VIRTUAL REALITY WILL DISRUPT THE INDIAN MARKET WITH TECHNOLOGICAL DISRUPTION
In the last few years around 170 startups have emerged in the virtual reality space in India. By 2020 the most prominent markets for the virtual reality (VR) technologies would be healthcare, manufacturing and entertainment. Apart from being a vertical itself, the virtual reality market in India is also used in other businesses. It seems just like the other day when the Alive app was launched that transformed photos into short video clips. This was the first milestone in the augmented reality space, with virtual reality not being far behind. Since then there have been several growth areas with virtual reality market estimated to be pegged at USD 153 Bn by 2020.
The virtual reality market in India is at a nascent stage and is slated to grow at CAGR 76% in the next five years. Games like Pokemon Go has popularized augmented reality in the entertainment sector. Application of virtual reality is visible in video games, live events, real estate, retail, video entertainment, education, engineering and defense. Virtual reality is going to bring radical changes in different industries.
Disrupting different industries
By adding a whole new dimension to reality, virtual reality will solve all sorts of challenges for different industries:
- Merxius Software has enabled people to study the engine of an airplane virtually. Using the technology of Extended Reality, engineering education was propelled massively. Similar technological principles are applied for studying anatomy in the healthcare sector. Applying VR has developed the study of anatomy greatly.
- Startups like Imaginate Software Labs is using VR technology to come up with enterprise solutions like virtual trial rooms that can be used by e-commerce players to tap into the USD 200 Bn e-commerce market in India.
- LoopReality is a startup that has come up with solutions that is causing disruption in different industries. LoopReality’s solution helps assess a potential employee’s strengths and weaknesses under various stress conditions, by virtually putting them in different environments and having them ‘play’ their game. Unlike a pen and paper assessment, this solution can accurately report on a person’s physiological and psychological responses.
The right time for virtual market in India
With the telecom industry being disrupted with the advent of 4G, VR is becoming so pervasive that the ground reality of what a common man could achieve is going beyond one’s imagination. India ranks third globally for technology-driven product startups. As per the NASSCOM 2017 startup report, the startup base is around 5200 tech-based startups with 7% growth YoY. Of them 28% are health tech, 31% are fintech and 13% e-commerce/aggregators. The one thing that all these startups will have in common is how they will be driven by AR/VR technology.
India is currently at the stage of solving pressing problems, in an entirely fascinating way. The future is bright, not just for the economy but also for new inventions. The definition of innovation and disruption in India’s startup ecosystem may well see a significant shift as businesses that focus on technology-driven consumer models attract substantial investor dollars.