New Delhi – In a significant endeavor to chart the course for India in the global Extended Reality market, Treemouse, a global consultancy and Blume Ventures, one of India’s largest early stage venture funds, have released a report, “Accelerating India’s Potential to Address the Global XR Opportunity.” The initiative has been supported by Meta.
Extended Reality (XR) marks the next major shift in computing, and is projected to contribute a staggering $1.35 trillion to global GDP1. For India, XR is a game changer, projected to add $240 billion to its economy by 2030, accounting for 5% of its GDP2. The report brings together insights from industry leaders, government officials, venture firms, academia, and innovators, painting a comprehensive picture of India’s readiness to lead in XR.
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 revolutionize industries, the time has come for India to embrace this paradigm shift and realize the full potential of its technology capability. 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 symbolizing India’s ability to move up to the top of the value chain”
Nishita Gill, Founder of Treemouse, commented, “There will always be an initial resistance to new and emerging, futuristic technology. However, once that threshold is crossed, adoption becomes rapid and widespread. Our research suggests that XR is swiftly transitioning from a nascent to an emerging technology. Treemouse is actively collaborating with important players in India’s ecosystem to enhance global adoption pathways for it.”
Megha Dada Chawdhry, Partner for Emerging Technologies at Treemouse, added,
We’ve aimed to build a strategic blueprint for India’s XR journey. Our attempt has been to outline how India can transition to a global XR powerhouse, offering actionable insights for key ecosystem enablers during this transformative phase.”
“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. As technology continues to advance, the applications and benefits of XR are only going to expand further resulting in increased investments. The adoption of XR will reiterate India’s position as an innovation powerhouse for transformative technologies,” says Manohar Hotchandani, Director, Reality Labs Partnership India, Meta.
