These technologies were mostly utilized in the gaming industry, but lately many other industries like healthcare, education, retail, have been looking at other uses for Virtual Reality and Augmented Reality. If we talk about virtual Reality industry statistics, it is expected to grow more than $12 billion by 2024 and According to Grandview Research, the worldwide AR market is expected to expand around 43.8% by 2028.
According to Research and Markets, the total market size of AR/VR in India is expected to advance at a CAGR of 38.29% to US$ 14.07 billion by 2027, driven by increased smartphone penetration and widespread internet connectivity, and this trend is expected to continue. As of 2021, India had 1.2 billion mobile subscribers, of which 750 million were smartphone users. Most of the young population in Tier 2 and Tier 3 cities have high tech literacy, which has enabled companies/app providers to offer AR-based experiences. AR/VR technology is widely used in retail, education, gaming, and healthcare. Usage of AR/VR headsets has increased in the consumer segment due to the lower cost of wearables. The hardware segment dominated India’s AR and VR segment with 71% share.
Future of technology in Israel is virtual reality particularly, a popular, though at times hotly debated subject. Companies such as Meta are dedicating increasingly significant amounts of time and money toward the research and development of virtual reality products, and the VR market is predicted to be worth $87 billion by 2030. Despite its anticipated upward trajectory, there has also been some concern over potential negative effects that certain facets of the industry may present.
A revolutionary Israeli development is bridging the gap between virtual reality and real-world social interaction. The entertainment multiverse complex XSPACE opened on the exhibition grounds of the Tel Aviv Expo Center on August 4, and plans for future locations around the world are already in the works. The experience is designed to bring together technology, art and animation in a completely immersive, headset-free environment. Upon entry, visitors receive a souvenir smart bracelet and undergo a scan to create a personalized avatar.
Relevant companies, interested to learn more on Israel innovative technology on AR/VR, please contact the Trade and Economic Department at the Israeli Consulate General in Bengaluru.
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