$6.5 Billion Mixed Reality Industry Boom in India by 2022
We live in an advanced digitization phase of the global marketplace where new technologies are being continuously developed. These technologies are redefining companies’ working ecosystem and how we, as humans, are interacting with digital media on a day-to-day basis.
One such technology is extended reality or XR, which disrupts the real and virtual environments around us and combines them to elevate the way we consume entertainment, play games, shop online and boost our productivity at work.
Extended reality is an umbrella technology which is composed of augmented reality (AR), virtual reality (VR) and mixed reality (MR). Augmented reality (AR) is an extended experience of a real-world environment enhanced by computer-generated information across various sensory modalities like visual, auditory, haptic, somatosensory, and olfactory. The overlaid information can be constructive (additive to the environment) or destructive (replaces the natural environment). Virtual reality can be defined as a computer-generated simulated experience wherein the user can interact in an artificial 3D environment with electronic devices like a headset with a controller fitted with sensors. Mixed reality or (MR) is an extension of augmented reality where the physical and digital objects can co-exist and interact in real-time in your real environment.
With the launch of 5G and the rise in mobile computing, there has been a spiral growth in the demand for AI (artificial intelligence) and XR-based platforms with Asia-Pacific being the fastest-growing market. In India, the XR spending in 2022 is estimated to be USD 6.5 billion, from USD 2 billion in 2020 owing to market penetration, which is almost double in two years. Follow us for more updates.
The demand for immersive technology is directly proportional to the growth of AI and IoT. XR caters to creative problem solving to improve efficiency and increase productivity while enhancing the customer experience. The XR hardware aims to create a virtual environment without boundaries. These technologies have proven results in increasing user knowledge and information. It allows one to share experiences with people over long distances in real-time and enables data to be accessed in a situation-based context, thereby creating boundless opportunities. Given its vast potential, XR can be applied to a profusion of industries.
With the potential to deliver immersive experiences, companies have started creating solutions to which the laws of distance don’t apply. For example, the online shopping experience will significantly be enhanced as buyers will virtually see a hologram of the product they want to buy, giving them an authentic feel.
Jio Tesseract and Reliance Jio, India’s largest telecom company, are set to launch JioGlass this year. It’s an AR innovation that offers mixed reality solutions that allow the user to create a 3D hologram of any object in their atmosphere, aiming to revamp the user experience in digital media consumption. It comes loaded with an inbuilt spatial audio system that can be easily connected to a phone. The image projected will give the user a sense that they are in a theatre at their home’s comfort.
At Jio Tesseract, we are working towards enhancing and developing products, aiming to disrupt the global mixed reality market. Our Developer Program allows creators to build for the XR hardware and reach the most extensive user base in India, including the 5G network launched by Jio. We also have our in-built MR cloud for data computing that comes bundled with the JioGlass Appstore. Both technology and devices are constantly evolving. Owning to regular R&D, the technologies are becoming cheaper and more accessible to the common man. And we are here to make it into a reality.
We’re looking to collaborate with developers to join us in our mission to democratize Mixed Reality in India. Join the JioGlass Developers Program today.
Sign up for the #JioGlass Developers Program Here! 👉 Click Here
