Virtual Reality Gaming in India: Current State and Future Prospects

Virtual Reality (VR) gaming in India is an emerging sector with significant potential, thriving within the nation's booming $1 billion gaming industry. As of 2022, the increasing affordability of VR headsets and growing smartphone integration are making VR gaming more accessible, despite challenges like high equipment costs and limited localized content. With a young, tech-savvy population driving demand, the VR gaming market in India is expected to experience a notable compound annual growth rate (CAGR) in the coming years, signaling a promising future for this innovative gaming experience.

Virtual Reality Gaming in India: Current State and Future Prospects

The Current State of VR Gaming in India

The Current State of VR Gaming in India is still in its early stages but shows significant potential. The availability of VR headsets, once a luxury, has become increasingly common, thanks to more affordable models and greater smartphone integration. However, VR gaming is yet to become mainstream, primarily due to the high costs of advanced VR systems and a lack of widespread awareness.

Top 5 Virtual Reality Games in India

Beat Saber: This rhythm game has become a global sensation and is equally popular in India. Players slice through flying blocks to the beat of the music, offering an immersive and energetic VR experience.

Half-Life: Alyx: A game that has set a new standard for VR in terms of storytelling and interactive environments. It's especially popular among Indian gamers who enjoy narrative-driven experiences.

Superhot VR: Known for its unique gameplay mechanics where time moves only when you move, this game has captivated Indian VR enthusiasts with its puzzle-like action sequences.

The Elder Scrolls V: Skyrim VR: Bringing the beloved open-world adventure to VR, Skyrim VR has found a dedicated following in India among those who enjoy exploring vast, fantastical landscapes.

Job Simulator: A humorous and entertaining simulation game that has gained popularity for its light-hearted approach and engaging VR interactions, making it a favorite among casual VR gamers in India.

Market Dynamics and User Base

The VR gaming market is a growing yet modest segment of the nation's $1 billion gaming industry. As of 2022, it's experiencing a notable upswing, particularly in urban areas with a young, tech-oriented user base. Market trends show an increased interest in immersive gaming, propelled by the COVID-19 pandemic, which saw a 30% rise in VR gaming sessions during lockdowns. While VR gaming's market share in India is still small compared to PC and mobile gaming, projections indicate significant growth in both market size and user engagement over the next five years. This trend underscores India's growing digital capabilities and its population's rising interest in advanced gaming technologies.

Technological Adoption and Infrastructure

Technological advancements play a critical role in the adoption of VR gaming. With increasing internet connectivity and the growing availability of affordable VR-compatible devices, the infrastructure needed for VR gaming is gradually taking shape in India. Tech startups and established players are beginning to explore VR gaming, contributing to the ecosystem with innovative solutions and localized content.

Challenges and Opportunities of Virtual Reality Gaming in India

High Cost of Equipment: One of the primary challenges for VR gaming in India is the high cost of VR headsets and supporting hardware. This price barrier makes it difficult for a larger audience to access VR gaming, limiting its mainstream adoption.

Limited Localized Content: There is a scarcity of VR content that caters specifically to the Indian market. The lack of culturally relevant and localized games limits the appeal of VR gaming to a broader Indian audience.

Infrastructure Requirements: VR gaming often requires high-end computing power and stable, high-speed internet, which can be a challenge in many parts of India. This infrastructural gap can hinder the seamless experience that VR gaming demands.

Emerging Market for Developers: This challenge doubles as an opportunity, as the beginning stage of VR gaming in India opens up for developers to innovate and create localized VR content. This could increase the growth of a homegrown VR gaming industry.

Rising Tech-Savvy Population: India's young and increasingly tech-savvy population presents a significant opportunity for VR gaming growth. As familiarity with technology increases and costs potentially decrease, there is a substantial market ready to embrace advanced VR gaming experiences.

The Future of VR Gaming in India

The future of VR gaming in India looks promising. With technological advancements, such as the development of wireless VR headsets and the integration of artificial intelligence for enhanced gaming experiences, the sector is poised for growth. The increasing investment in VR technology, both from domestic and international players, hints at a growing market with vast potential.

Virtual Reality (VR) gaming in India is at an exciting yet challenging phase. The main issues are the high costs and lack of games that appeal to Indian players. However, the growing interest from young, tech-friendly people and improvements in technology show promise for the future. As VR becomes more affordable and offers more relevant content, it's likely to become a big part of India's digital entertainment. The next few years will be key in shaping how VR gaming grows and changes the gaming scene in India.

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India's AR/VR Market

India's AR/VR Market

  • May 18, 2022, 11:50

Introduction Advanced technology is gaining prominence across the globe, especially after the pandemic. To keep pace with this trend, Indian companies have been adopting advanced technologies, such as Artificial Intelligence (AI), Big Data, Augmented Reality (AR) and Virtual Reality (VR), to improve efficiency and productivity. AR is a technology that superimposes an image onto the user's view of the natural world and enhances it with sound and touch. VR, on the other hand, refers to a computer-generated 3D environment that is fully digital. Complex things can be simplified by visualisation using both these technologies. A smart device and camera are required to experience AR, while VR is experienced through a proper VR headset. The global AR/VR market size stood at US$ 28 billion in 2021 and is projected to reach US$ 250 billion by 2028, according to Statista. In India, AR/VR adoption has grown across business verticals, expanding from US$ 0.34 billion in 2017 to US$ 1.83 billion in 2020 at a compounded annual growth rate (CAGR) of 75%.  

Overview of AR/VR Market in India 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 as of FY20.

Indian AR/VR Market Size (US$ Billion)

virtual reality gaming business plan in india

Role of AR/VR in Different Sectors The enterprise segment accounted for 72% of the AR/VR market as of 2020; the technology has found application in the automotive, oil & gas, logistics and healthcare sectors. AR/VR is most commonly used in the retail and gaming segment in the consumer space.

Education: Adoption of technology helps to make the learning process interactive and aids students in understanding concepts better through visual presentations. In India, Byju's is one of the edtech startups offering AR services. According to a report titled ‘Augmented and virtual reality in education’, the AR market in education is expected to reach US$ 5.3 billion in 2023.

Retailing: AR/VR is the future of retail as its adoption in the segment helps enhance customer experience; for example,  customers can now try a product before purchasing them. Retailers such as Myntra, IKEA, and Lenskart offer AR-based services, which enables customers to make informed decisions without even visiting the stores.

Healthcare: AR/VR is widely used in medical education, diagnostics, surgery and fitness. AR-powered diagnostics help contain the spread of the COVID virus and provide support during complex surgical procedures; these are some of the most important benefits of adopting AR/VR in healthcare.             

Gaming: AR/VR technology has revolutionised the gaming industry across the globe. According to International Data Corporation, AR/VR generated revenue of US$ 12 billion in 2020, which is projected to increase to US$ 72.8 billion in 2024. Currently, 80% of the revenue is contributed by the gaming industry.

AR/VR Startups in India Over the last few years, nearly 260 startups focusing on the  AR/VR segment have been operating in India. Some of these players are mentioned below:

Recent Trends AR/VR is rapidly changing how individuals experience a product. Businesses, governments, and allied agencies have come to realise the wide scope of AR/VR. Some of the key trends in the AR/VR space are as follows:

  • Microsoft and Volkswagen formed a partnership to bring AR to cars using Microsoft's HoloLens 2. The car dashboard can display a pedestrian warning at crosswalks and the temperature inside the car.
  • One of India's leading budget eyewear brands, MyValueVision.com, plans to open 100 franchise stores based on AI and AR/VR.
  • Krikey, an AR company, has launched Yatra, a new AR game in India in association with Reliance Jio.
  • BalaAatral Solutions, a Chennai-based startup operating in the gaming industry, has received grants worth US$ 0.41 million (Rs. 3 crore) from the Ministry of Defence to work on two defence startups challenges.
  • Flipkart launched “Flipkart Labs” to enhance the e-commerce experience through AR and non-fungible tokens.
  • Reliance Jio invested US$ 15 million in TWO, a Silicon Valley-based startup, focused on the AR/VR sector.
  • In April 2022, the Prime Minister of India, Mr. Narendra Modi, inaugurated Pradhan Mantri Sangrahalay (PM Museum) in New Delhi. Indian startup, Tagbin, along with other technology partners, digitised the museum at an estimated cost of US$ 40 million (Rs. 300 crore) by leveraging technologies such as AR/VR.

AR/VR Market to Witness Robust Growth The Indian AR/VR market is expected to witness a robust CAGR of 38% by 2027 through technological advances. Demand for AR/VR in the edtech, manufacturing, healthcare and retail sectors is high and can soon expand to sectors such as travel, hospitality and media & entertainment. There is potential for integration of technologies such as AI with AR/VR and AR-powered autonomous cars in future. Adopting 5G technology will strengthen the mobile network and increase data speed, accelerating the adoption of AR/VR. Accessing AR via web browsers apart from mobile devices could be another reality. In India, smartphone penetration was 54% in 2020 and is expected to reach 96% by 2040, further improving AR/VR-based technology accessibility.  

