India Start-ups and Investor Intelligenc...
Posted in Information Technology by Adolf on Aug 31,2021 1860
With advanced technology it has now become possible for our imagination or the things that we may visualise to become a reality in the near future. Working for a company that specializes in electronic gadgets has its own perks, especially when I have had quite a number of opportunities to visit sci-fi fairs or live events. No matter how many times I may have been to such shows, the child in me always gets super excited just by looking at the augmented reality and virtual reality displays.
Over the years, there have been numerous companies trying, succeeding or failing in getting imaginary thoughts to reality. Since the rise innovative technology and smart phones, many companies such as Google, Samsung, and Microsoft have started developing their own VR devices. These are basically created to offer the user a larger than life digital experience and interact in a simulated environment.
So what exactly are Virtual Reality (VR) and Augmented Reality (AR)?
Virtual Reality may feel like a latest innovation, however the technology has been in use for many years. With the help of sensory gears such as headsets and gloves, Virtual Reality creates a computer generated simulation environment, wherein a user’s view is covered and replaced entirely. They feel as if they are moving around an alternate realm. Besides the early adopters in gaming and tourism, the immersive experience of VR has been used for a wide variety of applications, right from medicine to marketing, flight simulation and training.
On the other hand, Augmented Reality (AR) inserts digital features or images to a live scene by using common hardware such as smart phones. Instead of building a virtual domain, AR adds the computer-generated characters over physical surfaces in the real world.
India’s Move towards Digital Transformation
India Augmented Reality and Virtual Reality Market stood at US$1.83 billion in FY2020 is forecast to grow at a CAGR of 38.29% until FY2027. Growth in the India 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 India Augmented Reality and Virtual Reality Market.
Head Mounted Display (HMD) dominated the market in FY2020 with 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 India Augmented Reality and Virtual Reality Market.
Some of the major players in the India 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. among others. 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.
The future is here and is making an evolution with every step. After all, who would not like to break from reality and live the imaginary world or bring the imaginary to the real world? It is no doubt that both AR and VR offer a state-of-the-art experience to the customers that is appealing and interactive. Companies are looking for novel and artistic methods to reach potential consumers, by making AR and VR an exciting part of their journeys.