According to TechSci Research report India’s AR & VR market is expected to witness robust growth in the next five years owing to rising adoption of technology in diverse portfolio sectors including content generation, engineering and technology, and development of virtual applications for electronic devices to create customizable content.
The roll-out of 5G technology and Wi-Fi 6 and emerging technologies including big data analytics, artificial intelligence, machine learning is fueling the India augmented reality and virtual reality market growth. Digital transformation is observed around the world and growing tourism industry is fueling the market growth further in the upcoming five years.
However, lack of awareness in underdeveloped economies and high cost for equipment required for augmented reality and virtual reality coupled with harmful effect over eyes may create hindrance to the market growth.
India augmented reality & virtual reality market can be segregated by product type, organization size, offering, application, end user, region, and company. Based on application, market is further divided into consumer and enterprise. Consumer segment is expected to dominate the market in the forecast period due to rise in application of technology in consumer electronics and development of interactive gaming platforms. Also, rise in awareness regarding augmented reality and virtual reality is a major driver for the market growth. Depending on product type, market is categorized into head-mounted display, head-up display, smart glass, and handheld device applications. Head-mounted display is expected to hold major market share for the next five years. Growing investment for development of the technology is driving the market. Also, rise in demand for lightweight displays and increasing affordability among middle class families is fostering the growth of the market. Presence of young population immersed in engaging content in country along with application in various sectors comprising of healthcare, tourism, defense, gaming, automotive is also contributing to surge the demand for augmented reality and virtual reality market in India.
Merxius Software, Sony India, Imaginate Software Labs, Samsung India Electronics, Tata Elixsi, SmartVizx, Northern MindTech, Microsoft Corporation, Google India, OnePlus Technology are the leading players operating in India augmented reality & virtual reality market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several electric charging vehicle infrastructure manufacturers are coming up with their technologically advanced offerings.
“Adoption of augmented reality and virtual reality for training purpose to replicate real life situations and instill quality training by prestigious institutions is expected to fuel the market growth. For instance, healthcare sector is using 3-D modelling for training purpose, among others. High-end investments from key players to provide engaging consumer experience and productivity gains is fostering the market growth. Also, reduction in deployment costs would benefit the new investors in settling their business in the country,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.