India AR and VR Market to Grow at a CAGR of 28% until 2028
Published | 02 August 2022
India Augmented Reality and Virtual Reality Market is flourishing owing to the rising use of technologically advanced solutions, expanding end-use industry application sectors, expanding gaming market nationwide with rising investments in AR and VR technologies in various fields, and rising smartphone penetration in emerging economies.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that India Augmented Reality and Virtual Reality Market was worth USD 1.69 billion in the year 2021. The market is projected to grow at a CAGR of 28%, earning revenues of around USD 9.28 billion by the end of 2028. India Augmented Reality and Virtual Reality Market is booming because of the growing industry adoption of head-mounted displays (HMDs), technological advancements, increasing digitization, and penetration of HMDs in the gaming and entertainment sectors following COVID-19, and high investments in the AR & VR market. Moreover, the demand for AR & VR solutions in the country is due to the rise in adoption of technologically advanced solutions, expansion of application areas among end-use industries, expanding gaming industry nationwide with rising investments in AR and VR technologies in various fields, and surge in smartphone penetration in emerging economies. Furthermore, India Augmented Reality and Virtual Reality Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, excessive use of AR devices can cause health issues, which in turn, may act as a huge restraining factor for the growth of the India Augmented Reality and Virtual Reality Market.
Increasing Use of AR and VR in Business
Beyond video games, use cases for AR and VR technology are emerging in fields including content creation and professional training. Additionally, businesses are accelerating their transition to augmented and virtual reality by examining the benefits. In addition, cutting-edge companies are experimenting with a flurry of new AR and VR applications, which is also one of the key elements fueling the market's expansion. For instance, researchers looked at 2,216 survey responses from business and IT leaders. Therefore, 7 percent reported making substantial investments in VR, and 15 percent plan to do so in the next three years; 10 percent reported making large investments in AR, and 24 percent want to do so in the next three years. Thus, India Augmented Reality and Virtual Reality Market is predicted to develop at a significant rate during the forecast period (2022-2028).
Augmented Reality is becoming More Popular in E-commerce and Retail
The pandemic has dramatically increased the demand for internet shopping. Since many websites' return policies were disabled during the pandemic, buyers could virtually try on jewelry and cosmetics to determine if they were a good fit before purchasing them. This made it easier for them to shop. The convenience increases demand in this sector, which in turn help to fuel the growth of the augmented reality market. The use of augmented reality technologies makes it simpler to satisfy clients. The shopping applications Loreal and Lenskart, which enable users to virtually try on cosmetics and see how a pair of glasses might appear on them, respectively, are two further well-known examples of augmented reality in the e-commerce industry. This results in offering lucrative opportunities for the India Augmented Reality and Virtual Reality Market during the forecast period (2022-2028).
Challenge: Augmented Reality Functionality in High-End Smartphones
Customers' biggest problem is that these technologies are only available on high-end desktops, laptops, mobile phones, and computers. This makes them less accessible to average users, deprives them of newer technical experiences, and makes them deprived. To concentrate on the market's growth, it is important to solve the issue of these augmented reality technologies' limited reach. The hardware and the majority of augmented reality software apps are only enabled on high-end devices, even if the programs can be used on mid-range devices as well. This can provide a problem for the AR market.
Segmental Coverage
India Augmented Reality and Virtual Reality Market - By End-User
Based on end-user, the India Augmented Reality and Virtual Reality Market is segmented into Consumer Electronics, Automotive, Healthcare, Manufacturing, Defense, and Others. Among these, the consumer electronics segment accounts to hold the largest market share. This is owing to enhanced device control and management, improved device efficiency, and possible energy savings. All these factors boost the growth of the India Augmented Reality and Virtual Reality Market during the forecast period (2022-2028).
Impact of COVID-19 on India Augmented Reality and Virtual Reality Market
COVID-19 urged the world to migrate toward a remote work culture, whether for schools, universities, or enterprises, by expanding virtual training, education, and purchasing as well as industrial training and supervision using AR and VR devices. However, it also has a detrimental impact. Covid-19 had an impact on the businesses of suppliers and distributors, as well as the operations and production of numerous manufacturers of AR and VR devices and component organizations. The biggest firms in this industry witnessed the consequences of the pandemic in their inventories for AR and VR device components during the first half of 2020.
Competitive Landscape
The leading market players in India Augmented Reality and Virtual Reality Market are Merxius Software Private Limited, Sony India Pvt Ltd, Imaginate Software Labs Pvt Ltd, Samsung India Electronics, Tata Elxsi Limited, SmartVizx Private Limited, Northern Mind Tech LLP, Microsoft Corporation, Google India Pvt Ltd, and other prominent players. The India Augmented Reality and Virtual Reality Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Augmented Reality and Virtual Reality Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Augmented Reality and Virtual Reality Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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