India Augmented Reality and Virtual Reality Market: An Overview

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According to TechSci Research report the India Augmented Reality and Virtual Reality Market is anticipated to register robust growth in the forecast period with a CAGR of 19.43% through 2029. Smartphone penetration and technological improvements have enabled people to move with Virtual graphics embedded in real-world surroundings. Moreover, customers can connect with pictures and objects to engage with them by just utilizing a camera on their smartphones. Additionally, AR/VR technologies are becoming increasingly important components for smartphones, among other devices. For instance, smartphone penetration in India was 54 percent in 2020 and is estimated to be 96 percent in 2040, more than double that of FY 2016, when only about 23 percent of the population had a smartphone. 

With that, the demand for these technologies is driven by the surging demand for such smartphones in the market. However, smartphone manufacturing companies are currently working to produce the next generation of revolutionary computing devices, which are projected to open new potential for India augmented reality and virtual reality growth.

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In this report, 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:

• Head Mounted Display
• Handheld Device Applications
• Smart Glass
• Head Up Display

India Augmented Reality and Virtual Reality Market, By Organization Size:

• Small & Medium sized Enterprises
• Large Enterprises

India Augmented Reality and Virtual Reality Market, By offering:

• Hardware
• Software

India Augmented Reality and Virtual Reality Market, By Application:

• Enterprise
• Consumer

India Augmented Reality and Virtual Reality Market, By End User:

• Consumer Electronics
• Automotive
• Healthcare
• Manufacturing
• Defense
• Others

India Augmented Reality and Virtual Reality Market, By Region:

• West India
• North India
• South India
• East India

Hardware dominates the India AR/VR market, capturing 70% of the market share in 2022, driven by declining device prices and increasing demand from the gaming sector. South India is expected to lead the market with a 30% share in 2022, attributed to rapid urbanization and digital transformation in the region.

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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Among product types, head-mounted displays (HMDs) hold the largest market share of 35% in 2022, driven by their widespread adoption across various applications. The gaming and consoles industry's continuous growth is expected to further propel demand for AR/VR technologies. HMD devices offer portability and affordability, opening opportunities in fields like healthcare and rehabilitation.

In 2021, the business sector witnessed significant turnovers, with major players exploring AR and VR technologies. Many Fortune 500 organizations are experimenting with these technologies to increase productivity and reduce operating costs through pilot projects.

The report titled “India Augmented Reality and Virtual Reality Market” provides insights into the market's future growth potential, offering statistics, market structure, size, share, and growth forecasts. It aims to provide comprehensive market intelligence to aid decision-makers in making informed investment decisions, and identifying emerging trends, drivers, challenges, and opportunities in the India AR/VR market.

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