India Augmented Reality and Virtual Reality Market Set to Grow at CAGR 55% Till 2021: TechSci Research Report
NEW YORK, July 12, 2016 /PRNewswire/ --
Increasing Adoption of Head-Mounted Display in Gaming Industry and Defense Aircraft to Drive India Augmented Reality and Virtual Reality Market Through 2021
According to recently released TechSci Research report, "India Augmented Reality and Virtual Reality Market By Product Type, By End-user, Competition Forecast and Opportunities, 2011 - 2021", augmented reality (AR) and virtual reality (VR)market in India is projected to register a CAGR of 55.3% during 2016 - 2021. Rising adoption of AR & VR based products such as head-up display, head-mounted display, etc., among various end users including defense, automotive, consumer electronics, etc., is anticipated to drive the growth in the country's AR & VR market over the next five years. In addition, a rising number of consumer electronics applications such as gaming, entertainment, etc. are witnessing increasing adoption of AR & VR devices in the country.
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Browse 16 market data Tables and 40 Figures spread through 111 Pages and an in-depth TOC on "India Augmented Reality and Virtual Reality Market"
Among various AR & VR technology based products, head-mounted display (HMD) accounted for the largest revenue share in the country in 2015. On account of rising adoption of HMD products in various applications as well as new products, head-mounted displays segment is anticipated to continue its dominance during the forecast period. Moreover, continuing growth in the country's gaming industry is expected to boost demand for HMDs over the course of next five years. In 2015, gaming market in India was over US$ 501 million and it is forecast to cross US$ 792 million in value terms by 2021.
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In 2015, defense industry was the largest end-user of AR & VR products on account of increasing use of head-mounted display for training purpose, and of head-up displays for displaying information such as aircraft speed, altitude, horizon line, etc. Rising defense budget of the country is expected to further boost adoption of AR & VR based products over the next five years. "Rising usage of augmented realty in pico projectors, coupled with growing adoption of virtual & augmented reality in gaming, defense and education & training is likely to drive the market during 2016-21. In addition, rising applications of VR in e-commerce industry and increasing sales of AR embedded luxury cars is anticipated to augment demand for AR & VR based products and technology in the country during forecast period.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Augmented Reality and Virtual Reality Market By Product Type, By End-user, Competition Forecast and Opportunities, 2011 - 2021" has evaluated the future growth potential of India augmented reality and virtual reality market and provides statistics & information on market structure, consumer behavior and trends. The report is intended to provide cutting-edge market intelligence and help decision makers in sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in India AR & VR market.
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