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 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.
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.
consumer segment accounted for the largest market share in 2020.
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.
By Organization Size
Large Enterprises is projected as one of the most lucrative segments.
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.
By Industry Vertical
Healthcare would exhibit the highest CAGR of 54.5% during 2021-2030.
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 Organization size
- Large Enterprises
By Industry Vertical
- Entertainment and Media
- Aerospace and Defense
Key Market Players
- Apple Inc.
- EON Reality
- Alphabet (Google Inc.)
- Intel Corporation
- MAGIC LEAP, INC.
- Marxent Labs
- Microsoft Corporation
- Sony Corporation
- zSpace, Inc.
Florida Augmented and Virtual Reality Market Report Highlights
By Organization size
By Industry Vertical
Key Market Players
SONY CORPORATION, ALPHABET (GOOGLE INC.), INTEL CORPORATION, MICROSOFT CORPORATION, APPLE INC., MARXENT LABS, EON REALITY, .ZSPACE, INC., MAGIC LEAP, INC., FACEBOOK
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.