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Florida Augmented And Virtual Reality Market

Florida Augmented and Virtual Reality Market by Application (Consumer and Enterprise), Organization Size (SMEs and Large Enterprises), and Industry Vertical (Gaming, Entertainment & Media, Aerospace & Defense, Healthcare, Education, Manufacturing, Retail, and Others): Opportunity Analysis and Industry Forecast, 2020–2030

A13053
Pages: 139
Aug 2021 | 448 Views
   
Author(s) : Monica Chhabra, Rachita Rake , Vineet Kumar
Tables: 50
Charts: 43
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COVID-19

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Florida Augmented and Virtual Reality Market Statistics - 2030

The Florida augmented and virtual reality market size was valued at $428.15 million in 2020, and is projected to reach $21,374.89 million by 2030, growing at a CAGR of 48.7% from 2021 to 2030. Augmented and virtual reality solutions are used to offer digital immersive user experience that can be used for entertainment and business applications among various industry verticals. Virtual reality is an extensive term for a multi-sensory computer-generated experience, which enables users to experience and interact with a simulated environment. On the contrary, augmented reality enhances the real world using digitally produced perceptual overlays. The Florida augmented and virtual reality market is anticipated to witness significant growth during the forecast period, owing to increase in penetration of smart devices and connected solutions. 

The outbreak of COVID-19 has created several digital transformation opportunities for Florida Augmented and virtual reality market as various enterprises have started adopting advanced analytics, digital workforce management and RPAs, which is expected to optimize their operations and improve efficiency during pandemic.

The Florida augmented and virtual reality market is expected to exhibit robust growth during the forecast period. The key factors impacting the growth of the market include surge in adoption of augmented and virtual reality in healthcare, rise in popularity of AR/VR in gaming industry. In addition, increase in smartphone penetration, and cost-efficient benefits of augmented and virtual reality based solution drives the growth of the Florida augmented and virtual reality market. Furthermore, lack of security standards, and lack of good user experience design hinder the growth of the market. Moreover, technological advancement in AR & VR, and progressing adoption of AR & VR by aerospace & defense are expected to boost the market growth in the future. However, each of these factors is anticipated to have a definite impact on the overall market growth during the forecast period.

Florida-Augmented-and-Virtual-Reality

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On the basis of industry vertical, the gaming segment dominated the Florida augmented and virtual reality market share in 2020, and is expected to maintain its dominance in the upcoming years owing to the continuous advancement in technology; increased penetration of mobile devices & gaming consoles; and significant expansion in gamer’s community. In addition, VR and AR games are designed in a way to help players use their whole body fit and get valuable information which includes the trajectory of the ball, its speed, right at the stadium in real time, thus boosting its adoption among consumers and businesses. In addition, the healthcare segment is expected to witness highest growth rate in the upcoming years, owing to its cost-effective benefits, availability of effective training and solutions, R&D of improvised products, and efficiency in training medical professionals & students.

The large enterprises segment dominated the overall Florida augmented and virtual reality market share in 2020. Rise in need to increase efficiency of companies and surge in demand for better business management among these large organizations drive the growth of the market. In addition, increase in efficiency, safety, productivity, reduced time, and reduced error-rates are the main benefits provided by virtual reality and augmented reality technologies for large industrial enterprises. However, the SME segment is expected to grow at the highest rate during the Florida augmented reality market forecast period, due to the AR & VR technologies help them to increase their operational efficiency, reduce cost of production, and ensure to enhance the solutions for remote work.

The report focuses on the growth prospects, restraints, and Florida augmented and virtual reality market analysis. The study provides Porter’s five forces analysis of the AR and VR industry in Florida to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the Florida AR and VR market trends.

Florida Augmented and Virtual Reality Market
By application

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consumer segment accounted for the largest market share in 2020.

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Segment review

The Florida augmented and virtual reality industry is segmented on the basis of organization size, application, industry vertical, and region. On the basis of organization size, the market is fragmented into large enterprises and small & medium sized enterprises (SMEs). In terms of application, the market is bifurcated into consumer and enterprise. Depending on industry vertical, it is segregated into gaming, entertainment & media, aerospace & defense, healthcare, education, manufacturing, retail, and others.

