DUBLIN--(BUSINESS WIRE)--The "India Augmented Reality and Virtual Reality Market, By Product Type, By Organization Size, By Offering, By Application, By End User, By Region, Competition Forecast & Opportunities, FY2017-FY2027" report has been added to ResearchAndMarkets.com's offering.
The Indian 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 Indian 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 Indian 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 the 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 Indian 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 Indian 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 Indian 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.
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.
Some of the major players in the Indian 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.
Years considered for this report:
- Historical Years: FY2017-FY2020
- Base Year: FY2021
- Estimated Year: FY2022E
- Forecast Period: FY2023F-FY2027F
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:
India Augmented Reality and Virtual Reality Market, By Application:
India Augmented Reality and Virtual Reality Market, By End-User:
- Consumer Electronics
For more information about this report visit https://www.researchandmarkets.com/r/ox6r83