A Comprehensive Analysis of Florida's Augmented and Virtual Reality Market Growing at a CAGR of 48.7%

According to a recent report published by Allied Market Research, titled, "Florida Augmented and Virtual Reality Market by Application, Organization Size and Industry Vertical: Opportunity Analysis and Industry Forecast, 2021-2030," the Florida Augmented and Virtual Reality market 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.

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Augmented reality is a technology that uses the existing user's environment and overlays the digital or virtual content or information over it. Augmented reality applications are developed on special 3D programs that enable developers to integrate contextual or digital content with the real world. While virtual reality is also a three-dimensional (3D) computer generated environment which completely immerses end users in an artificial world without seeing the real world. This report includes the revenue generation from the sale of Florida augmented and virtual reality enabled software and content.

The large enterprises segment is expected to garner a significant share during the forecast period due to more than 50% of the large enterprises are exploring immersive technologies such as AR and VR, for their business operations, which includes using AR for real-time help from experts, and VR to train employees. However, the small & medium-sized enterprises segment is expected to grow at the highest rate during the forecast period, as it has many practical applications, which can be merged in various services and products and are exploring the costs against benefits of the investment.

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The outbreak of COVID-19 is anticipated to provide remunerative opportunities for the market expansion during the forecast period. This is attributable to rise in digital transformation trend in enterprises, surge in demand for augmented and virtual reality solutions that are hosted or managed on cloud, and rapid increase in problems due to disruption of supply chain in the manufacturing sector. Furthermore, the ability to minimize operator errors, less time, and enabling remote assistance are the other factors that accelerate the demand for augmented and virtual reality technologies during post pandemic.

By industry vertical, the Florida augmented and virtual reality market size was dominated by gaming in 2020, and is expected to retain its position during the forecast period. The major factor that drives the growth of the market in the Florida includes continuous advancements in technology; increased penetration of mobile devices & gaming consoles and significant expansion in the gamer community. In addition, the healthcare segment is expected to witness the highest growth rate in the upcoming years, owing its cost-effective benefits, availability of effective training and solutions, R&D of improvised products, and efficiency in training medical professionals & students.

Based on the organization size, the large enterprises segment contributed to the largest share in 2020, accounting for nearly three-fourths of the Florida augmented and virtual reality market, and is expected to maintain the leading position throughout the forecast period. However, the small & medium-sized enterprises segment is expected to lead the market with the manifestation of the highest CAGR of 54.1% from 2021 to 2030.

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Depending on application, the consumer segment dominated the Florida augmented and virtual reality market share in 2020, and is expected to remain dominant in the upcoming years. This is attributed to technological advancements, the disruptive impact of AR and VR is witnessed across consumer technologies as lot of new products are entering the market. However, the increasing number of enterprises apart from gaming and other consumer entertainment subsectors are adopting and testing AR and VR technologies in an extensive range of work-related applications. Improved capabilities are inspiring more potential uses. Thus, this is one of the major factors expected to be opportunistic for the Florida augmented and virtual reality market growth in upcoming years.

Some of the key market players profiled in the Florida augmented and virtual reality market analysis include Apple Inc., Eon Reality, FACEBOOK, Alphabet (Google Inc.), Intel Corporation, MAGICLEAP INC., Marxent Labs, Microsoft Corporation, Sony Corporation, and zSpace, Inc. This study includes Florida augmented and virtual reality market trends, Florida AR and VR market analysis, and future estimations to determine the imminent investment pockets. Further, these players of Florida augmented and virtual reality industry are anticipated to invest more in R&D activities to provide more compact and cost-effective solutions for numerous applications. In addition, the leading vendors are expected to target industries such as transportation, energy, and mining, where adoption of augmented and virtual reality technology is low as compared to other end users.

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 Florida augmented and virtual reality industry 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 augmented and virtual reality industry.

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