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virtual reality gaming business plan in india

Virtual Reality Gaming In India: The Future Of Immersive Experiences

Virtual reality is the future of Indian gaming, offering a more immersive and engaging experience that resonates with gamers across the country.

  • Previous Post

virtual reality gaming business plan in india

In the past few years, the gaming industry has gone through a massive transformation that has forever altered the way we enjoy digital entertainment. One of the key players in this transformation is Virtual Reality, a technology that has revolutionized the global gaming industry. And nowhere is the impact of VR more visible than in India. The growth of VR in Indian gaming is more than just a trend, it is a game-changer that is shaking up the very concept of interactive experiences and attracting a diverse and fast-growing gaming community.

One of the best things about VR gaming is that it allows you to feel like you’re there. You’re no longer just watching what’s happening around you; you’re part of the world. Whether you’re flying through the sky, having a heart-stopping battle, or solving complex puzzles, VR lets you immerse yourself in the lives of your avatars and live every thrilling moment as if you were there.

As a result of this increased immersion, gaming genres that have been stagnant for a long time are being revived. Take horror games, for example. Horror games are a genre that thrives on fear and suspense. In VR, the feeling of dread becomes very real as you find yourself in the middle of spine-tingling scenarios where every creaky door and ghostly shadow feels very real. The Indian gaming industry is one of the most diverse and eclectic in the world. Indian game developers have taken advantage of this to create narratives that connect with players. They are incorporating cultural and local folklore elements into VR experiences which are unique to India.

But like any big technology change, there are challenges and things to keep in mind. Even though the cost of VR gaming is going down, it can still be too expensive for some people in India. There are also technical issues like motion sickness and hardware that needs to be strong.

In all these issues, we’re seeing a big change. Gone are the days when VR experiences were limited to isolated, expensive setups. Now, “Free Roam VR” is changing all that. We’re seeing VR arcades popping up all over India. What’s more, this trend is attracting avid gamers as well as a wider audience looking for an immersive yet affordable social experience.

The beauty of these VR arcades lies in their inherent interactivity, which creates a lasting attraction that encourages players to return. Furthermore, the trajectory indicates an even more significant shift towards more advanced VR experiences, including large-scale gaming arenas and immersive open-world environments.

But it’s not just about gadgets – these new ideas open up a world where we can do amazing things and make amazing memories with our loved ones. Think of it as a two-way street – technology isn’t just changing the way we do things, it’s also making us stronger and more connected.

India’s gaming market is full of untapped potential, with a young and tech-savvy population. Generation Z, who are embracing technology into their lives, is on the verge of starting a gaming revolution.

In a rapidly growing country such as India, it is essential to bridge the gap between technological progress and accessibility. Providing access to essential hardware at reasonable prices, as well as a wide selection of engaging content, will be a key factor in integrating the metaverse into the vibrant gaming culture of India. As more businesses recognize the immense potential of India and invest in its rapidly growing gaming sector, the prospect of making metaverse gaming accessible and easily accessible is rapidly becoming a reality.

Credit: Express Computer

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AR & VR - India

  • The AR & VR market in India is projected to reach a revenue of ₹US$624.3m in 2023.
  • It is expected to experience an annual growth rate (CAGR 2023-2028) of 13.39%, resulting in a projected market volume of ₹US$1,170.0m by 2028.
  • Among the various segments, AR Software holds the largest market share, with a volume of ₹US$211.3m in 2023.
  • The United States is the leading revenue generator in this market, with a projected volume of ₹US$8,568.0m in 2023.
  • In terms of user base, the AR & VR market in India is expected to have approximately 1,275.0m users users by 2028.
  • The user penetration rate is predicted to be 65.8% in 2023 and is projected to increase to 85.5% by 2028.
  • The average revenue per user (ARPU) is estimated to be ₹US$0.7.
  • Please note that the revenue values mentioned above only account for B2C revenues.
  • Thus, it covers 0.00 of the total market (B2C & B2B) in India.
  • India is experiencing a surge in demand for AR & VR technology, with companies leveraging these immersive technologies to enhance customer experiences and drive innovation.

Definition:

Augmented reality (AR) and virtual reality (VR) make it possible to combine the real and virtual worlds. AR is generally accessed via mobile phones and primarily relies on lenses. AR effects can be created by using lenses in social media apps, for example. AR is also used for displaying digital 3D objects in our surroundings, e.g., in gaming or eCommerce apps. Meanwhile, VR technology allows users to dive into the virtual world, and, unlike AR technology, it requires a headset device which enables the creation of virtual worlds.

The AR & VR market consists of six different markets: AR Advertising, AR Hardware, AR Software, VR Advertising, VR Hardware, and VR Software. AR Advertising covers mobile advertising that is displayed in the most prominent social media apps. AR Hardware comprises AR headsets and glasses. AR Software is divided into three different application types, namely social media, gaming, and eCommerce applications, which can be accessed via the most prominent app stores. VR Advertising covers in-game advertising as well as advertising in VR videos. VR Hardware comprises both tethered head-mounted displays (HMDs) and stand-alone HMD headsets. Lastly, VR Software covers VR games and VR videos, which require headsets.

Additional information:

The market comprises revenues, users, average revenue per user, and penetration rates. Revenues are generated through in-app purchases, advertising spending, and consumer spending on apps, games, and hardware such as headsets or glasses. Sales channel data shows both online and offline revenues, which include VAT. The market only displays B2C revenues and users for the above-mentioned markets and markets; B2B and B2G revenues are not included. Additional definitions for each market can be found on the respective market pages. Market numbers for VR headsets are also featured in the Consumer Market Insights, namely in the Gaming Equipment market of the Consumer Electronics market. Unlike the VR Hardware market in the Advertising & Media Outlook, the Gaming Equipment market also covers smartphone VR devices. Key players in the market include companies such as Meta (Oculus VR), Microsoft (HoloLens), Snap Inc. with different lenses, and Nvidia, which offers computing hardware components. For more information on the data displayed, use the info button right next to the boxes.

  • AR headsets and glasses, such as HoloLens
  • VR headsets, such as Meta Quest
  • AR apps, such as Snapchat or Pokémon Go
  • VR games that can be accessed via distribution platforms such as Steam
  • Apps that can be accessed via iPhones and Android phones

out-of-scope

  • Cardboard VR headsets, such as Google VR
  • VR headsets for smartphones, such as Fiyapoo VR
  • Apps for Android phones that are solely available in stores such as Amazon Appstore and Microsoft Store
  • Apps available on other operating systems, such as Ubuntu
  • In-game subscriptions, such as Google Play Pass

AR & VR

  • AR Advertising
  • AR Software
  • AR Hardware
  • VR Advertising
  • VR Software
  • VR Hardware
  • Analyst Opinion

Market drivers:

Augmented Reality:

Virtual Reality:

  • Methodology

Data coverage:

Modeling approach / Market size:

Additional notes:

  • Global Comparison
  • Key Market Indicators

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Gaming: What to expect from the Indian gaming and e-sports industry in 2022

Gaming: What to expect from the Indian gaming and e-sports industry in 2022

  • In our last feature from the series where we crystal-gazed into 2022 and brought to you some key trends that will impact the industry, we speak to experts from the Indian gaming industry.
  • They share their thoughts of a few big trends that will dominate the industry in 2022.

Gaming: What to expect from the Indian gaming and e-sports industry in 2022

The Indian Augmented Reality and Virtual Reality Market stood at USD1.83 billion in FY2020 and is forecast to grow at a CAGR of 38.29% until FY2027.

Growth in the Indian Augmented Reality and Virtual Reality Market is driven by the accelerating digital transformation of the country. The availability of various VR devices, growing adoption of head-mounted displays (HMDs) in different industries, advancement of technologies and growing digitization, penetration of HMDs in gaming and entertainment sectors following COVID-19, and high investments in AR & VR market are the key factors driving the growth of Augmented Reality & Virtual Reality Market across the country.

Additionally, rise in adoption of technologically advanced solutions, increase in application areas among end-use industries, growing gaming industry all across the country with rising investments in AR and VR technologies in different fields and surge in penetration of smartphones in the emerging economies are expected to push the demand for AR & VR solutions in the forecast period.

Moreover, government initiatives are anticipated to propel the product demand in the forecast period and also act as a catalyst in the growth of the Indian Augmented Reality and Virtual Reality Market.

Based on product type, the market can be segmented into Head Mounted Display, Handheld Device Applications, Smart Glass and Head Up Display. Head Mounted Display (HMD) dominated the market in FY2020 with the market share of 35.84% on account of rising adoption of HMD products in various applications.

Moreover, continuous growth in the country's gaming and consoles industry is expected to boost the demand for HMDs in the upcoming period. Additionally, HMD devices are lightweight, portable, and affordable, providing opportunities in a variety of domains, such as healthcare and rehabilitation which is expected to foster the Indian Augmented Reality and Virtual Reality Market.

