Government Initiatives Driving the Virtual Reality Market in India
According to a new report published by Research On Global Markets, the virtual reality market in India is poised for considerable expansion during the forecasted period of 2018-2023, driven mainly by several development programs initiated by the government.
The growing adoption of virtual reality (VR) in industries like automotive, medical, aerospace and defense, gaming, retail, education, and entertainment are being driven by the benefits offered by VR in terms of training, conferencing, and communication. In India, the rate of adoption of innovative VR applications such as a head-up display and head-mounted display is rising, leading to considerable growth in the Indian virtual reality industry.
According to the report, the Indian VR market accumulated funds worth INR 7.04 Bn in 2013. However, the funding for virtual reality applications got a shot in the arm in 2017, when the market generated a whopping INR 122.44 Bn in funds, suggesting a compound annual growth rate (CAGR) of 104.24% during the 2013-2017 period. There seems to be no slowing down of this trend as the market is expected to generate more funds during the forecasted period.
The strong outlook on the virtual reality market in India is primarily based on the several government initiatives focused on virtual reality applications. Organizations like IDG Ventures India (IDGVI) and Axilor Ventures are collaborating for the development of the VR market in India with the help of investments through Frontier Tech Innovators Program. Thanks to such initiatives, various kinds of VR equipment have become easily accessible and affordable for Indians, thus driving the growth of the market. Moreover, owing to extensive use of VR applications in multiple industries is also driving the growth of this market, according to Research On Global Markets.
The report published by Research On Global Markets also tracks the performance and the profiles of some of the major players in the Indian virtual reality space like IndiaNIC Infotech Limited, Juego Studio Private Limited, Meraki Virtual Reality Studio, Merxius Software Private Limited, Quy Technology Private Limited, SmartVizx Private Limited, Tata Elixsi, Xenium Digital Private Limited, Yudiz Solution Private Limited, and Zatun, among others.
Key highlights of the report –
- Comprehensive analysis of the global virtual reality market - Market size and growth forecast – value-wise (2017-2023e) and country-wise implementation
- Virtual reality market in India – market overview
- Virtual reality market funding scenario (2013-2017)
- Key trends of the market
- Virtual reality market applications – medical, automotive, defense & aerospace
- Key growth drivers of the market
- Key deterrents to the growth of the market
- Analysis of the competitive landscape of the virtual reality market in India
Check out the Research on Global Markets report featured in this article:
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for virtual reality applications in India to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.