Alliance and the OSIA Initiative, visit http://www.secureidentityalliance.org and www.osia.io
For more information on ITU-T SG 17 visit https://www.itu.int/en/ITU-T/studygroups/2022-2024/17/Pages/default.aspx.
About the Secure Identity Alliance:
Secure Identity Alliance (SIA) is a global non-profit association that serves as the voice for public and private actors and organizations active in the secure identity ecosystem and adjacent industries. SIA’s mission is to unlock the full power of identity so that people, economy, and society thrive. The association supports the development of the activities of its members across four broad pillars: Identity for Good, Outreach, Open Standards Development and Industry Services and Solutions. www.secureidentityalliance.org
About OSIA:
A digital public good, OSIA is an open standard set of interfaces (APIs) that enables seamless connectivity between building blocks of the identity management ecosystem – independent of technology, solution architecture or vendor.  More information at www.osia.io
Follow the Secure Identity Alliance at on X @secureidentity1 and LinkedIn at https://www.linkedin.com/company/secure-identity-alliance/ 
About ITU-T SG 17
The ITU Telecommunication Standardization Sector (ITU-T) is one of the three Sectors (branches) of the International Telecommunication Union (ITU). It is responsible for coordinating standards for telecommunications and Information Communication Technology such as X.509 for cybersecurity, Y.3172 and Y.3173 for machine learning, and H.264/MPEG-4 AVC for video compression, between its Member States, Private Sector Members, and Academia Members.
Logo: https://mma.prnewswire.com/media/2394623/OSIA_Logo.jpg
 

View original content:https://www.prnewswire.co.uk/news-releases/osia-becomes-an-official-international-telecoms-union-itu-standard-302124668.html

Continue Reading

Artificial Intelligence

SciBase will present at the Redeye Medtech Event on April 24th

Published

on

scibase-will-present-at-the-redeye-medtech-event-on-april-24th

STOCKHOLM, April 23, 2024 /PRNewswire/ — SciBase Holding AB (“SciBase”) (STO: SCIB), a leading developer of augmented intelligence-based solutions for skin disorders will participate at the Redeye Medtech event.

On April 24 at CET 9.50 CEO Pia Renaudin will present the latest developments in SciBase at Redeye. The presentation is live broadcasted and can be followed at https://www.redeye.se/events/974326/redeye-theme-medtech-2 where the replay and the presentations will be available afterwards.
For additional information, please contact:Pia Renaudin, VD, tel. +46732069802, e-mail: [email protected]
Certified Advisor (CA):Vator SecuritiesTel: +46 8 580 065 99Email: [email protected]
About SciBase:
SciBase is a global medical technology company, specializing in early detection and prevention in dermatology. SciBase develops and commercializes Nevisense, a unique point-of-care platform that combines AI (artificial intelligence) and advanced EIS technology to elevate diagnostic accuracy, ensuring proactive skin health management.
Our commitment is to minimize patient suffering, allowing clinicians to improve and save lives through timely detection and intervention and reduce healthcare costs.
Built on more than 20 years of research at Karolinska Institute in Stockholm, Sweden, SciBase is a leader in dermatological advancements.
The company has been on the Nasdaq First North Growth Market exchange since June 2, 2015. Learn more at www.scibase.com. All press releases and financial reports can be found here: http://investors.scibase.se/en/pressreleases
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/scibase/r/scibase-will-present-at-the-redeye-medtech-event-on-april-24-th-,c3966053
The following files are available for download:
https://mb.cision.com/Main/12371/3966053/2751965.pdf
Redeye presentation
 

View original content:https://www.prnewswire.co.uk/news-releases/scibase-will-present-at-the-redeye-medtech-event-on-april-24th-302124656.html

Continue Reading

Trending