Based on organization size, the market can be divided into Small & Medium sized Enterprises and Large Enterprises. The Small & Medium Sized Enterprises dominated the market in FY2020 with a market share of 62.92% owing to their flexibility to make changes which leads them closer to the customers. Based on application, the market can be split into Enterprise and Consumer.

The Enterprise overshadowed the market in FY2020 with a market share of 72.03% owing to their easy mobilization of resources and easy transferability of shares along with the various possibilities for expansion. Based on end-user, the market can be divided into Consumer Electronics, Automotive, Healthcare, Manufacturing, Defense and Others. The Consumer Electronics outdid the market in FY2020 with a market share of 22.50% due to increased control and management of devices with improved device efficiency and potential energy savings.

On the basis of offering, the hardware segment dominated the Indian Augmented Reality and Virtual Reality Market with the largest market share of 71.28% in FY2020. This growth is due to the significant dip in the prices of AR and VR devices due to the large demand from gaming industry and easy availability of headsets across the country. On the basis of region, South India dominated the Indian Augmented Reality and Virtual Reality Market with a market share of 34.38% in 2020 owing to accelerated urbanization and digital transformation of the region.

Major companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and development of new innovative products.

Some of the major players in the Indian Augmented Reality and Virtual Reality Market include

  • Merxius Software Private Limited
  • Sony India Pvt. Ltd.
  • Imaginate Software Labs Pvt Ltd.
  • Samsung India Electronics Pvt. Ltd.
  • Tata Elxsi Limited
  • SmartVizx Private Limited
  • Northern MindTech LLP
  • Microsoft Corporation (I) Pvt. Ltd.
  • Google India Pvt. Ltd.
  • OnePlus Technology Co., Ltd.

Report Scope:

Years considered for this report:

  • Historical Years: FY2017-FY2020
  • Base Year: FY2021
  • Estimated Year: FY2022E
  • Forecast Period: FY2023F-FY2027F

India Augmented Reality and Virtual Reality Market, By Product Type:

  • Head Mounted Display
  • Handheld Device Applications
  • Smart Glass
  • Head Up Display

India Augmented Reality and Virtual Reality Market, By Organization Size:

  • Small & Medium sized Enterprises
  • Large Enterprises

India Augmented Reality and Virtual Reality Market, By offering:

India Augmented Reality and Virtual Reality Market, By Application:

India Augmented Reality and Virtual Reality Market, By End-User:

  • Consumer Electronics
  • Manufacturing

For more information about this report visit https://www.researchandmarkets.com/r/ox6r83

virtual reality gaming business plan in india

ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

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7 ways ar and vr will transform the indian gaming industry.

Apurv Modi

MD & Co-founder, ATechnos Group

Virtual or computer-generated features are superimposed on the real world in augmented reality. You may create your interior environment with a mobile device thanks to businesses. Simply choose your favourite item and check out how it fits in the available area. Virtual reality simulates the real world in order to create an immersive experience. Wearing a virtual reality headset gives consumers the impression that they are in another place.

AR and VR will achieve an upset on the planet and particularly in the web-based gaming area. Similar to sci-fi work out as expected, before long we’ll be engaging ourselves in this metaverse, on account of another connection point that VR and AR joined look set to give. As per Worldwide Information Company, AR/VR produced income of US$ 12 billion in 2020, which is projected to increase to US$ 72.8 billion in 2024. Presently, 80% of the income is contributed by the gaming business.

  • 3D to upgrade the experience
  • Constant connections
  • Far-off amusement with increased reality
  • Virtual rawness with computer-generated reality
  • More prominent potential for portable stages
  • AR and VR games mainstreaming
  • Better commitment

Expanded reality imitates counterfeit things in a genuine climate while VR establishes a fake climate to occupy. In expanded reality, 3D designs are utilized to superimpose PC-produced pictures over the client’s perspective on this present reality. This is conceivable on the grounds that PCs utilize sensors and calculations to decide the direction of a camera. The main differentiator between the two is that VR totally replaces or conceals your genuine world with a profoundly sensible fake climate while AR upgrades your ongoing reality by adding a PC-created picture on top of it.

These advances together assist to make a reasonable picture alongside sound and different sensations to offer a fanciful setting that animates a gamer’s actual presence in the climate. As such, they offer what you could call blended reality, in which this present reality and virtual universes consistently consolidate. At the point when games are implanted in genuine items, AR and VR make it conceivable to play, for instance, in a virtual historical centre, theatre, wilderness, or in the cricket arena.

Another component adding to the development of VR is that not normal for customary gaming, which expects players to be truly present in a similar room, VR offers limitless chances to be friendly. This empowers web-based gamers to associate with one another all the more normally and assemble better connections.

The Indian gaming industry has advanced from its unassuming starting points to break orientation and prudent hindrances and brings rose above the restrictions old enough to the table for something for everybody. India has one of the biggest youth populaces all over the planet and is soon on its way to turning into the world’s driving gaming objective. With such a gigantic chance to catch brand openness and customer devotion, the web-based computer game industry in India is ready for expanded reality (AR) and computer-generated reality (VR) applications.

As per research, presently, Asia Pacific overwhelms the worldwide VR gaming market with a 40% portion of worldwide income and is supposed to do as such for the following 5-7 years. Since web infiltration and openness are the development drivers of portable gaming, the 5G innovation rollout will additionally speed up the reception of AR/VR with its basically non-existent idleness and high data transmission.

5G empowered cell phones will additionally give areas of strength to youths from level two and three urban communities in India who are as of now taking up gaming as a full-time profession. Quicker downloads would mean quicker conveyance of existing encounters with the capacity to convey more complicated, enormous, and vivid universes to gamers. The internet-based industry is as of now anticipating cloud gaming and the effect of 5G on this innovation. Despite the fact that cloud gaming innovation is still in its earliest stages, it actually holds enormous potential in democratizing gaming and carrying it to the majority. The coming of 5G will guarantee a superior cloud gaming experience for gamers with the assistance of edge figuring which will likewise permit gamers without very good quality gaming frameworks or equipment to play the most recent AAA games.

An upsurge locally of gamers across India will empower game designers and narrators to chip away at more vivid and immersing gaming encounters.

Main concern

The potential for utilizing AR and VR to convey separated client encounters is enormous. Within a reasonable time frame, AR and VR will slowly change the showcasing scene from being an extravagance to a need for gaming organizations. Similarly, as consoles and screens reshaped how we cooperated with PCs, so this new connection point will be a ground-breaking move toward upsetting web-based gaming.

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Year Ender 2023: A Mixed Year for the Indian Gaming Industry Presently, the market size was INR 16,428 crore in FY23 and is expected to reach INR 33,243 crore in FY28. Being a rapidly evolving landscape, several trends and events shaped the booming sector in 2023

By Paromita Gupta • Dec 21, 2023

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

The gaming segment in India has seen remarkable growth over the years, and the year 2023 will go down as a significant year in the history books. With the second largest population in the world, 433 million of the 846 million internet users are gamers.

Presently, the market size was INR 16,428 crore in FY23 and is expected to reach INR 33,243 crore in FY28. Being a rapidly evolving landscape, several trends and events shaped the booming sector in 2023.

1. Dry Year for Real Money Gaming (RMG)

In July this year, the government decided to impose a tax of 28 per cent on online gaming, horse racing and casinos. In October, the tax was implemented in all Indian states. The decision was met with futile resistance from the real money gaming startups. Over 500+ layoffs occurred across several startups while a few shut down their operations. "This decision will wipe out the entire Indian gaming industry and lead to lakhs of job losses and the only people benefitting from this will be anti-national illegal offshore platforms," shared Roland Landers, CEO, The All India Gaming Federation.

2. Win-win for Esports

The year saw a big win for esports after it was officially recognized as a "multisports event" by the Government of India in December 2022. Esports made its debut at the Asian Games 2022 and the Olympic Esports Week took place in June. The Indian contingency representing at the international level left a big impression. "The announcement of the Esports World Cup is indeed a historic moment for the global Esports community. This tournament will serve as a catalyst for change and growth, both on the global Esports map and in India," shared Lokesh Suji, Director of the Esports Federation of India and Vice-President of the Asian Esports Federation.

3. Still a 'Mobile-first' country

A Lumikai report titled " Leveling up: State of India Gaming FY'23 " shared that over 50 per cent of internet users were gamers. "Mobile gaming content has been dominating the digital landscape in India for some time now and it continues to be the largest category. Driven by factors such as young demographic, increased high-speed internet penetration and surge in smartphone usage, mobile gaming is witnessing rising popularity and growth," shared Parth Chadha, CEO and Co-founder, STAN.

India is yet to fully leverage the console and PC segments of gaming. According to Niko Partners, 96.8 per cent of Indians play games on mobile devices.

4. International interest in the market

India is seeing a lot of attention from the overseas investors and developers. Recently, SCARA Gaming announced a partnership with DRUID Creative Gaming, Latin America's biggest gaming agency, to provide Gaming solutions for India. World's largest game publisher Tencent entered the Indian market for a second time with the launch of its game, Undawn.

