India Augmented Reality and Virtual Reality Market to grow at a CAGR of 38.29 % until FY2027
Increasing
shift towards virtual platforms with the growing demand in healthcare sector is
a key driver for the growth of the India Augmented Reality and Virtual Reality Market.
According to
TechSci Research report, “India Augmented Reality and Virtual Reality Market, By Product Type (Head Mounted
Display, Handheld Device Applications, Smart Glass and Head Up Display), By Organization
Size (Small & Medium sized Enterprises and Large Enterprises), By Offering
(Hardware and Software), By Application (Enterprise and Consumer), By End User
(Consumer Electronics, Automotive, Healthcare, Manufacturing, Defense and
Others), By Region, Competition, Forecast & Opportunities, FY2017-FY2027F”, the India Augmented
Reality and Virtual Reality Market is forecast to grow at a CAGR of 38.29% and reach USD14.07 billion by FY2027. Growth in the India
Augmented Reality and Virtual Reality Market is driven by the accelerating
digital transformation of the country. The availability of various VR devices,
growing adoption of head-mounted displays (HMDs) in different industries,
advancement of technologies and growing digitization, penetration of HMDs in
gaming and entertainment sectors following COVID-19, and high investments in AR
& VR market are the key factors driving the growth of Augmented Reality
& Virtual Reality Market across the country.
Additionally, rise in adoption of technologically
advanced solutions, increase in application areas among end-use industries,
growing gaming industry all 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 increase the demand for AR & VR
in the forecast period. Moreover, the launch of 5G is expected to revolutionize
many sectors including augmented reality and virtual reality in the future. India
is one of the earliest countries to successfully pilot 5G technology. All these
factors have resulted in a positive impact on the India Augmented Reality and
Virtual Reality Market.
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Based on product
type, the market can be segmented into Head Mounted Display, Handheld Device
Applications, Smart Glass and Head Up Display. Head Mounted Display (HMD)
dominated the market in FY2020 with a market share of 35.84% on account of
rising adoption of HMD products in various applications as well as new products
and adoption of AR and VR technologies owing to technological advancements in
the country. Moreover, continuous growth in the country’s gaming and consoles
industry is expected to boost the demand for HMDs in the upcoming period.
Additionally, HMD devices are lightweight, portable, and affordable, providing
opportunities in a variety of domains, such as healthcare and rehabilitation
which is expected to enhance the India Augmented Reality and Virtual Reality
Market.
Based on
organization size, the market can be divided into Small & Medium Sized Enterprises
and Large Enterprises. The Small & Medium sized Enterprises dominated the
market in FY2020 with a market share of 62.92% owing to their flexibility to
make changes which leads them closer to the customers. Based on application,
the market can be split into Enterprise and Consumer. The Enterprise
overshadowed the market in FY2020 with a market share of 72.03% owing to their
easy mobilization of resources and easy transferability of shares along with
the various possibilities for expansion. Based on end user, the market can be
divided into Consumer Electronics, Automotive, Healthcare, Manufacturing,
Defense and Others. The Consumer Electronics outdid the market in FY2020 with a
market share of 22.50% due to increased control and management of devices with
improved device efficiency and potential energy savings.
On the basis of
offering, hardware segment dominated the India Augmented Reality and Virtual
Reality Market with the largest market share of 71.28% in FY2020. This growth
is due to the significant dip in the prices of AR and VR devices due to the
large demand from gaming industry and easy availability of headsets across the
country. On the basis of region, South India dominated the India Augmented
Reality and Virtual Reality Market with a market share of 34.38% in FY2020
owing to accelerated urbanization and digital transformation in the region.
Merxius Software Private Limited, 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. etc. are among the leading players
operating in the India Augmented Reality and Virtual Reality Market. Companies
operating in the market are using organic strategies, partnerships and
collaborations to boost their shares in the India Augmented Reality and Virtual
Reality Market. Significant players in the market are concentrating on
accomplishing ideal operational expenses, upgrading the system efficiency, enhancing
precision in responses, boosting security with high funding in services, and
merging with small players to support the competitive India Augmented Reality
and Virtual Reality Market.
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“The Collaboration
of Artificial Intelligence (AI) with AR and VR has attracted many foreign Augmented
Reality and Virtual Reality giants such as Google, Amazon Web Services (AWS)
and Apple which
is expected to create profitable opportunities for the growth of the India Augmented
Reality and Virtual Reality Market. Moreover, the various supportive government
initiatives launched to accelerate the development of AR and VR platforms
for national digital transformation is anticipated to contribute to the growth
of the market in forecast period. The use of mobile AR apps has increased to a great extent
following the popularity of Pokémon GO mobile game. Google and Apple have
launched tools that will allow developers to develop amazing mobile AR
experiences for Android and iOS users. Additionally, the rising Portable
Augmented Reality Technology along with Eye-Tracking and Facial Expressions is propelling the growth of
the India Augmented Reality and Virtual Reality Market in the forecast period.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“India
Augmented Reality and Virtual Reality Market, By Product Type (Head Mounted Display,
Handheld Device Applications, Smart Glass and Head Up Display), By Organization
Size (Small & Medium sized Enterprises and Large Enterprises), By Offering
(Hardware and Software), By Application (Enterprise and Consumer), By End User
(Consumer Electronics, Automotive, Healthcare, Manufacturing, Defense and
Others), By Region, Competition, Forecast & Opportunities, FY2017-FY2027F”
has evaluated the future growth potential of Augmented Reality and Virtual
Reality Market in India and provides statistics and information on market
structure, size, share and future growth. The report is intended to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities present in India Augmented
Reality and Virtual Reality Market.”
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