Mon. Nov 29th, 2021

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.

Browse 51 Figures spread through 106 Pages and an in-depth TOC on 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.”

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 full-time Analysts and Consultants employing innovative research solutions and tracking global and country-specific high growth markets helps TechSci clients to lead rather than follow market trends.

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