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AR Software - India

India

The AR Software market in India is anticipated to witness a significant growth in revenue, with a projected value of US$237.0m by 2024.
This growth is expected to continue at an annual growth rate (CAGR 2024-2028) of 8.80%, resulting in a projected market volume of US$332.1m by 2028.
The United States is currently the largest revenue generator in the AR Software market, with a projected market volume of US$3,945.0m by 2024.
However, in India is poised to make substantial progress in this market.
Furthermore, the number of users in the AR Software market is estimated to reach 742.3m users by 2028.
The user penetration rate is expected to increase from 42.1% in 2024 to 49.8% by 2028, indicating a growing adoption of AR Software market among the population.
In terms of revenue per user (ARPU), the average amount is projected to be US$0.4, showcasing the potential for monetization in the AR Software market.
India is experiencing a surge in demand for AR software, driven by the country's growing tech industry and increasing adoption of augmented reality technology.

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Analyst Opinion

The AR Software market in India is experiencing significant growth and development.

Customer preferences: Customers in India are increasingly adopting AR software for various purposes. They are attracted to the immersive and interactive experiences that AR provides, which enhances their overall engagement and enjoyment. Additionally, customers appreciate the convenience and ease of use that AR software offers, making it accessible to a wide range of users.

Trends in the market: One of the key trends in the AR Software market in India is the increasing demand from industries such as e-commerce, retail, and entertainment. These industries are leveraging AR technology to enhance their customer experiences, drive sales, and differentiate themselves from competitors. For example, e-commerce companies are using AR to allow customers to virtually try on clothing or visualize furniture in their homes before making a purchase. Similarly, entertainment companies are incorporating AR into their games and experiences to create more immersive and interactive content. Another trend in the market is the growing popularity of AR-based education and training solutions. With the advancement of technology, educational institutions and corporates are adopting AR software to enhance learning experiences and improve training effectiveness. AR allows for interactive and visual learning, making complex concepts easier to understand and retain. It also provides a safe and cost-effective way to simulate real-world scenarios for training purposes.

Local special circumstances: India has a large and growing tech-savvy population, which is driving the demand for AR software. The country is experiencing rapid digital transformation, with increasing internet penetration and smartphone usage. This has created a favorable environment for the adoption of AR technology. Additionally, the Indian government's initiatives to promote digital innovation and entrepreneurship are further fueling the growth of the AR Software market.

Underlying macroeconomic factors: India's strong economic growth and rising disposable incomes are contributing to the growth of the AR Software market. As people have more purchasing power, they are willing to invest in new technologies and experiences. Furthermore, the increasing penetration of smartphones and affordable data plans is making AR software more accessible to a larger audience. In conclusion, the AR Software market in India is witnessing significant growth and development due to customer preferences for immersive and interactive experiences, the adoption of AR technology by various industries, the growing demand for AR-based education and training solutions, India's tech-savvy population, and the favorable macroeconomic factors.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on AR software revenue, which includes revenues related to in-app purchases as well as revenues from the purchase of social media, gaming, and eCommerce apps.

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:

The 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).