"The influx of investments by financial investors as well as international game publishers is giving rise to a vibrant ecosystem of gaming companies that are propelling the industry forward at a rapid pace. Additionally, the diversification in game genres is a testament to the evolving preferences of Indian gamers, embracing everything from casual games to shooter and role-playing games," shared Ashwin Suresh, Founder, Loco.

5. Web3 optimism

In July, tech giant Google announced it was updating its Play Store policies to allow the integration of tokenized digital assets like non-fungible tokens (NFTs) into apps and games. Bharat Patel, chairman and director, Yudiz Solutions Ltd shared that this decision could contribute to the 33% CAGR of the NFT gaming market. The market size for Web3 gaming is expected to reach USD 133,228.2 million by 2033.

Features Writer with Entrepreneur India

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Video Game Industry: Statistics, Demographics and Trends in India

India’s video games industry is evolving at a rapid pace. It is home to one in 10 of the world’s gamers 1 and looks set to become one of the leading players in the global gaming market.

This blog uncovers the latest video game statistics, demographics and trends in India.

Read More: Global Video Game Industry: Statistics, Demographics, Trends

Video game industry statistics in India

So, how popular is gaming in India? Let’s take a look at the current state of the market and what is driving growth:

  • The number of gamers in India was about 365 million in 2020 and this is estimated to reach 510 million by 2022 2 . The Covid-19 pandemic had a major influence on video game industry growth in India as people have used gaming as escapism and entertainment.
  • India’s gaming industry was worth around 90 billion Indian rupees ($US 1.23 billion) in 2020 and this was predicted to grow at a CAGR of 26% to over 143 billion rupees (1.96 billion) by 2022 3 .
  • India is the fifth largest mobile gaming market in the world 4 due to the affordability of smartphones, some of the cheapest network data tariffs in the world and improving mobile internet speeds.
  • India is a mobile-first gaming market: 94% mobile, 9% PC and 4% console 5 . (There is an overlap in users across devices as some users play with more than one device.) Smartphones are more accessible than consoles and offer the flexibility of anytime/anywhere gaming.
  • Video game industry revenue in India generated by the mobile gaming market was projected to reach about $US405 million 6 by 2022 – up from about $US266 million in 2016.
  • It is anticipated that 44% of smartphone owners in India 7 will be playing games on their devices by 2022.
  • Spending on virtual purchases is considerably lower in India 8 ($US5-10 per person in 2021) compared to the global average ($US130-140 per person in 2020).
  • International video games are more popular in India than local options – Ludo King, developed by Gameton Technologies, is the only Indian game in the top 10 downloaded mobile games in India 9 .
  • Analysts predict that the video game industry will create over 40,000 job opportunities 10 in India by 2022 (up from around 25,000 in 2017).

Video game industry demographics

indian gamers

It is interesting to look at who plays video games (demographics) in India and why they are gaming to understand what is driving market growth.

A 2021 report by Inmobi – Everyone’s Gaming Among Us 11 – into the mobile gaming industry in India dispels the myth that all gamers are male teenagers. Here are the key findings:

  • 43% of respondents are female / 57% of respondents are male
  • Female gamers: 2% – 18-24 years old | 12% – 25-44 years old | 28% – aged 45+
  • Male gamers: 8% – 18-24 years old | 47% – 25-44 years old | 2% – aged 45+
  • All gamers: 10% – 18-24 years old | 59% – 25-44 years old | 31% – aged 45+

The Inmobi survey also looks at how often mobile gamers in India are playing on their devices:

  • 80% – committed gamers, playing every day
  • 11% – regular gamers, playing at least once a week
  • 9% – occasional gamers, playing once a month or less

The report gives the top reasons why different people play. Across all three types of gamers, relaxation and entertainment were cited as important motivators.

Committed gamers:

  • Entertainment/relaxation
  • To compete and win
  • To improve skills

Non-metro gamers (people living outside urban areas):

  • To fight boredom

Gen X gamers (aged 45+):

  • To connect with friends/family

Video game industry trends in India

Here are five trends that are influencing the future direction of gaming in India:

Global expansion

India’s gaming industry has not yet made its mark on the global stage for several reasons: low consumer spending on games, relatively low game design capabilities and a lack of government support. However, things are changing. According to a 2021 KPMG report on the Indian gaming market, there has been a recent rise in investment in the gaming sector 12 driven by the Covid-19 pandemic. This is likely to give Indian studios the resources to scale up and expand into the global games market.

Government involvement

As the gaming industry continues to experience rapid growth, the government is expected to get increasingly involved in facilitating and regulating the industry. Prime minister, Narendra Modi, already acknowledged the “huge potential in this area” 13 in 2020 when he called on the gaming industry to “lead the international digital gaming sector by developing games that are inspired from Indian culture and folk tales.” In order to promote the animation, visual effects, gaming and comic (AVGC) sector in India, the Ministry of Information and Broadcasting has recently formed a task force 14 to facilitate career pathways into gaming and create a world-leading talent pool. It will recommend a national curriculum framework for higher studies in these areas.

Potential of esports

Esports is set to experience rapid growth in India over the next three years. According to an EY report, the esports India market will quadruple in size to Rs 1,100 crore by 2025 15 . The Federation of Electronic Sports Associations India (FEAI) 16  will soon launch a policy paper outlining a framework for the development of esports in the country. The organization predicts that the growth in the esports will be fuelled by an electronic version of cricket – currently India’s most popular sport. Vaibhav Dange, founding president of FEAI, said: “Cricket presents a massive opportunity for growth of esports in Commonwealth nations. We are working closely with international bodies such as the British Esports Association. We want India to develop its own e-gaming ecosystem and compete at global tournaments with the best of the world.”

Virtual reality

Asia Pacific dominates the worldwide virtual reality (VR) gaming market, accounting for 40% of global revenue 17 . Within the region, India is predicted to experience strong demand for VR games over the coming years for several reasons:

  • Rapid advances in VR capabilities globally – key industry players like Sony, HP, Google, Meta and Apple are investing in it 18
  • Growing popularity of VR experiences and arcades (like Zero Latency 19 ) in major cities in India
  • Increased disposable income 20 to spend on entertainment
  • Rise of the experience economy – India’s young demographic (the median age in India is 28 years old 21 ) is more attracted to premium experiences rather than products.

As technology continues to develop and gamers seek more interactive experiences, the future of VR gaming in India looks assured.

Artificial intelligence

Artificial intelligence (AI) is starting to be embraced by Indian game developers 22 . From a player’s point of view, it offers better engagement, more interactive experiences and a personalized journey during the game. For developers, it is a way of collecting data to measure, predict and track player behavior and preferences. This information can then be used to further enhance player experience and encourage in-game spending. The future of gaming in India – as in other global markets – will no doubt involve AI. The technology behind it will allow the development of ever more immersive games and new ways of playing.

Specialist mental health resources for helping professionals

gaming disorder training

As the number of people playing video games in India continues to rise, so does the prevalence of problematic gaming. It is estimated that 3% of the world’s 3 billion gamers suffer from gaming disorder. To treat the growing number of people seeking support, helping professionals need access to specialist training to advance their knowledge and expertise.

INTENTA’s mental health resources, equip professionals with the skills and tools to help vulnerable players and their families find a healthier relationship with gaming. Discover evidence-based strategies to break down barriers and help your clients regain control of their gaming habits.

Find out more about our internationally-accredited Gaming Disorder Clinical Training today.

Footnote:  <sup>1</sup>

  • https://go.inmobi.net/hubfs/IND_2021_GamingReport/Everyones%20Gaming%20Among%20Us%20-%20InMobi%20Gaming%20Report%202021%20(India).pdf?utm_campaign=IND_2021_GamingReport&utm_medium=email&_hsenc=p2ANqtz-_idYgMvTS4H-pkeGHbfjlZjJKW2SeMpLaNKf5fQb2kCzhesxmvItrgQ41Gl_CKYROemS3zbcoi5LGXGE8MlliMHteiyw&_hsmi=116496121&utm_content=116496121&utm_source=hs_automation&hsCtaTracking=ec67aa2a-a702-41b7-9fc0-cf31e4b85c51%7C3265406f-82c2-4b11-849e-66af9f77c83c
  • https://www.statista.com/statistics/1064010/number-of-online-gamers-india/
  • https://www.ibef.org/download/Media-and-Entertainment-January-2021.pdf
  •  https://go.inmobi.net/hubfs/IND_2021_GamingReport/Everyones%20Gaming%20Among%20Us%20-%20InMobi%20Gaming%20Report%202021%20(India).pdf?utm_campaign=IND_2021_GamingReport&utm_medium=email&_hsenc=p2ANqtz-_idYgMvTS4H-pkeGHbfjlZjJKW2SeMpLaNKf5fQb2kCzhesxmvItrgQ41Gl_CKYROemS3zbcoi5LGXGE8MlliMHteiyw&_hsmi=116496121&utm_content=116496121&utm_source=hs_automation&hsCtaTracking=ec67aa2a-a702-41b7-9fc0-cf31e4b85c51%7C3265406f-82c2-4b11-849e-66af9f77c83c
  • https://assets.kpmg/content/dam/kpmg/in/pdf/2021/06/digital-mobile-casual-gaming-in-india.pdf
  • https://www.statista.com/statistics/739520/mobile-gaming-market-value-india/
  • https://www.statista.com/statistics/806168/india-number-of-employees-in-the-gaming-industry/
  • https://www.gamesindustry.biz/articles/2020-08-26-indias-prime-minister-appeals-for-games-based-on-indian-culture-and-folk-tales
  • https://www.livemint.com/news/india/govt-constitutes-animation-visual-effects-gaming-comics-promotion-task-force-11649397677464.html
  • https://economictimes.indiatimes.com/tech/tech-bytes/indias-esports-industry-set-to-quadruple-in-size-by-2025-ey-report/articleshow/83923785.cms?from=mdr
  • https://www.livemint.com/companies/news/esports-in-india-to-become-rs-1-100-cr-industry-by-fy25-feai-11646369386637.html
  • https://gaming.tfaktor.com/virtual-reality-gamings-future-in-the-indian-business-market/
  • https://www.outlookindia.com/website/story/feature-the-future-of-virtual-reality-gaming-in-indian-business-market/397231
  • https://www.indiatimes.com/technology/gaming/zerolatency-vr-gamezone-india-free-roam-arena-561718.html
  • https://tradingeconomics.com/india/disposable-personal-income
  • https://www.thehindu.com/opinion/lead/youth-can-be-a-clear-advantage-for-india/article30897179.ece

