India has seen 170 AR/VR startups rise in the past few years. The AR/VR market there is expected to grow at a compound annual growth rate (CAGR) of 76 percent over the next five years. AR/VR has impacted various industries in the country, such as consumer goods, retail, real estate, and automotives.
But despite its potential, there are still some major issues that need to be addressed. Let’s take a deeper look.
Positive trends
The key drivers of AR/VR adoption in India are the advent of 4G technology and high-speed communication combined with the increasing number of smartphone users. Local mobile network operator Reliance Jio has made 4G accessible to the rural population, while the number of smartphone users in India (160 million currently) is expected to surpass that of the US in two years.
Currently, India is swamped with VR gadgets (e.g. Oculus, Samsung Gear VR, Sony PlayStation VR, etc.) with decreasing prices. A developing interest for VR gear among mobile users, the availability of entry-level VR headsets in the market, and push from mobile device makers have become instrumental in boosting the VR market in India.
Various concerns
Despite the stars aligning for the Indian VR market, there are still various concerns. India still lags behind its more developed counterparts like China, the US, and Japan.
In China, the government backs VR development with the president recognizing the technology’s contribution toward an “innovative world economy.” The US is expected to be the top spender in AR/VR in the coming years.
While the AR/VR industry in India is seeing adoption, infrastructure is still lacking, and consumer/investor perception needs to change.
As mentioned earlier, 4G services have only recently taken off in the country, and account for only 12 percent of total mobile subscriptions in 2017 (though it is expected to rise to 60 percent by 2023).
In the short term, these might be the most crucial challenges to tackle.
This is an excerpt from the article published on TechInAsia. You can read the full article here
This is an excerpt from the article published on TechInAsia. You can read the full article here
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