The primary factors affecting the growth of the market include surge in adoption of augmented and virtual reality in healthcare and rise in popularity of AR/VR in the gaming industry. In addition, growth in smartphone penetration and cost-efficient benefits of augmented and virtual reality-based solution drives the market. The pandemic has caused a decline in revenue of Florida augmented reality and virtual reality market.
Portland, OR, Sept. 21, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, Florida augmented and virtual reality market generated $428.15 million in 2020 and is expected to reach $21.37 billion by 2030, manifesting a CAGR of 48.7% from 2021 to 2030. The report presents detailed information related to the competency, future estimations, key trends, drivers, restraints, and opportunities of the market with a comprehensive market analysis.
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.
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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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The report offers detailed segmentation of Florida augmented and virtual reality market-based organization size, application, and industry vertical.
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 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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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.
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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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