The sources provide an overview of the virtual reality (VR) and augmented reality (AR) landscape in India, including opportunities, challenges, and future outlooks. Here is a summary of the key points: Market Growth & Potential:
- The Indian VR market is experiencing substantial growth and is projected to expand at a compound annual growth rate (CAGR) of around 35% between 2023 and 2030.
- This growth is driven by increasing consumer and enterprise demand, local innovation, and the global uptrend in immersive technologies.
- VR is finding applications across diverse sectors such as gaming, education, healthcare, real estate, and manufacturing.
- Specifically, VR has the potential to enhance learning experiences in education, provide realistic training in healthcare and other industries, offer virtual tourism, and transform real estate marketing.
- The gaming culture in India is also influencing the growth of XR technologies.
Local Innovation and Affordability
- Indian companies like Irusu are focusing on producing affordable VR headsets and accessories.
- These companies aim to bridge the gap between cutting-edge technology and everyday consumer use by emphasizing affordability and compatibility with smartphones.
- There is an increasing trend of homegrown content creation that leverages India’s rich cultural narratives.
- Some companies are creating platforms that will democratize how AR/VR experiences are created, viewed, and published.
- A company called XR Central is creating a DIY SaaS-based platform to enable anyone to create their own XR experiences that will run across devices.