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Kaleidozone

  • Multi Player RPG
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Virtual reality entertainment business-a great opportunity.

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We have set up and helped to grow 16 VR game centres all over india. Discover how we can help you grow.

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M: 9952999302, 9500026200 E: [email protected]

12 Best Virtual Reality business opportunities in India

Virtual reality business | 1st june 2018 | 0 comments.

Best-VR-Business-Opportunities-in-India

Virtual Reality is hands down one of the most intriguing and futuristic technologies of today. There has never been so much at stake on a technology in the market and on its future prospects. One of the things that differentiate Virtual Reality is that it brings consumers’ interests and advanced technology together and that is something not all technologies are capable of. The other thing is that Virtual Reality manages to grab the global attention and cater to almost all the industries in the present and yet promises to evolve a great deal with a plan for the future.

Business opportunities in India are a lot like gambling where you either hit the jackpot or hit the ground. The former is absolutely possible when the necessary hard work is put in, provided the core idea of the business is creative and attention grabbing. Venturing into a business with Virtual Reality as the core idea is as good as a loaded gun, and it only needs to be pointed at the right direction to complete the rest of the task. Business opportunities with Virtual Reality are a blessing in disguise as you get to promote a futuristic and interesting technology while making a fortune on the sidelines.

The History of Virtual Reality (VR) This video takes you through the entire history of Virtual reality right from the year 1838 till date. It covers WHEATSTONE STEREOSCOPE, VIEW-MASTER, SENSORAMA, THE SWORD OF DAMOCLES, ASPEN MOVIE MAP, VIRTUALITY, SEGA VR, VIRTUAL BOY, GOOGLE STREET VIEW, GOOGLE CARDBOARD, SAMSUNG GEAR VR, OCULUS RIFT and HTC (Re) Vive Posted by Cricketfevr on Tuesday, May 15, 2018

The Indian Business Market  

The Indian market is huge and has always had place for multiple competitors of any domain. This is possible only in India as the consumer base is enormous and the diversity sure helps. Technology has been something that the Indians have been after for the last decade and they have mastered it and how. They have not only become the biggest consumers of technology but have also empowered themselves by mastering the craft of developing them.

We take this moment to bring to light, few start ups that have made their presence felt in the business world with Virtual Reality as the core idea and have developed programs in different field and different sectors of life to make it efficient, interactive and empowering.

Cricket Fevr

Cricket Fevr is a Chennai based Virtual Reality Company and is a flagship product of Kaleidozone. It is hands down one of the best Virtual Reality business opportunities in India as it brings together Virtual Reality and the country’s obsession, cricket. People have always enjoyed the game and what makes it even more interesting and loved is putting them in the middle of a live stadium with an audience, which Virtual Reality can do. This business idea has been a hotspot for fun lovers in the city and is played by people of all ages.

The business is what it is today because of the developers’ shared love for Virtual Reality and Cricket. The developers keep improvising on the software as they feel it is the best way to keep the customer happy with the game. It is a win-win situation to both cricket and Virtual Reality. People are encouraged to play the sport by giving them a taste of what it is, and Virtual Reality is being promoted through a very powerful and influential game.

The player wears a Virtual Reality headset which enables him to see and hear things as if he is in that moment; the audience cheering, the game play and every minute detail is rendered so perfectly that the player will not want to stop playing. The team is always looking for ways to make the experience better by doing constant research into Virtual Reality and puts out only the best for the customers to experience. This is one of the best Virtual Reality business opportunities in India.

SmartVizX is a top of the table start-up that is highly popular and funded the most compared to its counterparts. This start-up builds a variety of Virtual Reality solutions which are both interactive and attention grabbing across many platforms like mobile phones, tablets, laptops and others. It has had the honour of being awarded the ‘Start-up of The Week’ award by NASSCOM under the 10000 start-ups initiative among others.

This start-up has been the recipient of huge funding by Indian Angel Network and Stanford Angels and Entrepreneurs of $5,30,000. This is one of the best Virtual Reality business opportunities in India. The company is based in New Delhi, Mumbai, Dubai and Bangalore and is going the distance to step into the United States as well.

This start-up focuses on catering to the needs and requirements of the Architecture, Engineering and Construction industry. ARCH-VIZ is one of the many popular products that assist consumers to take a look at the property that they are investing in and get a clear idea as to how their property would look like at the stage of completion.

Crazy Facts about Virtual Reality(VR) Here is a list of some interesting facts about Virtual Reality(VR) which we may not be knowing otherwise. #VRfacts #crazyfactsaboutVR #CricketFeVR Posted by Cricketfevr on Tuesday, June 12, 2018

GreyKernel      

GreyKernel is a Virtual Reality start-up that was founded in 2015 and has made its way to the list of top Virtual Reality companies in India. This company, unlike many others has ambitions not only for them but also the society by means of Virtual Reality. It plans on bringing Virtual Reality to every common citizen and especially into sectors of education and make the entire learning process more comprehensive and efficient. This start-up has a team of 11-50 employees who are in Virtual Reality and Visualisation.

This start-up builds state-of-the-art Virtual Reality programs and gadgets which are mostly gaming content for the consumers, thus making business an even more easier and entertaining workspace. This way, they plan on bringing efficiency into the world of business and start-ups. This is one of the best Virtual Reality business opportunities in India.

GreyKernel has a unique catalogue of Virtual Reality games available of Android Play Store which can be experienced with IRA VR. The people at GreyKernel are experts at Virtual Reality and Augmented Reality ecosystem both on mobile and web platforms. GreyKernel, as a start-up has its primary focus on retail, marketing, real estate, agency and entertainment, and most importantly education on Android and iOS platforms.

Meraki is among the best Virtual Reality business opportunities in India and is also a big player of the content production game for customer consumption. Founded by Agam Garg, Parth Choski, Arvind Ghorwal and Sairam Sagiraju, this start-up creates 360 degree videos and films for clients from various sectors like tourism, sports brands, adventure, weddings, events, promotions, real estate, fiction and advertisements.

The founding team of this start-up had a core team of graduates from IIT-Bombay and a filmmaker, sending out a crystal clear message that Virtual Reality is not just a piece of technology but also a matter of art which makes it more interactive and user friendly. This start-up, since its inception, has performed extremely well and has produced very impressive results in a very short span of time. Big business giants like Percept Pictures, Channel V, Star Sports and Network 18 have hired Meraki for their projects.

Asia Cup was this start-up’s biggest project in which they had to do the live coverage of the ongoing match in Virtual Reality, and they successfully pulled it off by capturing the live ambience and electric atmosphere in the stadium so that when a user sees it, the person feels like they are watching the match live from the spectator stand. This is one of the best Virtual Reality business opportunities in India.

This start-up has built a first of its kind Virtual Reality enabled voice call feature which allows the user to make a call to somebody while he is on a virtual land. The start-up named the app ‘The Caller’, which is equipped to stream 4K videos. Gazematic has plans to venture into the real estate business or lodging or housing services to help users watch their property listings through a VR headset and get a wonderful image of the property they are looking into.

Gazematic is planning to create a platform for social networking for the consumers to build their own virtual reality video for other users to stream it. This gigantic step will not just change the way advertisements have been done till now but also help promote tourism or any other industry. This app is undergoing tests before release and the start-up has got high aspirations for this app. This is one of the best Virtual Reality business opportunities in India.

Merxius is founded in 2011 by a couple of college friends Vaishali Neotia and Hasan Ali Khan. This start-up is an expert in both Augmented Reality and also Virtual Reality and is based in Hyderabad. RealSim Editor is a flagship product of Merxius, which is referred to as the Photoshop of Virtual Reality by the founders. This editor helps a developer in making a design, converting it into a 3D model and importing it into any Virtual Reality atmosphere he/she wishes to.

