According to TechSci Research report, “India Augmented Reality and Virtual Reality Market - By Region, Competition, Forecast and Opportunities, 2029”, The India augmented reality and virtual reality (AR/VR) market is poised for strong growth throughout the forecast period to 2028. Increased smartphone penetration and technological advancements have enabled users to interact with virtual graphics integrated into real-world environments. This capability allows consumers to engage with images and objects using just the camera on their smartphones.
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Furthermore, AR/VR technologies are becoming essential features not only in smartphones but also in various other devices. For example, smartphone penetration in India was 54% in 2020 and is projected to reach 96% by 2040, a significant increase from about 23% in FY 2016. This widespread adoption of smartphones is driving the demand for AR/VR technologies in the market.
Moreover, smartphone manufacturers are actively developing the next generation of computing devices, which are expected to unlock new growth opportunities for the India AR/VR market. This ongoing innovation is anticipated to further fuel the demand for augmented reality and virtual reality technologies across various sectors.
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India augmented reality and virtual reality market is segmented product type, organization size, offering, application, end user, and region. Based on product type, the market is segmented into head mounted display, handheld device applications, smart glass, and head up display. Based on organization size, the market can be divided into small & medium sized enterprises and large enterprises. Based on offering, the market can be segmented into hardware and software. Based on application, the market is divided into enterprise and consumer. Based on end user, the market is divided into consumer electronics, automotive, healthcare, manufacturing, defense, and others. Based on region the market is divided into West, North, South, and East.
Based on offering, the market can be segmented into hardware and software. The hardware segment dominated the India augmented reality and virtual reality market with the largest market share of 70% in 2022. This expansion of the market is due to the significant dip in the prices of augmented reality and virtual reality devices owing to the large requirement from the gaming sector and easy availability of headsets across the nation.
Based on regional analysis, the South India region is expected to dominate the India augmented reality and virtual reality market, with the largest market share of approximately 30% in the year 2022, due to accelerated urbanization and digital transformation of the south India region.
Based on product type, the market is segmented into head mounted display, handheld device applications, smart glass, and head up display. The head mounted display (HMD) segment dominated the market, with a market share of 35% in the year 2022, on account of rising adoption of HMD products in various applications. Furthermore, the continuous growth in the country’s gaming and consoles industry is expected to boost the demand for augmented reality and virtual reality in the upcoming period. In addition, head mounted display devices are less expensive, portable, providing opportunities in a variety of fields, such as healthcare and rehabilitation which is expected to foster the India augmented reality and virtual reality market.
Key market players in the India augmented reality and virtual reality market include:
- Merxius Software Private Limite
- 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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“In 2021, the business sector had a significant turnover. Application potential of these technologies between companies is huge and all major players like moving towards AR and VR technologies. Furthermore, most Fortune 500 organizations have started experimenting with AR and VR technologies and some of them have already started pilot developments with these technologies. Their main goal pilot projects aim to find out how these technologies can help increase productivity and lowers the operating costs of organizations” 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, Large Enterprises), By Offering (Hardware, Software), By Application (Enterprise, Consumer), By End User (Consumer Electronics, Automotive, Healthcare, Manufacturing, Defense, and Others), By Region, Competition, Opportunity and Forecast, 2029”, has evaluated the future growth potential of India augmented reality (AR) and virtual reality (VR) market 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 the India augmented reality (AR) and virtual reality (VR) market.
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