India Augmented Reality and Virtual Reality Market Expected to Grow at a Robust CAGR

Growing gaming industry across the country with rising investments in AR and VR technologies in different fields and surge in penetration of smartphones in the emerging economies are expected to push the demand for AR & VR solutions in the forecast period.

According to TechSci Research report, “India Augmented Reality and Virtual Reality Market - By Region, Competition, Forecast and Opportunities, 2029”, the India augmented reality and virtual reality market is anticipated to register robust growth during the forecast period 2029. Smart phone penetration and technological improvements have enabled people to move with Virtual graphics embedded in real-world surroundings. Moreover, customers can connect with pictures and objects to engage with them by just utilizing a camera on their smartphones. Additionally, AR/VR technologies are becoming increasingly important components for smartphones, among other devices. For instance, smartphone penetration in India was 54 percent in 2020 and is estimated to be 96 percent in 2040, more than double that of FY 2016, when only about 23 percent of the population had a smartphone. With that, the demand for these technologies is driven by the surging demand for such smartphones in the market. However, smartphone manufacturing company are currently working to produce the next generation of revolutionary computing devices, which are projected to open new potential for India augmented reality and virtual reality growth.

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India augmented reality and virtual reality market is segmented product type, organization size, offering, application, end user, and region. Based on product type, the market is segmented into head mounted display, handheld device applications, smart glass, and head up display. Based on organization size, the market can be divided into small & medium sized enterprises and large enterprises. Based on offering, the market can be segmented into hardware and software. Based on application, the market is divided into enterprise and consumer. Based on end user, the market is divided into consumer electronics, automotive, healthcare, manufacturing, defense, and others. Based on region the market is divided into West, North, South, and East.  

Based on offering, the market can be segmented into hardware and software. The hardware segment dominated the India augmented reality and virtual reality market with the largest market share of 70% in 2022. This expansion of the market is due to the significant dip in the prices of augmented reality and virtual reality devices owing to the large requirement from the gaming sector and easy availability of headsets across the nation.

Based on regional analysis, the South India region is expected to dominate the India augmented reality and virtual reality market, with the largest market share of approximately 30% in the year 2022, due to accelerated urbanization and digital transformation of the south India region.

Based on product type, the market is segmented into head mounted display, handheld device applications, smart glass, and head up display. The head mounted display (HMD) segment dominated the market, with a market share of 35% in the year 2022, on account of rising adoption of HMD products in various applications. Furthermore, the continuous growth in the country’s gaming and consoles industry is expected to boost the demand for augmented reality and virtual reality in the upcoming period. In addition, head mounted display devices are less expensive, portable, providing opportunities in a variety of fields, such as healthcare and rehabilitation which is expected to foster the India augmented reality and virtual reality market.

Key market players in the India augmented reality and virtual reality market include:

• Merxius Software Private Limite
• Sony India Pvt. Ltd
• Imaginate Software Labs Pvt Ltd
• Samsung India Electronics Pvt. Ltd
• Tata Elxsi Limited
• SmartVizx Private Limited
• Northern MindTech LLP
• Microsoft Corporation (I) Pvt. Ltd
• Google India Pvt. Ltd
• OnePlus Technology Co., Ltd
• Simulanis Solutions Private Limited
• Immertive Pvt. Ltd.

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“In 2021, the business sector had a significant turnover. Application potential of these technologies between companies is huge and all major players like moving towards AR and VR technologies. Furthermore, most Fortune 500 organizations have started experimenting with AR and VR technologies and some of them have already started pilot developments with these technologies. Their main goal pilot projects aim to find out how these technologies can help increase productivity and lowers the operating costs of organizations” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

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