The RED tool is under test phase by the Indian Armed Forces to build an atmosphere for training modules and engine maintenance. This start-up is yet to raise funds and was listed in the Top 10 deep tech companies by IBM SmartCamp. Among other accolades, Merxius has also been selected for a Tata Elxsi incubation programme. This is one of the best Virtual Reality business opportunities in India.

  SpectraVR studio is a Mumbai based start-up which was founded in 2015 and is primarily focused on creating content online. It is funded and sponsored by Rothenberg Ventures, which is a San Francisco based investment firm. The start-up is looking at taking story-telling to the next level and exerts the right amount of technological prowess and creativity. The strength of this start-up is the team of creative heads, designers and technological experts.

SpectraVR is a master in the craft of story-telling and has delivered a variety of services like virtual reality experiences, live experience, animated 3D videos, games and creative media. SpectraVR has dealt with many top brands from different industries with conceptualised videos and has managed to create over 30 VR videos for Mercedes Benz, Kingfisher and Red Chillies Entertainment. This is one of the best Virtual Reality business opportunities in India.

Tesseract Inc.

Tesseract Inc. is a hardware company in India and has designed and built the world’s first 360 degree Virtual Reality camera. The company has got aspirations for every common man to preserve their memories in a 360 degree Virtual Reality camera for them to relive it whenever they want in the future. This idea of making Virtual Reality available to every common man is what makes this start-up a real deal and is surely one of the best Virtual Reality business opportunities in India.

Tesseract Inc. plans on revolutionizing the way content is viewed, used and stored by the hardware it designs and manufactures in India. Tesseract Inc. has developed technologies such as Methane 360 VR and a few more that are used by companies like Tistus, Grabhouse, Solund House and MakeMyTrip. The world’s smallest 360 degree VR camera, ViCam, which is a consumer grade VR camera, is designed by this start-up.       

Look Mobility

Look Mobility is a Bangalore based start-up, founded in 2015 by Ashwin Krishnan. It is essential to note that it is a powerful development platform for creating multi-platform 3D Virtual Reality experiences which are interactive and are available on Android Play Store and Google Cardboard. This platform is an absolutely complete ecosystem for any person aiming to build a business on content creation of high-end specifications and staying connected to the most loyal customers and players. This start-up has created the world’s first flat foldable Virtual Reality headsets called fotoVR, which acts as a solution to the content consumption part of the platform.

Look Mobility is a well performing start-up and looks very promising for the future because of the solution finding capabilities and offerings which is very unique in the Indian technology market as many Virtual Reality companies don’t really work on development platforms. This is one of the best Virtual Reality business opportunities in India.

Imaginate was founded in November 2011 by Hemanth Satyanarayana. He is an alumnus of IIT-Madras and Indian School of Business. Imaginate is both a Virtual Reality and an Augmented Reality start-up. NuSpace, The flagship product of Imaginate can be used to enhance the outreach and efficiency of industrial training and collaborative design. The technology can be customised into detailed Virtual Reality and Augmented Reality solutions and can be implemented in fields such as retail, education, defence, entertainment sector, and healthcare.

This south Indian start-up is supported and funded by venture fund SRI Capital which invested Rs. 3.35 crores as capital fund in the start-up recently. This is one of the best Virtual Reality business opportunities in India.

Xenium envisions that Virtual Reality will enhance and empower the prospects of a business and give it a major boost with its latest technological advancements, creative platforms and potential developers. This start-up has been developing Virtual Reality solutions for the last 2 years. This company deserves the credit for venturing into the Virtual Reality business even before wireless headgears like the Oculus Rift and the Samsung VR Gear were available in the market.

This company is the 1 st Indian and 4 th in the world, to successfully carry out a live stream using VR. Xenium aims at empowering the education sector and the enterprise sector with advanced innovation and enhanced communications. This is one of the best VR companies in India.

Trimensions

  Trimensions is a digital services and UX design agency based in Delhi and has won awards for its excellence in the field of Virtual Reality. Virtual Reality and Augmented Reality are both the areas of expertise for this start-up. Trimensions works on Virtual Reality in fields like education, enterprise and entertainment. This start-up creates 360 degree videos as part of content creation for training and development activities of industrial clients. Trimensions has so far built Virtual Reality solutions for training modules and Augmented Reality for machine maintenance.

User feedback and improvements based on experience is primary to this start-up as they aim on bringing interactive technology to the hands of every common man. This start-up looks at revolutionizing the way common people look at the world and how they want to conceive it and offer a variety of services like graphic and web design. This is one of the best Virtual Reality business opportunities in India.  

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virtual reality gaming business plan in india

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virtual reality gaming business plan in india

How To Start A Virtual Reality Business

A step-by-step approach to start up a virtual reality business.

In this blog, we have broken down how to start a virtual reality business into a number of steps that are easily understandable and implementable.

Blog overview

blog overview

The first step to starting any business is to identify a business idea. So, we will start off by taking a look at VR business ideas, and the 3 main types of VR businesses. Next, we will go through a general step-by-step approach to starting a VR business of your own. It should be noted here that the exact process of starting a VR business will depend on the type (from among the 3 types) of business that you choose to open. So, we will take a look at the specifics of each type of VR business, and see how the general approach can be tweaked to suit the specific type of VR business. Finally, we will take a brief look at how covid-19 can affect your virtual reality business, and how you can adapt your VR business to covid-19.

Virtual reality business ideas

If you hear the phrase ‘virtual reality business’, or think about it, what comes to mind? Ten to one, it’ll be gaming.

vr gaming

However, that’s really going to tie you down into one specific niche (gaming) of the virtual reality industry. Virtual reality has spawned a massive ecosystem, with many different kinds of applications, most of which have good business potential.

The business potential of virtual reality

Gif courtesy GIPHY

The virtue of virtual reality lies in the fact that it includes the best of both worlds - the real world, and an artificial environment.

In other words, virtual reality creates an artificial environment for you to experience, but you will interact with that environment just as you would with the real world.

For example, if you light a fire in the VR world, you would experience a rise in temperature, simulating the real world effect of lighting a fire.

This gives rise to a lot of exciting opportunities.

  • It can create gaming environments (like VR escape rooms ) that physical escape rooms would struggle to create, but you would be able to interact with the VR gaming environment just as realistically as you would with a physical escape room environment.
  • It could be used for advanced research, for example to create a 3D rendition of a child’s heart that will allow medical researchers and doctors to understand how the heart works in great detail.

As you can guess, VR has tremendous business potential, across a number of fields.

Finally, the overall global spending on VR is forecast to skyrocket in the next few years , creating a massive space in which to locate your business opportunity.

The 3 main types of VR businesses

There are many ways to categorize VR businesses, and VR business ideas.

I prefer to categorize them into 3 types, based on what kind of VR product or VR service you offer, and who your main clients are:

  • Arena-based VR businesses in which you rent an arena, fit it out with VR equipment, and offer a VR experience to the public.

Examples would be VR escape room, VR gaming arcade, and a VR events venue.

  • VR products and services provider for other businesses in which you can sell/rent VR products and/or services to other businesses.

For example, a VR content creator that can create customized VR content for businesses (like a medical research institute).

An example of a VR service would be a third party repair business for VR hardware repair.

  • VR community-based businesses that carve out business functions based on the VR community.

Examples would be VR consultancy, VR influencers, and so on.

Once you have selected your business idea, it’s time to start building your VR business.

Starting a virtual reality business

Starting a virtual reality business, in general, will involve the following steps:

Writing a business plan

vr business plan

Your business plan will describe, from a planning and execution perspective, your proposed VR business. Specifically, it will describe:

  • The market opportunity you are looking to exploit.
  • The objectives you are targeting.
  • Your roadmap for achieving those objectives.

Generally, a business plan includes a statement of what kind of investment you need to get your business idea off the ground.

If it is addressed to potential investors, it can include the level of investment you are looking for, from them.

A full-length business plan typically includes:

An executive summary

As briefly as possible, tell the reader:

  • What industry you are targeting.
  • It’s a massive industry, and is expected to experience a high rate of growth.
  • There is a gap in the market where you are looking to set up your business.
  • A little bit about your proposed company (who are the people involved, what skills you have, and so on)

What kind of overall investment your business proposal will entail. Do not include any investment request at this stage.

Overview and objectives

This section includes:

  • An overview of the industry you’re looking to enter. By ‘overview of the industry’ I mean the nature of the industry, not financial metrics.
  • Your business objectives, preferably set up as a series of successive goals.

Market analysis

Now comes the financial analysis.

  • What’s the size of the market (both global and local) you’re looking to enter?
  • How well is it expected to grow?
  • Who are the consumers?
  • What are the economic conditions under which the industry can grow?

Company description

Include those details about your company that are relevant to understanding the business model. For example:

  • Your location (as we will see later on, this is very important for some kinds of VR businesses).
  • Your leadership - their experience, their expertise, and other assets you’re hoping to utilize.
  • Your hiring plan - how many full-time employees, how many part time, which functions can be outsourced, and so on.

