India Virtual Reality Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Content), By Device Type (Head Mounted Display, VR Simulator, VR Glasses, Treadmills & Haptic Gloves, and Others), By Industry (Gaming, Entertainment, Automotive, Retail, Healthcare, Education, Aerospace & Defense, Manufacturing, and Others), 2023-2030
KEY MARKET INSIGHTS
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India virtual reality market size is projected to grow at a CAGR of 35.3% during the forecast period.
Virtual Reality has gained popularity in India over the past few years to improve efficiency and productivity. This technology is broadly used in gaming, entertainment, education, retail, and training. Further, the extensive use of VR headsets has grown in the consumer segment due to the lower wearables cost, boosting the market.
LATEST TRENDS
Increasing Use of VR by healthcare professionals to Fuel the Market
VR solutions enable both patients and healthcare professionals to interact in simulated environments personalized for medical education, comprising simulative surgery training for rehabilitation or pain management. VR is being used in India to provide therapy and support for individuals with mental health conditions, such as depression and PTSD. VR exposure therapy is being used to help patients overcome their fears and anxieties, and virtual reality-based relaxation and medication techniques are being used to help reduce stress and improve over-all well-being. For instance,
- Cognihab, a virtual reality solutions provider in healthcare, has revealed positive responses in aiding patients to cope with pain and has been embraced by top Indian medical institutions to facilitate an enhanced patient experience.
DRIVING FACTORS
Benefits of VR in Education to Boost the Market Growth
VR is being used as a tool for education in India, providing students with a more immersive and interactive learning experience. This factor is especially true in science, history, and geography. Students are more committed to active learning, which prevents them from getting distracted. In addition, simulated environments can fully present a complex model, allowing students to explore a better learning experience that is impossible in a traditional or even online learning system. For instance,
- Indian startup TechXR Innovations has developed an affordable XR controller that is the key to the metaverse for commoners in India. The device can play an essential role in making technology affordable and accessible to students from rural areas.
RESTRAINING FACTORS
Technical Challenges and Consumer Awareness to Hinder the Market
The VR technology is still in its nascent stages, and there are several technical challenges that need to be overcome before VR can become mainstream in India. These include issues related to VR sickness, low-resolution displays, and the lack of realistic haptic feedback. These factors are set to hamper the market growth.
KEY INDUSTRY PLAYERS
In terms of the competitive landscape, India virtual reality market share depicts the presence of emerging and established companies established in India. In addition, the aim towards the higher investments in these solutions and government support has enabled the organizations to deliver exclusive virtual reality experiences.
LIST OF KEY COMPANIES PROFILED:
- Simulanis Solutions Private Limited (India)
- Google LLC (Alphabet Inc.) (U.S.)
- Microsoft Corporation (U.S.)
- Immertive Pvt. Ltd. (India)
- Absentia Virtual Reality Pvt Ltd. (India)
- Smartvizs Pvt. Ltd. (India)
- Xenium Digital (India)
- Sony Interactive Entertainment LLC (Japan)
- Samsung Electronics Co., Ltd. (South Korea)
- Nvidia Corporation (U.S.)
KEY INDUSTRY DEVELOPMENTS:
- April 2022 – Mr. Narendra Modi, the Prime Minister of India, inducted Pradhan Mantri Sangrahalay in New Delhi. Tagbin, an Indian startup, and other technology partners digitized the museum at a projected cost of USD 40 million by leveraging technologies such as Augmented Reality (AR)/VR.
- February 2022 – Reliance Jio spent USD 15 million on TWO, a Silicon Valley-based startup aiming for the AR/VR sector.
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The research on the India market includes crucial areas to get a better knowledge of the industry. Additionally, the research offers insights into the most recent market trends and analyses of technologies deployed globally. Further, it highlights the growth restrictions and elements, allowing the reader to understand the market.
Report Scope & Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 35.3% from 2023 to 2030 |
Unit | Value (USD Billion) |
Segmentation | By Component
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By Device Type
| |
By Industry
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Frequently Asked Questions
Growing at a CAGR of 35.3%, the market will exhibit steady growth in the forecast period of 2023-2030.
Benefits of VR in education to boost the market growth.
Simulanis Solutions Private Limited, Google LLC (Alphabet Inc.), Microsoft Corporation, Immertive Pvt. Ltd., Absentia Virtual Reality Pvt Ltd., Smartvizs Pvt. Ltd., Xenium Digital, Sony Interactive Entertainment LLC, Samsung Electronics Co., Ltd. and Nvidia Corporation are the major players in the market.
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