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VR Software - India

India

In India, revenue in the VR Software market market is projected to reach €81.1m in 2024.
This revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 9.52%, leading to a projected market volume of €127.8m by 2029.
While the majority of revenue in the global VR Software market market is generated the United States, in India is also witnessing significant developments in this sector.
The number of users in the VR Software market market in India is expected to amount to 4.6m users by 2029.
User penetration in India will be 0.3% in 2024 and is projected to reach 0.3% by 2029.
Additionally, the average revenue per user (ARPU) in India is expected to amount to €21.6.
India's burgeoning tech ecosystem is increasingly embracing VR software, driving innovation and creating significant opportunities across industries such as education and entertainment.

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Analyst Opinion

The VR Software market in India is experiencing significant growth and development due to several factors. Customer preferences are shifting towards immersive and interactive experiences, driving the demand for VR software. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the expansion of the market.

Customer preferences: Customers in India are increasingly seeking immersive and interactive experiences, which is fueling the demand for VR software. The younger generation, in particular, is showing a strong interest in virtual reality technology. They are attracted to the ability to explore virtual worlds, play games, and engage in virtual social interactions. The demand for VR software is also being driven by industries such as entertainment, education, and healthcare, which are adopting virtual reality technology to enhance their offerings and provide unique experiences to their customers.

Trends in the market: One of the key trends in the VR software market in India is the increasing availability of affordable VR headsets. As the prices of VR devices continue to decrease, more consumers are able to access virtual reality experiences. This has led to a wider adoption of VR software and an increase in the number of VR applications and games available in the market. Furthermore, advancements in technology, such as improved graphics and motion tracking, are enhancing the overall VR experience and driving the demand for software that can fully utilize these capabilities.

Local special circumstances: India has a large and growing population of tech-savvy individuals, which provides a strong consumer base for VR software. The country's booming IT industry and the presence of major technology companies are also contributing to the development of the VR software market. These companies are investing in research and development to create innovative VR software solutions and are partnering with local startups to foster growth in the industry. Additionally, the Indian government's initiatives to promote digitalization and innovation are creating a favorable environment for the VR software market to thrive.

Underlying macroeconomic factors: India's growing economy and increasing disposable income levels are driving the demand for entertainment and leisure activities, including virtual reality experiences. As more people have the financial means to invest in VR hardware and software, the market is experiencing a surge in growth. Furthermore, the rapid expansion of the smartphone market in India is also contributing to the development of the VR software market. With a large number of consumers owning smartphones, there is a growing demand for VR applications that can be accessed through mobile devices. In conclusion, the VR Software market in India is witnessing significant growth and development due to shifting customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for immersive and interactive experiences, coupled with the availability of affordable VR headsets, is driving the adoption of VR software. India's tech-savvy population, booming IT industry, and government initiatives are also contributing to the expansion of the market. As the economy continues to grow and disposable income levels increase, the VR software market in India is expected to further flourish in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on VR software revenue, which includes revenues from video games and VR videos consumed via stand-alone or tethered units.

Modeling approach / market size:

The market size is determined through a top-down approach. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and historical developments.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.

Additional notes:

F2The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).