Competitive advantages

This is where the previous sections all come together.

You have already told the reader about your industry, the market opportunity, and your company.

Building on that, describe which features of your company will prove useful in capturing which segments of the market, and how.

If you have any advantage over your competitors, mention those. But make sure you’re talking about genuine advantages, and not making stuff up.

Financial projections

vr business financial projections

This is where your company’s finances come in:

  • How much investment will your proposal entail?
  • What will be your major expenses over the next few years?
  • When do you expect to break even?
  • What kind of return are you expecting on your investments over a reasonable period of time?

Try to include a model cash flow statement in this section.

It’s here that your investment requirements, if any, come in.

VR business plan resources

Here’s a guide to writing a business plan from the Small Business Administration . It also includes a leaner ‘startup format’ which you may follow.

If you want an actual business plan template, you can download one here .

Register your business

To run your business, you must register with the government.

You also need to get an identification number for tax purposes. For example, in the United States, all registered businesses are required to apply for a Employment Identification Number from the IRS.

Hiring a business attorney

There are a number of legal issues that a business attorney will be able to help you with.

Some of them are:

  • Registering your business.
  • Choosing a legal structure for your business. For example, in the United States, you can be a sole proprietorship, a LLC, a S Corporation, and so on.
  • Zoning regulations.
  • Trademark and copyright issues.
  • Liability issues, and lawsuits.

Hiring a trained attorney to handle these matters enables you to concentrate on your VR business.

Choose a location

location for vr business

A basic issue in scouting for an address that will house your VR business is zoning regulation.

Your business attorney should be able to help you with that.

Other things you should look out for are:

  • Whether it matches with the kind of brand image you want to project.
  • Is it important for customers to be able to visit you? What are the local demographics?
  • The good - it means the location is a good business address.
  • The bad - the location is in demand; pushing up rents.
  • If there are any businesses or service providers that you need to be located close to, are there any nearby?
  • Does your address have the infrastructure you need to operate your VR business?
  • Overall local profile.

The exact requirements of the location vary according to the kind of VR business you want to open.

They are discussed in detail here and here .

Planning the financing

Image courtesy GIPHY

Costs incurred in setting up and running a VR business

One-time expenses.

  • Legal expenses.
  • Security deposit and other costs of acquiring your business location.
  • Expenses towards retrofitting your business premises to suit your business.
  • Expenses of setting up a security system.
  • Expenses incurred in acquiring business assets. For example, if you’re setting up a VR escape room, the expenses incurred in acquiring the VR hardware, and the VR escape game content.

Recurring expenses

  • Business insurance premium.
  • Repair and maintenance of equipment (depending on your business).
  • Professional fees (lawyers’ fees, accountants’ fees, and so on).
  • Marketing and advertising expenses.

Fundraising options for setting up a VR business

fundraising for vr business scaled

There are 4 main types of fundraising options for starting a small business.

Self-financing

If you have some cash stashed away in a savings account, or a certificate of deposit, that you want to put to use, go for it.

  • Nobody else gets a stake in your business; you remain in complete control.
  • If you have some ‘skin in the game’, other people gain confidence to invest.
  • The average individual does not have enough cash themselves to entirely finance a startup.

This is ‘ risk capital ’. You could lose the entire money you put up, if your business doesn’t pan out.

Fundraising from family and friends

Family and friends may agree to provide you with some capital on an informal basis.

  • Usually, these are informal arrangements, and you retain full ownership of your business.
  • It’s a good follow-on from self-financing.
  • Your family and friends may not be seasoned investors, and they may demand their money back, mid-way.
  • If the business doesn’t go as planned, your relationships with your family members and relatives may sour.

bank loan vr business

A bank loan is a kind of debt financing . In simple terms, the money will have to be repaid, with interest, according to a repayment schedule.

  • The bank doesn’t get any equity in your business. In other words, you retain full ownership and control.
  • Many banks have lending programs for entrepreneurs, which provide loans on special terms.
  • By taking a loan, you establish a relationship with the bank. This will prove useful if, later on, you need a loan to tide over temporary cash flow issues (working capital loans).
  • If you fail to stick to the repayment plan, the bank may take over your business and sell it off.

Angel investors

An angel investor is an individual who invests their own money in ventures they consider suitable.

  • There is no repayment involved, unlike a bank loan.
  • Angel investors tend to be seasoned investors, and they won’t get cold feet easily.
  • Usually, you have no personal relationship with your investor, unlike with friends and family.
  • This is a kind of equity financing , and the investor gains a stake in your company. They may want a say in how the business is run.
  • The investor may choose to sell their stake; and you may have no say over who they sell it to.

Governmental financial assistance

Many governments - federal/central, state, and local - run their own assistance programs for entrepreneurs and small businesses.

For example, if you’re in California (in the United States)

  • The federal government offers a range of financing options through the Small Business Administration .
  • The California state government offers financial assistance to certain small businesses through the Small Business Finance Center .

Do a deep dive into what programs are available, compare and contrast them, and avail of the one(s) you feel is/are most suitable for you.

Building your business premises

It’s almost a given that you’ll need to redesign your rented work space to suit your business needs.

For example, if you’re starting a VR escape room business, you’ll need to divide the place into a number of rooms each of which will host one team.

Plus, you’ll need to add a reception, office space, etc, and design it to match your brand image.

If you’re starting a consultancy, you’ll need a private office where you can engage in one-on-one consultations with clients, a reception, a waiting room, and so on.

Decide what you want to contract out

Generally, core functions (like a gamemaster in case of a VR escape room) should be handled in-house.

Ancillary services, like cleaning, website maintenance, marketing, and so on can be contracted out.

Hire and train your staff

Based on which functions you decided to handle in-house, draw up a staffing plan, and start hiring.

At the beginning, you should hire people with experience in their role, so that you can limit the time and effort expended in training your staff.

This is important when you’re just starting out, since handling your startup will need your complete attention.

Set up a marketing plan, and launch your website

As an entrepreneur in this day and age, you know the importance of having a business website.

As far as marketing is concerned, you need to create a strategy.

  • Will you invest in offline marketing, or would it be better to concentrate on online?
  • Will you depend on social media marketing initially, and later on invest in stuff like Google Ads?

Decisions like these will be the basis of your marketing strategy.

And, your VR startup has...started up!

That being said, the exact details of some of these steps, like choosing a location, acquiring equipment, etc will depend on the kind of VR business you are starting.

Now we will take a look at some of these details, category-wise.

Starting an arena-based virtual reality business

vr arena business

You are competing with other similar businesses located nearby (if there are any) to draw customers who will want to take part in the VR experiences you have to offer.

Some of the steps you need to take to succeed in this niche are:

Studying the competition

Like I said, in this niche, you will be competing with other similar businesses which are located nearby.

Why only businesses that are physically nearby?

Because in this niche, you’re fighting for physical footfall .

Two VR escape rooms next to each other, for example, would compete for the same set of customers.

Two VR escape rooms miles apart would have different customer pools from which to draw players.

Key aspects you should study

  • How they are branding themselves.
  • What demographics they are trying to attract.
  • What channels of marketing they are using.
  • How successful they are overall.

Selecting a premises

Where are you going to set up your VR arena?

Remember, the success of your business depends on people being willing to visit you.

If you are inaccessible, or your location lacks basic facilities , people would get put off, and prefer your competitors over you.

Key points to consider when selecting your premises

  • It has to be near bus and train stops.
  • There should be car parking facilities within walking distance.
  • If you feel corporate bookings are your mainstay, you can consider going for a financial district location, easily visible to and accessible from nearby establishments.
  • If you feel retail bookings would be a better bet, you can opt for locations with a lot of public footfall, such as near shopping malls, other entertainment venues, tourist spots, and so on.
  • In either case, arranging special events would be crucial, so try to make sure there’s at least one restaurant/cafe nearby, from where refreshments can be arranged.
  • Are located near, but off of, a main street.
  • Are not in very good shape, since you’ll need to redesign them anyway to make them suitable for being a VR arena.
  • Are located in a basement, lack windows, etc, which are not important for a VR venue, and can lower the rent demanded.

Create your content library

As a VR arena, you’ll offer access to the content housed in your content library to your customers.

You really need to do a deep dive into consumer tastes and interests, to make informed decisions as to your content library.

If you opt for a VR franchise , some of these decisions would be taken for you, since franchises conduct extensive research of their own while developing their content library.

Acquire the VR gear

acquire vr equipment

The VR hardware - headsets, haptics, sensory input (like scent, wind, and heat) generators - are the backbone of your VR experience, and will need another deep dive from you, like the one into content tastes.

Some factors to consider when choosing your VR hardware

  • Popularity of the brand .
  • What kind of warranties they offer, what repair facilities they have.

Once again, if you go for a franchise, you can leverage the market research already done by the franchise.

Hiring and training your staff

While VR arenas will not require a lot of staff, the staff will need to be competent in a number of functions.