Impact of COVID-19 on Florida Augmented and Virtual Reality Market-

The COVID-19 pandemic has led to a slight decline in revenue of the Florida augmented reality and virtual reality market growth, owing to shutdown of various manufacturing and other industries across the globe. However, various industries are adopting new digital technologies to recover loss suffered due to the pandemic situation across the globe. Furthermore, according to Fingent, Telemedicine has not received enough support from healthcare providers, financers, and patients. But now, the need for virtual healthcare advice is accelerating the adoption of telemedicine. Florida has authorized the healthcare professionals to expand telehealth consultations to make it easier for patients to speak with their healthcare providers. Telemedicine eliminates the need for face-to-face appointments in managing and monitoring chronic health conditions. It allows a healthcare provider to remotely assess and diagnose a patient. Thus, surge in adoption of AR & VR technologies due to remote working set-ups contributes toward the growth of the overall market.

Florida Augmented and Virtual Reality Market
By organization size

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Large Enterprises is projected as one of the most lucrative segments.

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Top impacting factors

Rise in popularity of AR & VR in gaming industry

In 2020, the Florida video games market generated almost $131 billion revenue with mobile gaming outpacing revenue made by PC and console gaming. The market is expected become a $300 billion industry by 2025 primarily due to the growth of mobile gaming and innovative offerings like cloud gaming, VR gaming, and others. Virtual reality is introduced as a game-changer for gaming industries and offer an improved version of simple user experience. The new innovations such as 360-degree views of more realistic environments and haptic feedback through controls, are attracting more gamers to adopt the immersive technologies. In addition, AR & VR provides lots of benefits to gaming users such as offers appealing virtual objects, possesses the capacity to take the user into the game of real-time, and others. However, these benefits have improved the gaming environment and dominates the AR VR market in terms of revenue and is expected to maintain this trend during the forecast period.

Technological advancement in AR & VR

Traditional AR & VR have been deployed since several decades; however, increased adoption of advanced technologies such as IoT, AI, face recognition, and robotics process automation have led toward the growth of the industry. Increase in technological innovations in Florida, is expected to create several opportunities for the augmented reality and virtual reality market. For instance, ARCore launched by Google for all Android 7.0 users. The number of devices that support ARCore is growing rapidly every day. These technologies can be used for motion tracking, environmental understanding, and light estimation. Further, to introduce enhanced products or solutions, key players are anticipated to emphasize on product innovation through continuous investment in product development, which is opportunistic for the market.

Florida Augmented and Virtual Reality Market
By Industry Vertical

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Healthcare would exhibit the highest CAGR of 54.5% during 2021-2030.

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Key Benefits For Stakeholders

  • This study includes the Florida augmented and virtual reality market analysis, market trends, and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and Florida augmented and virtual reality market opportunities.
  • The AR market size in Florida is quantitatively analyzed from 2020 to 2030 to highlight the financial competency of the industry.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in market.

Key Market Segments

By Application

  • Consumer
  • Enterprise

By Organization size

  • SMEs
  • Large Enterprises

By Industry Vertical

  • Gaming
  • Entertainment and Media
  • Aerospace and Defense
  • Healthcare
  • Education
  • Manufacturing
  • Retail
  • Others

Key Market Players

  • Apple Inc.
  • EON Reality 
  • FACEBOOK
  • Alphabet (Google Inc.)
  • Intel Corporation
  • MAGIC LEAP, INC. 
  • Marxent Labs
  • Microsoft Corporation 
  • Sony Corporation 
  • zSpace, Inc.
 

CHAPTER 1:INTRODUCTION

1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Key market players
1.5.Research methodology

1.5.1.Secondary research
1.5.2.Primary research
1.5.3.Analyst tools & models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.Key findings

2.1.1.Top impacting factors
2.1.2.Top investment pockets

2.2.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key forces shaping the Florida Augmented and Virtual Reality market

3.2.1.Moderate-to-high bargaining power of suppliers
3.2.2.Moderate-to-high bargaining power of buyers
3.2.3.Moderate-to-high threat of substitutes
3.2.4.Low-to-high threat of new entrants
3.2.5.Low-to-high competitive rivalry

3.3.Market dynamics

3.3.1.Drivers

3.3.1.1.Surge in adoption of augmented & virtual reality in healthcare
3.3.1.2.Rise in popularity of AR & VR in gaming industry
3.3.1.3.Increase in smartphone penetration

