India Virtual Reality Market Size was valued at USD 0.5 Billion in 2022. The virtual reality market industry is projected to grow from USD 0.71 Billion in 2023 to USD 10.715 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 40.20% during the forecast period (2024 - 2032). Some of the key market drivers are the expanding applications in medical and healthcare training that enable surgeons to practice difficult procedures, the growing demand in the gaming and entertainment sector, and technological advancements in virtual reality.
Figure1: India Virtual Reality Market, 2018 - 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
With virtual reality (VR) solutions, patients and medical personnel can engage in individualized simulated settings for medical education. This includes training in pain management and rehabilitation through simulative surgery. In India, virtual reality therapy and assistance are being offered to people suffering from mental health issues like depression and post-traumatic stress disorder. In addition to virtual reality-based relaxation and medication strategies being utilized to assist in lowering stress and enhance overall well-being, patients are now using VR exposure therapy to help them conquer their fears and worries. For instance, leading Indian medical institutions have adopted Cognihab, a provider of virtual reality solutions for healthcare, as a means of enhancing the patient experience and seeing significant returns in helping patients manage their pain.
In India, virtual reality (VR) is being used as an educational tool to give pupils a more engaging and dynamic learning environment. This is particularly true for geography, science, and history. Because they are more dedicated to active learning, students are less likely to become sidetracked. Furthermore, students can explore a better learning experience that is not feasible in a traditional or even online learning system by using virtual environments to illustrate a difficult model completely. For instance, the inexpensive XR controller created by Indian business TechXR Innovations is the key to the metaverse for the country's common people. For students from rural locations, the device can be a crucial component in making technology inexpensive and available. Thus, driving the virtual reality market revenue.
The India Virtual Reality market segmentation, based on device type, includes Head Mounted Devices (HMD), VR Glasses, Treadmills & Haptic Gloves, VR Simulator, and Others (Controllers, Cardboard, etc.). The head mounted devices (HMD) segment dominated the market mostly. The market for virtual reality is being driven by its increasing use in both consumer and commercial applications. The availability of a variety of HMD types, including tethered, hybrid, and wireless HMDs, is credited with the segment's rise. Using interactive features, the HMD devices are used to demonstrate a wide range of use cases and provide training in a variety of industries, including research, aerospace, engineering, military, and medicine.
Figure 1: India Virtual Reality Market, by Device Type, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The India Virtual Reality market segmentation, based on industry, includes Gaming, Automotive, Entertainment, Retail, Education, Aerospace & Defense, Healthcare, Manufacturing, and Others (Real Estate, Travel & Tourism, etc.). The healthcare category generated the most income. This explains the application of virtual reality in the healthcare sector, especially in the areas of operating operations, learning, and training, as well as disease awareness. The requirement for the segment is expected to grow as more hospitals and medical schools use VR solutions and technology to train professionals and students. The trend toward complicated surgeries and remote surgeries is also expected to support the market's growth.
India's VR market demand is anticipated to grow steadily as a result of the military and defense sector's growing use of VR technology. In order to improve military training and simulation programs and equip their armed forces for a variety of eventualities, this nation is actively collaborating with local VR companies, which is fueling the market's expansion. For instance, in 2022, the Indian military partnered with AjnaLens, a VR firm. The Indian military will deploy Ajnalens VR headsets as part of this collaboration for a variety of activities, including mental resilience training, immersive combat training, and equipment familiarization. Additionally, the market is expanding due to the increasing use of VR technology in theme parks and other tourist attractions throughout India, which allows visitors to have engaging and immersive experiences. The nation's adoption of VR technology is also rising as a result of encouraging initiatives from the government and other related organizations, like financing and investments to support VR companies.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the virtual reality market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the virtual reality industry must offer cost-effective items.
Major players in the virtual reality market are attempting to increase market demand by investing in research and development operations, including Samsung Electronics Co., Ltd. (South Korea), Smartvizs Pvt. Ltd. (India), Sony Interactive Entertainment LLC (Japan), Microsoft Corporation (U.S.), Immertive Pvt. Ltd. (India), Google LLC (Alphabet Inc.) (U.S.), Absentia Virtual Reality Pvt Ltd. (India), Xenium Digital (India), Simulanis Solutions Private Limited (India), and Nvidia Corporation (U.S.).
January 2023: HTC revealed the VIVE XR Elite, an all-in-one VR headset that combines interactive mixed reality (MR) components with the immersive qualities of virtual reality (VR). This adaptable gadget expands the possibilities for XR experiences and is suitable for a variety of uses, including productivity, gaming, and fitness.
April 2022: In New Delhi, Pradhan Mantri Sangrahalay was inaugurated by India's Prime Minister, Mr. Narendra Modi. At an estimated cost of USD 40 million, Tagbin, an Indian startup, and other technological partners digitalized the museum by utilizing technologies like Augmented Reality (AR) and VR.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.5 Billion |
| Market Size 2023 | USD 0.71 Billion |
| Market Size 2032 | USD 10.715 Billion |
| Compound Annual Growth Rate (CAGR) | 40.20% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Device Type, Industry, and Region |
| Countries Covered | India |
| Key Companies Profiled | Samsung Electronics Co., Ltd. (South Korea), Smartvizs Pvt. Ltd. (India), Sony Interactive Entertainment LLC (Japan), Microsoft Corporation (U.S.), Immertive Pvt. Ltd. (India), Google LLC (Alphabet Inc.) (U.S.), Absentia Virtual Reality Pvt Ltd. (India), Xenium Digital (India), Simulanis Solutions Private Limited (India), and Nvidia Corporation (U.S.) |
| Key Market Opportunities | ·        Increasing advantages of virtual reality in education |
| Key Market Dynamics | ·        Rising number of end users in the sector ·        Increasing quantity of small and medium-sized businesses |
Frequently Asked Questions (FAQ) :
The India Virtual Reality market size was valued at USD 0.71 Billion in 2023.
The market is projected to grow at a CAGR of 40.20% during the forecast period, 2024-2032.
The key players in the market are Samsung Electronics Co., Ltd. (South Korea), Smartvizs Pvt. Ltd. (India), Sony Interactive Entertainment LLC (Japan), Microsoft Corporation (U.S.), Immertive Pvt. Ltd. (India), Google LLC (Alphabet Inc.) (U.S.), Absentia Virtual Reality Pvt Ltd. (India), Xenium Digital (India), Simulanis Solutions Private Limited (India), and Nvidia Corporation (U.S.), among others.
The head mounted devices (HMD) category dominated the market in 2023.
The healthcare category had the largest share of the market.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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