The report “Accelerating India’s Potential to Address the Global XR Opportunity.” Provides insights from industry leaders, government officials, venture firms, academia and innovators, painting a comprehensive picture of India’s readiness to lead in XR
Extended Reality (XR) is anticipated to be the next major shift in computing and is projected to contribute a staggering USD 1.35 trillion to global GDP. For India, XR is projected to add USD 240 billion to economy by 2030, which is equivalent to 5 per cent of the country’s GDP, according to a latest report.
The report by Treemouse-Blume Ventures, XR is going to bring a paradigm shift in the computing landscape.
The XR transition could also enable the emergence of an Indian company capable of building a global consumer application that will have mass adoption across the world, revealed the report supported by Meta.
“The future tech is being shaped by immersive technologies like XR, and India is leading the way in exploring its potential to transform user experiences and open new channels for customer engagement for businesses. The adoption of XR will reiterate India’s position as an innovation powerhouse for transformative technologies,” said Manohar Hotchandani, Director, Reality Labs Partnership India, Meta.
The report surmised that India has a substantial pool of over five million skilled technology professionals that can be better leveraged in the XR industry. But 70 per cent of XR firms in India are seeking funding support and believe it is hard to access.
Joseph Sebastian, AVP at Blume Ventures, noted, “Historically, India has steadily moved up the value chain at every major paradigm shift of the computing platform. XR is poised to revolutionise industries, the time has come for India to embrace this paradigm shift and realize the full potential of its technology capability.”
Source: Treemouse-Blume Ventures XR Report
“We feel that the XR transition could enable the emergence of an Indian company building a global consumer application that will have mass adoption across the world. Thus, symbolising India’s ability to move up to the top of the value chain,” he added.
Wanda Parisien is a computing expert who navigates the vast landscape of hardware and software. With a focus on computer technology, software development, and industry trends, Wanda delivers informative content, tutorials, and analyses to keep readers updated on the latest in the world of computing.