3.3.2.Restraints

3.3.2.1.Lack of security standards

3.3.3.Opportunities

3.3.3.1.Technological Advancement in AR & VR
3.3.3.2.Progressing adoption of AR VR by Aerospace & Defense

3.4.COVID-19 impact analysis on Augmented and Virtual Reality market

3.4.1.Impact on market size
3.4.2.Consumer trends, preferences, and budget impact
3.4.3.Economic impact
3.4.4.Key player strategies to tackle the COVID impact
3.4.5.Opportunity window

CHAPTER 4:AUGMENTED AND VIRTUAL REALITY MARKET, BY APPLICATION

4.1.Overview
4.2.Consumer

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast

4.3.Enterprise

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast

CHAPTER 5:AUGMENTED AND VIRTUAL REALITY MARKET, BY ORGANIZATION SIZE

5.1.Overview
5.2.SME

5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast

5.3.Large Enterprises

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast

CHAPTER 6:AUGMENTED AND VIRTUAL REALITY MARKET, BY INDUSTRY VERTICAL

6.1.Overview
6.2.Gaming

6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast

6.3.Entertainment and Media

6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast

6.4.Aerospace & Defense

6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast

6.5.Healthcare

6.5.1.Key market trends, growth factors, and opportunities
6.5.2.Market size and forecast

6.6.Education

6.6.1.Key market trends, growth factors, and opportunities
6.6.2.Market size and forecast

6.7.Manufacturing

6.7.1.Key market trends, growth factors, and opportunities
6.7.2.Market size and forecast

6.8.Retail

6.8.1.Key market trends, growth factors, and opportunities
6.8.2.Market size and forecast

6.9.Others

6.9.1.Key market trends, growth factors, and opportunities
6.9.2.Market size and forecast

CHAPTER 7:COMPETITIVE LANDSCAPE

7.1.Key players positioning analysis, 2020
7.2.Top winning strategies
7.3.Competitive dashboard

CHAPTER 8:COMPANY PROFILE

8.1.APPLE INC.

8.1.1.Company overview
8.1.2.Key executives
8.1.3.Company snapshot
8.1.4.Product portfolio
8.1.5.R&D expenditure
8.1.6.Business performance
8.1.7.Key strategic moves and developments

8.2.EON REALITY

8.2.1.Company overview
8.2.2.Key executive
8.2.3.Company snapshot
8.2.4.Product portfolio
8.2.5.Key strategic moves and developments

8.3.FACEBOOK

8.3.1.Company overview
8.3.2.Key executives
8.3.3.Company snapshot
8.3.4.Operating business segments
8.3.5.Product portfolio
8.3.6.R&D expenditure
8.3.7.Business performance
8.3.8.Key strategic moves and developments

8.4.ALPHABET (GOOGLE INC.)

8.4.1.Company overview
8.4.2.Key executive
8.4.3.Company snapshot
8.4.4.Operating business segments
8.4.5.Product portfolio
8.4.6.R&D expenditure
8.4.7.Business performance
8.4.8.Key strategic moves and developments

8.5.INTEL CORPORATION

8.5.1.Company overview
8.5.2.Key executive
8.5.3.Company snapshot
8.5.4.Operating business segments
8.5.5.Product portfolio
8.5.6.R&D expenditure
8.5.7.Business performance
8.5.8.Key strategic moves and developments

8.6.MAGIC LEAP, INC.

8.6.1.Company overview
8.6.2.Key executive
8.6.3.Company snapshot
8.6.4.Product portfolio
8.6.5.Key strategic moves and developments

8.7.MARXENT LABS

8.7.1.Company overview
8.7.2.Key executive
8.7.3.Company snapshot
8.7.4.Product portfolio
8.7.5.Key strategic moves and developments

8.8.MICROSOFT CORPORATION

8.8.1.Company overview
8.8.2.Key executive
8.8.3.Company snapshot
8.8.4.Operating business segments
8.8.5.Product portfolio
8.8.6.R&D expenditure
8.8.7.Business performance
8.8.8.Key strategic moves and developments

8.9.SONY CORPORATION

8.9.1.Company overview
8.9.2.Key executives
8.9.3.Company snapshot
8.9.4.Operating business segments
8.9.5.Product portfolio
8.9.6.R&D expenditure
8.9.7.Business performance
8.9.8.Key strategic moves and developments

8.10.ZSPACE, INC.

