According to a new report by Univdatos Market Insights, the AR/VR Market is expected to reach ~USD 89.6 billion in 2032 by growing at a CAGR of ~38.3%. AR/VR (Augmented Reality/ Virtual Reality) are the strategic materials found in modern technology; they form the basis of practically all electronic devices. It is made of components such as silicon, due to which it exhibits electrical conductivity between that of a conductor and an insulator thus delicately allowing control of electrical currents. This application makes AR/VR essential in most uses, from mobile phones, laptops, and home appliances, to automobiles, and manufacturing industries. AR/VRs are very competitive and continuously evolving due to trends in miniaturization and improvement of technologies. AR/VR remains quite vital in enhancing the continuous growth of global electrical and electronic product demand.

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KEY GROWTH DRIVERS:

The AR/VR market in India is showing a growth trajectory as consumers and organizations are using more immersive technologies in sectors like education, gaming, healthcare, and retail among others. India at the moment, has a growing young population, who are technically inclined, and with a rising smartphone usage, the market for AR/VR is promising. As a result of measured governmental efforts to promote digital initiatives along with funding from traditional businesses and start-ups, the field is growing rapidly. Some of the many developments include partnerships between different learning institutions and technology-orientated industries to increase learning experience and local content initiatives. As the infrastructure develops, costs gradually come down making the Indian AR/VR market promising and with the potential to be a major AR/VR market in the future.

· In June 2024, Genesys International introduced India’s first AI-powered navigation map designed for cars and mobility services. This new technology aims to make driving easier and more personalized. The new map covers 8.3 million kilometers of roads and includes over 30 million points of interest (POIs). This means drivers can access accurate and reliable directions almost anywhere in India.

·  In December 2023, Sony launched its second-generation virtual-reality headset PlayStation VR2 in India.

The report suggests that Increasing Investment and Innovation is a significant factor driving the growth of the AR/VR market in the coming years. There is a rising trend in investing and developing the AR/VR sector as a major factor that contributes to the overall growth of the market in India because it is a country that supports the strengthening of the technological environment. Many venture capital firms and leading technology firms are investing in AR/VR startups, thus resulting in rising funding for the development of new innovative uses. Unlike typical investments in production hardware, in these cases, the investments are made not only in the production hardware but also in software solutions and content creation which would foster further development of the ecosystem. Large companies are also striking up with startups in collaboration to find and harness the best talent, helping to create innovative solutions relevant to particular sectors like health, learning, and online entertainment. New funds have shifted the rate of development to a higher level and have pushed hardware up, as well as user experiences enhanced, and applications that correspond to various markets increased. Subsequently, they started seeing the need of how the AR/VR market is transforming in India and how immersive technology can easily provide customers, revenue generation and give a new way of operating the business. This wave of investment in the current growth is not restricted to future growth that is sustainable in India to bring it into the map of the AR/VR market in the world.

Augmented Reality  SegmentGaining Maximum Traction in the Market

The augmented reality segment of the AR/VR market is growing rapidly because of the developments in smartphone technology and application use increasing in many fields, as well as increasing customer interest in interactive experiences. AR is being used with growing frequency in industries like the retail industry, where companies apply it to building customer experiences through trials and appealing demonstrations. In education, AR is quickly replacing conventional learning modalities by delivering engaging, interactive, and comprehensive information. AR is also utilized in the gaming industry for instance; new mobile games such as Pokémon GO incorporate the real world. Furthermore, AR glasses and smart wearable devices are likely to be another primary application area to encourage more people to adopt major technology solutions to incorporate hands-free real-time augmented information overlays. While still a relatively small segment, enterprise AR is positioned for rapid growth, as a growing number of companies understand the ability of AR to enhance customer satisfaction while improving their efficiency, making it a cornerstone of the overall AR / VR market.

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Conclusion

The Indian AR/VR market is rapidly growing, with advancements in the telecom & IT industry leading to improved outcomes. The market is expected to increase as new innovative products are developed in the coming years. Thus, the Indian AR/VR market represents a significant opportunity for companies to make strategic alliances to launch a diversity of products for the country’s population. With continued development, more products will likely become available, improving consumer outcomes.

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