Surge in adoption of augmented & virtual reality in healthcare and rise in popularity of AR & VR in gaming industry are factors that drive the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, September 22, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Florida Augmented and Virtual Reality Market Reach to USD 21.37 Bn by 2030 | Top Players such as – Apple, Sony & zSpace.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The Florida augmented and virtual reality market size was valued at USD 428.15 million in 2020, and is projected to reach USD 21,374.89 million by 2030, growing at a CAGR of 48.7% from 2021 to 2030.
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Rise in the adoption of augmented & virtual reality in healthcare, increase in popularity of AR & VR in the gaming industry, and hike in smartphone penetration are the factors driving the Florida augmented and virtual reality market growth. On the other hand, a lack of security standards and sub-standard user experience design create restraints for the market to grow. As far as the opportunities are concerned, technological advancements in AR & VR and progressing adoption of AR VR by the aerospace & defence sector will open many doors to the fruitful future.
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.
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Based on the application, the consumer segment accounted for the largest market share in 2020, contributing to more than half of the total share. On the other hand, the enterprise segment is estimated to witness the fastest CAGR of 51.7% from 2021 to 2030.
Based on industry vertical, the gaming segment contributed to the largest share in 2020 attributing to nearly two-fifths of the market. The same segment is anticipated to maintain the lead throughout the forecast period. On the other hand, healthcare segment is expected to manifest a CAGR of 54.5% from 2021-2030.
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Leading players of Florida augmented and virtual reality market analyzed in the research include EON Reality, Apple Inc., Sony Corporation, FACEBOOK, Intel Corporation, Alphabet (Google Inc.), Marxent Labs, Microsoft Corporation, MAGIC LEAP, INC. and zSpace, Inc.
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Impact of Covid-19 on Augmented and Virtual Reality Market Florida-
● The COVID-19 pandemic has led to a slight decline in revenue of Florida augmented reality and virtual reality market.
● Various industries are adopting new digital technologies to recover from the loss suffered due to the pandemic situation across the globe.
● The need for virtual healthcare advice is boosting the adoption of telemedicine. Florida has authorized medical professionals to offer telehealth consultations.
● Rise in the adoption of AR & VR technologies due to remote working set-ups contributes toward the growth of the overall market.
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