8.10.1.Company overview
8.10.2.Key executives
8.10.3.Company snapshot
8.10.4.Product portfolio
8.10.5.Key strategic moves and developments

LIST OF TABLES

TABLE 01.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET, BY APPLICATION, 2020–2030 ($BILLION)
TABLE 02.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE FOR CONSUMER, 2020–2030 ($BILLION)
TABLE 03.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE FOR ENTERPRISE, 2020–2030 ($BILLION)
TABLE 04.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE, BY ORGANIZATION SIZE, 2020–2030 ($BILLION)
TABLE 05.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE FOR SME, 2020–2030 ($BILLION)
TABLE 06.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE FOR LARGE ENTERPRISES, 2020–2030 ($BILLION)
TABLE 07.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE, BY INDUSTRY VERTICAL, 2020–2030 ($BILLION)
TABLE 08.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE FOR GAMING, 2020–2030 ($BILLION)
TABLE 09.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE FOR ENTERTAINMENT AND MEDIA, 2020–2030 ($BILLION)
TABLE 10.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE FOR AEROSPACE & DEFENSE, 2020–2030 ($BILLION)
TABLE 11.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE FOR HEALTHCARE, 2020–2030 ($BILLION)
TABLE 12.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE FOR EDUCATION, 2020–2030 ($BILLION)
TABLE 13.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE FOR MANUFACTURING, 2020–2030 ($BILLION)
TABLE 14.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE FOR RETAIL, 2020–2030 ($BILLION)
TABLE 15.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE FOR OTHERS, 2020–2030 ($BILLION)
TABLE 16.APPLE INC.: KEY EXECUTIVES
TABLE 17.APPLE INC.: COMPANY SNAPSHOT
TABLE 18.APPLE INC.: PRODUCT PORTFOLIO
TABLE 19.EON REALITY: KEY EXECUTIVE
TABLE 20.EON REALITY: COMPANY SNAPSHOT
TABLE 21.EON REALITY: PRODUCT PORTFOLIO
TABLE 22.FACEBOOK: KEY EXECUTIVES
TABLE 23.FACEBOOK: COMPANY SNAPSHOT
TABLE 24.FACEBOOK: OPERATING SEGMENTS
TABLE 25.FACEBOOK: PRODUCT PORTFOLIO
TABLE 26.ALPHABET (GOOGLE INC.): KEY EXECUTIVE
TABLE 27.ALPHABET (GOOGLE INC.): COMPANY SNAPSHOT
TABLE 28.ALPHABET (GOOGLE INC.): OPERATING SEGMENTS
TABLE 29.ALPHABET (GOOGLE INC.) : PRODUCT PORTFOLIO
TABLE 30.INTEL CORPORATION: KEY EXECUTIVE
TABLE 31.INTEL CORPORATION: COMPANY SNAPSHOT
TABLE 32.INTEL CORPORATION: OPERATING SEGMENTS
TABLE 33.INTEL CORPORATION: PRODUCT PORTFOLIO
TABLE 34.MAGIC LEAP, INC.: KEY EXECUTIVE
TABLE 35.MAGIC LEAP, INC.: COMPANY SNAPSHOT
TABLE 36.MAGIC LEAP, INC.: PRODUCT PORTFOLIO
TABLE 37.MARXENT LABS: KEY EXECUTIVE
TABLE 38.MARXENT LABS: COMPANY SNAPSHOT
TABLE 39.MARXENT LABS: PRODUCT PORTFOLIO
TABLE 40.MICROSOFT CORPORATION: KEY EXECUTIVE
TABLE 41.MICROSOFT CORPORATION: COMPANY SNAPSHOT
TABLE 42.MICROSOFT CORPORATION: OPERATING SEGMENTS
TABLE 43.MICROSOFT CORPORATION: PRODUCT PORTFOLIO
TABLE 44.SONY CORPORATION: KEY EXECUTIVES
TABLE 45.SONY CORPORATION: COMPANY SNAPSHOT
TABLE 46.SONY CORPORATION: OPERATING SEGMENTS
TABLE 47.SONY CORPORATION: PRODUCT PORTFOLIO
TABLE 48.ZSPACE, INC.: KEY EXECUTIVES
TABLE 49.ZSPACE, INC.: COMPANY SNAPSHOT
TABLE 50.ZSPACE, INC.: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET, 2020–2030
FIGURE 03.TOP IMPACTING FACTORS
FIGURE 04.TOP INVESTMENT POCKETS
FIGURE 05.MODERATE BARGAINING POWER OF SUPPLIERS
FIGURE 06.HIGH BARGAINING POWER OF BUYER
FIGURE 07.MODERATE THREAT OF SUBSTITUTES
FIGURE 08.MODERATE THREAT OF NEW ENTRANTS
FIGURE 09.HIGH COMPETITIVE RIVALRY
FIGURE 10.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET REVENUE, BY APPLICATION, 2020–2030 ($BILLION)
FIGURE 11.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET, BY ORGANIZATION SIZE, 2020–2030
