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, Large Enterprises), By Offering (Hardware, Software), By Application (Enterprise, Consumer), By End User (Consumer Electronics, Automotive, Healthcare, Manufacturing, Defense, and Others),
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIndia 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, Large Enterprises), By Offering (Hardware, Software), By Application (Enterprise, Consumer), By End User (Consumer Electronics, Automotive, Healthcare, Manufacturing, Defense, and Others),
| Forecast Period | 2025-2029 |
| Market Size (2023) | USD 624.11 Billion |
| CAGR (2024-2029) | 19.43% |
| Fastest Growing Segment | Automotive |
| Largest Market | South India |
India augmented reality (AR) and virtual reality (VR) market
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Additionally, VR creates an immersive virtual environment. This can be done with something as simple as a plastic stand to put the phone on, but nowadays most people prefer head-mounted displays. Virtual reality is a big technological advancement in the education & healthcare sector, military/defense training, or business, such as virtual meetings or video calls. Moreover, virtual reality has revolutionized the gaming and entertainment industry by allowing users to immerse themselves in highly simulated environments.
Increasing Government Interest in the Market & Adoption of AR/VR in the Healthcare Sector
High government funding across the APAC region to advance the region's overall travel and tourism infrastructure, especially in developing countries, such as India, is expected to influence the augmented reality and virtual reality market growth. In addition, governments across the nation support automation for the development and growth of industry producing with new technologies such as AR & VR. Industrial and commercial applications are also becoming more and more dependent on AR & VR technology for on-site advertising and digitization.
Due to the increasing transformation among the travel & tourism, healthcare, education, retail, and gaming sectors, the nation’s investments in AR/VR solutions are growing. Further, the nation has the presence of several AR/VR solution developers, which supports the market growth.
In the healthcare industry, there are different applications of VR and AR in medicine or healthcare as VR has been in the industry for years. One of the most important applications in healthcare VR can include a snowy world. This technique helps the patient to deal with pain recovery methods, wound healing, entertaining patients with VR technology and makes them experience different environments to keep them comfortable during treatment. For people with crowd, height, and water phobias, VR is used to strengthen willpower and reduce these phobias. It is also used in various therapies to treat body pain as mentioned in one of the doctor’s neuroscience journals, which included a study on the use of VR in healthcare. Patients are launched to gaming, which consists of completing tasks in VR as a member who encourages patients to get well soon. Sensors collect neural inputs for further diagnosis. These are the reasons which is responsible for the expansion of India augmented reality (AR) and virtual reality (VR) market.
Acceptance of AR/VR in the Gaming Industry
AR/VR technology has revolutionized the gaming industry across the nation. Presently, approximately 80% of the revenue is contributed by the gaming industry. Due to VR technology, video games have become an emerging trend and exciting enough to engage many people from all walks of life. However, the most important development was mainstreaming competitive gaming that led to the rise of VR technologies. India is predicted to have the largest demand for VR games, due to the growing number of single-use games revenues and technological improvements in the gaming and entertainment industry. In addition, the development of VR halls is encouraged by the emergence of Free Roam VR in India (Zero Latency India), which allows users to be transported to the virtual world without wires and walk freely in the warehouse. The nation’s online players play in a social environment (using motion-capture technology and proximity sensors) in these arcades. Hence, the growing acceptance of AR and VR gaming technologies are supporting the growth of the augmented reality and virtual reality market in India.
Security & Privacy Issues are Restraining the Market Growth
Security and privacy concerns have increased by developers of AR programming and AR apps and tools. Several AR applications do not have establishments to protect the identity and privacy of the company’s customer or user, since there are no policies that define what is allowed and what is not allowed for working in an AR Platform.
Recent Developments
- MicrosoftCorporation & Volkswagen formed a collaboration to bring AR (AugmentedReality) to cars using Microsoft's HoloLens 2. This vehicle dashboard candisplay a pedestrian warning at crosswalks and the temperature inside the car.
- InApril 2020, one of India's leading affordable eyewear brands and affordableoptical retail chains, ‘MyValueVision.com’ announced to strengthen its presencein India, especially in tier II and tier cities and international markets, byopening more than 200 stores in the coming years, this plan is expected completein the upcoming years.
- ARcompany Krikey has launched a new AR game ‘Yatra in India’ in partnership withReliance Jio.
- InMay 2022, chennai-based gaming startup BalaAatral Solutions has received USD0.41 million (3 trillion) funding from the Ministry of Defense for two defensestartup challenges.
- Flipkartlaunched Flipkart Labs to enhance the e-commerce experience with AR andnon-fungible tokens.
- TheReliance Jio company has invested USD 15 million in Silicon Valley-basedstartup TWO, which focuses on the AR/VR sector.
- InApril 2022, Indian Prime Minister ‘Narendra Modi’ inaugurated the PradhanMantri Sangrahalay (PM Museum) in New Delhi. Indian startup Tagbin, along withother technology partners, is digitizing the museum at an estimated cost of USD40 million (Rs 300 billion) using technologies, such as AR/VR.
Market Segmentation
India augmented reality and virtual reality market
Market Players
The key players profiled in the report include, 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, Simulanis Solutions Private Limited, and Immertive Pvt. Ltd.
| Attribute | Details |
| Base Year | 2023 |
| Historic Data | 2019 – 2023 |
| Estimated Year | 2024 |
| Forecast Period | 2025– 2029 |
| Quantitative Units | Production Volume and CAGR for 2019-2023 and 2024-2029 |
| Report Coverage | Revenue forecast, company share, growth factors, and trends |
| Segments Covered | Product Type Organization Offering Application End-Use Region |
| Region Scope | West India, North India, South India, East India |
| Key Companies Profiled | 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, Simulanis Solutions Private Limited, Immertive Pvt. Ltd.. |
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