Lumikai Founding General Partner, Salone Sehgal, shares insights on the future of immersive AR/VR in India in her recent LiveMint Lounge opinion piece.
Here are some interesting insights penned by Salone:
- The global AR & VR market is set to reach $38.6 billion by 2024, growing at a remarkable 10% CAGR.
- The global influence of AR/VR is extending to improve surgical outcomes, provide safety training to heavy machinery operators, train Formula 1 drivers, provide immersive gaming experiences, for urban planning, and many other applications.
- Some of audience favourite movies are being made using this technology - think James Cameron’s Avatar.
- Despite the bulky tech, AR/VR based games are seeing green shoots. Popular examples are Niantic’s Pokemon Go with $5Bn in revenues, and more recently, The Walking Dead VR game having crossed $100M in revenue.
- Beyond entertainment, Indian startups like AutoVRse are using VR for safety training in heavy industries, showcasing the vast potential of immersive tech.
- VR and AR are also transforming social interactions, creating global connections and virtual bonds through platforms like VRChat.
- The AVGC Promotion Task Force is a clear sign of support by the government for policies such as tax breaks for VR/AR development, talent-skilling programs, and infra development.
While challenges exist in this landscape, the future of the industry looks interactive, driven by innovation and growth.
Read more in Salone's article here.