FIGURE 12.FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET, BY INDUSTRY VERTICAL, 2020–2030
FIGURE 13.KEY PLAYER POSITIONING ANALYSIS: FLORIDA AUGMENTED AND VIRTUAL REALITY MARKET
FIGURE 14.TOP WINNING STRATEGIES, BY YEAR, 2017-2021
FIGURE 15.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2017-2021
FIGURE 16.TOP WINNING STRATEGIES, BY COMPANY, 2017-2021
FIGURE 17.COMPETITIVE DASHBOARD
FIGURE 18.COMPETITIVE DASHBOARD
FIGURE 19.COMPETITIVE HEATMAP OF KEY PLAYERS
FIGURE 20.R&D EXPENDITURE, 2018-2020 ($MILLION)
FIGURE 21.APPLE INC.: REVENUE, 2018–2020 ($MILLION)
FIGURE 22.APPLE INC.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 23.APPLE INC.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 24.R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 25.FACEBOOK: REVENUE, 2018–2020 ($MILLION)
FIGURE 26.FACEBOOK: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 27.FACEBOOK: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 28.R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 29.ALPHABET INC.: REVENUE, 2018–2020 ($MILLION)
FIGURE 30.ALPHABET (GOOGLE INC.) REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 31.ALPHABET (GOOGLE INC.) REVENUE SHARE BY REGION, 2020 (%)
FIGURE 32.R&D EXPENDITURE, 2018-2020 ($MILLION)
FIGURE 33.INTEL CORPORATION: REVENUE, 2018-2020 ($MILLION)
FIGURE 34.INTEL CORPORATION: REVENUE SHARE, BY SEGMENT, 2020 (%)
FIGURE 35.INTEL CORPORATION: REVENUE SHARE, BY REGION, 2020 (%)
FIGURE 36.R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 37.MICROSOFT CORPORATION: REVENUE, 2018–2020 ($MILLION)
FIGURE 38.MICROSOFT CORPORATION: REVENUE SHARE BY SEGMENT, 2020(%)
FIGURE 39.MICROSOFT CORPORATION: REVENUE SHARE BY REGION, 2020(%)
FIGURE 40.R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 41.SONY CORPORATION: REVENUE, 2018–2020 ($MILLION)
FIGURE 42.SONY CORPORATION: REVENUE SHARE, BY SEGMENT, 2020 (%)
FIGURE 43.SONY CORPORATION: REVENUE SHARE BY REGION, 2020 (%)

 
 

In accordance with the insights by the CXOs of leading companies, the Florida augmented and virtual reality market is projected to witness prominent growth, in the coming years. This growth is attributed to the high adoption of smartphone devices; growth in number of gamers; and increased awareness among the end-user industries regarding the benefits of augmented and virtual reality technology-based solutions. Prominent players operating in the augmented and virtual reality industry are inclined toward developing augmented and virtual content that can support various platforms such as mobile devices, gaming console, tablets, and personal computers.

Moreover, companies in Florida are adopting various strategies such as mergers and acquisition activities, to strengthen their business position in the competitive matrix. Augmented and virtual technology-based solutions provide better options for training as compared to conventional tools and methods. The solution manufacturers focus on very minute details of real incidents while developing the solutions, so that a user can get a real-world training with minimum wastage of resources such as money, human life, and physical entities. For instance, the idea of using a real aircraft component is expected to approximately cost $10,000, but using the latest technology available in the market it can be manufactured to simulate the component at a lesser price, such as between $2,000 and $3,000. The Florida players focus on product development to increase their geographical presence, owing to increase in competition among local vendors, in terms of features, quality, and price.

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