India Augmented Reality and Virtual Reality Market stood at USD1.83 billion in FY2020 and is forecast to grow at a CAGR of 38.29% until 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 push the demand for AR & VR solutions in the forecast period. Moreover, government initiatives are anticipated to propel the product demand in the forecast period and also act as a catalyst in the growth of the India Augmented Reality and Virtual Reality Market.
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 market share of 35.84% on account of rising adoption of HMD products in various applications. 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 foster 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, the 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 2020 owing to accelerated urbanization and digital transformation of the region.
Some of the major players in the India Augmented Reality and Virtual Reality Market 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. among others. Major companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and development of new innovative products.
Years considered for this report:
Historical Years: FY2017-FY2020
Base Year: FY2021
Estimated Year: FY2022E
Forecast Period: FY2023F-FY2027F
Objective of the Study:
- To analyze the historical growth in the market size of India Augmented Reality and Virtual Reality Market from FY2017 to FY2021.
- To estimate and forecast the market size of the India Augmented Reality and Virtual Reality Market from FY2022 to FY2027 and growth rate until FY2027.
- To classify and forecast India Augmented Reality and Virtual Reality Market based on product type, organization size, offering, application, end user and region.
- To identify the dominant region or segment in the India Augmented Reality and Virtual Reality Market.
- To identify drivers and challenges for India Augmented Reality and Virtual Reality Market.
- To identify and analyze the profile of leading players operating in the India Augmented Reality and Virtual Reality Market.
- To identify key sustainable strategies adopted by market players in the India Augmented Reality and Virtual Reality Market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the country.
TechSci Research calculated the market size of India Augmented Reality and Virtual Reality Market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and application for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Augmented Reality and Virtual Reality products providers, distributors and other stakeholders
- Maintenance and deployment companies
- Organizations, forums and alliances related to Augmented Reality and Virtual Reality
- Government bodies such as regulating authorities and policy makers
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, the India Augmented Reality and Virtual Reality Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- India Augmented Reality and Virtual Reality Market, By Product Type:
o Head Mounted Display
o Handheld Device Applications
o Smart Glass
o Head Up Display
- India Augmented Reality and Virtual Reality Market, By Organization Size:
o Small & Medium sized Enterprises
o Large Enterprises
- India Augmented Reality and Virtual Reality Market, By offering:
- India Augmented Reality and Virtual Reality Market, By Application:
- India Augmented Reality and Virtual Reality Market, By End User:
o Consumer Electronics
- India Augmented Reality and Virtual Reality Market, By Region:
Company Profiles: Detailed analysis of the major companies present in the India Augmented Reality and Virtual Reality Market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).