Operating VR equipment

Depending on what kind of arena you operate, your staff will need to be able to operate:

  • Your own VR equipment. This is when you run a VR arcade or a VR escape room.
  • The VR equipment used by different clients, if, for example, you rent out your premises for special VR events, where customers can either use your VR gear, or bring their own. This would require basic familiarity with at least the top 5

Troubleshooting, and dealing with crisis situations

  • Your staff should know basic troubleshooting, whether it is related to a software or hardware issue.
  • Your staff should also be able to handle crisis situations, like what to do if there’s a power cut, or a medical emergency.

Cleaning and maintenance of the VR equipment

Your VR hardware, especially the headsets, will need to be cleaned after every use. Proper hygiene is absolutely critical.

This is especially important in light of the coronavirus pandemic (more on this later).

You will need to create a cleaning regimen, and train your staff to follow it.

Any other functions that you opt not to outsource

Some other important functions would be:

  • Maintaining your business website.
  • Handling the marketing.
  • Handling the booking system.
  • Dealing with customers, and attending to queries and complaints.

Whichever of these you choose not to outsource will have to be handled by your VR arena staff.

Starting a VR product or services provider business

Here, your objective will be to provide a VR product (like VR content) or services to customers.

Your customers may be end consumers, or they may be other businesses and corporations.

Main pro: Industry reports suggest that enterprise users will clock far higher growth in VR spending and investment than the consumer sector.

Main con: You will need specialized content creation/service provision skills to meet the demands of the enterprise sector.

If you want to start a business in this niche, you need to take steps like:

Ensuring you have the requisite skill set

You will need highly specialized skills to meet the demands of the niche.

Whether it’s content creation, or offering VR services, make sure you have the skill set.

Hiring competent staff

If you want to succeed in this niche, some manpower is necessary.

When you have project deadlines to meet (whether it’s a customized content order, or repairing hardware, there will always be a deadline), division of labor and delegation of tasks is crucial.

And you need staff who can handle their allotted tasks.

  • Strike up professional relationships with people in your chosen sector.
  • Join a few professional networks online.

Networking will benefit you in a number of ways, namely:

  • Allow you to exchange ideas and information with your peers and others in the industry.
  • Be aware of industry trends.
  • Boost your brand visibility.
  • Help you reach out for new projects.

Choosing a location

If your business requires consumers to travel to your premises, you need to choose a location that’s easily accessible, by public and private transport.

Acquiring the hardware and software

Different kinds of content creation require specific kinds of hardware and software.

For example, creation of 360 degree videos can require a spherical camera and software like Mocha VR.

Brushing up on your pitching skills

If you’re bidding for projects, you will need to pitch your ideas to prospective clients.

While 90% of a successful pitch depends on how good your content is, 10% does depend on your pitching skills, how well you can interact with the prospective client, and so on.

That is why you need to brush up on these skills.

Starting a VR community-based business

If you want to start a business as a VR consultant, as an influencer, and so on, it’s not so much a question of the steps you must follow as it is a question of attributes you must have.

Credibility and credentials

In other words, you:

  • Must have completed some training in or worked on VR for which you can show your credentials, on request.
  • Must have some credibility established in the community.

Think about it. Would you hire the services of a consultant who can’t show any certifications of having learned or worked on VR?

Brand-building and networking skills

If you open a VR escape room, you’re offering your customers a semi-tangible product - a VR escape room experience.

If you’re a content creator, you’re selling pieces of content to customers. Again, something tangible, or semi-tangible.

On the other hand, if you opt for businesses like a consultant or an influencer, you will be offering your own ideas, opinions, and advice to your clients/your followers.

The product being intangible, your success depends in large part on your brand, and ability to reach out to and connect with people.

Impact of covid-19 on the virtual reality industry

Intuition suggests that the covid-19 regime of lockdowns and social distancing has made it important for people to be able to enhance limited physical environments .

In other words, people will likely be restricted from completely free movement for some time, and that makes virtual reality crucial to increasing quality of life, and the quality of work that people do from home.

For example, it has been suggested that a virtual reality work conference scores over webinars or video conferencing by upping the level of connection and quality of interaction between participants.

And, we’re not talking mere intuition here; virtual gathering platforms (which can facilitate an avatar-based VR conference) are drawing serious investor attention .

Impact of covid-19 on arena-based virtual reality businesses

After months of lockdown, people would savor their time outside, and be on the lookout for quality experiences.

And a VR arena, like a VR escape room, or a VR gaming arcade can provide reasonably affordable, thrilling experiences for the public at large.

And once these kinds of experiences become part of the new normal, the demand for arena-based VR businesses will gain a self-sustaining momentum.

However, like all other arenas, VR arenas will have to adapt to social distancing and hygiene rules, like:

  • Maintaining distance between different groups of participants (one group of people will remain together; but two different groups must maintain social distancing).
  • Disinfecting the facility at regular intervals, as required by the authorities, or following medical advisories and best practices.
  • Making face masks and hand sanitizers available to anyone who asks for them.

Cleaning the equipment, especially the headsets , every time they’re used.

Impact of covid-19 on VR products and services providers

The demand for VR products and services in different fields - like education , healthcare , and so on - have already grown in response to the limitations imposed by covid-19.

The question is, will that rise sustain?

Well, a lot of the lifestyle and cultural changes that have been forced onto us by the coronavirus - like remote learning and working - are assessed to be permanent changes .

That means, yes, the rise in demand for VR products and services will sustain even after the covid-19 pandemic is gone.

For VR content creators and providers

  • You will need advanced content development skills to break into this market.
  • If you’re developing content on your own (like games) that will be released for consumers to buy, you will need to be aware of the kind of content that people look for.
  • If you’re developing content for specific institutions (like VR training content), you will need to understand client requirements, and follow them.

For VR service providers

If you’re thinking about starting businesses like a VR hardware repair business, remember to take hygiene precautions like:

  • Wearing gloves while you work.
  • Ensure that customers maintain social distancing both between themselves, and from you.
  • Spray each piece of hardware with disinfectant before working on it.

Impact of covid-19 on VR community-based businesses

As the VR ecosystem expands, and becomes more and more mainstream, the demand for businesses that are based on the VR community, like VR consultancies, and VR influencers will naturally expand.

Think about how the demand for influencers grew as YouTube became more and more mainstream.

And, you are ready to start your very own virtual reality business.

Do you feel this blog is incomplete?

Is there something about starting a VR business that you think we missed?

Please leave your thoughts and suggestions in the comments below as we are constantly looking for ways to improve this article. Have a great day!

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Financial Model, Business Plan and Dashboard Templates - FinModelsLab

How To Create a VR Games Business Plan: Checklist

By henry sheykin, resources on customized virtual reality games.

  • Financial Model
  • Business Plan
  • Value Proposition
  • One-Page Business Plan
  • SWOT Analysis

Virtual reality (VR) gaming has experienced exponential growth in recent years, with the industry projected to reach a value of $120 billion by 2026. As technology continues to advance, the demand for immersive and customized gaming experiences is skyrocketing, presenting a lucrative opportunity for entrepreneurs. If you're considering starting a small business that specializes in creating and delivering customized VR games, this article is for you.

Conducting thorough market research is essential to ensure the success of your venture. It allows you to gather insights into the current trends, customer preferences, and potential market saturation. By understanding the needs and desires of your target audience, you can tailor your games to provide truly unforgettable experiences.

Identifying your target audience is crucial for effective marketing and sales strategies. Determine whether your games will primarily cater to individuals, groups, or organizations, and tailor your offerings accordingly. Consider factors such as age, interests, and disposable income to create games that resonate with your audience.

Analyzing the competition enables you to differentiate yourself from other VR game providers. Identify their strengths and weaknesses, and carve out a unique selling proposition for your business. This could be anything from offering a wider variety of gaming themes to providing highly personalized and customizable experiences.

When developing your pricing strategy, consider the value you provide, the level of customization, and the complexity of your games. Offering different packages and pricing options allows you to cater to a diverse range of customers with varying budgets. Find the right balance between profitability and affordability to attract customers while sustaining your business.

Financial planning is essential for any startup. Determine the costs associated with setting up your business, such as equipment, software, and employee salaries. Consider potential revenue streams, such as game sales, event bookings, and partnerships. Having a clear understanding of your financial requirements will help you secure the necessary funding and ensure the profitability of your venture.

Creating a comprehensive marketing plan is essential for attracting customers and building brand awareness. Utilize both online and offline marketing strategies, such as social media campaigns, search engine optimization, targeted advertisements, and partnerships with event organizers. The goal is to reach your target audience and convey the value and uniqueness of your VR games.

Outline the operational processes required to deliver seamless gaming experiences. This includes game development, customization options, equipment setup, and event coordination. Investing in a skilled and efficient team will ensure that each step in the process is smooth and professional, enhancing customer satisfaction.

Setting goals and objectives is crucial for measuring your progress and keeping your business on track. Consider both short-term and long-term goals, such as the number of games developed, revenue targets, and customer satisfaction metrics. Regularly evaluate your performance against these goals and make adjustments as needed to drive growth and success.

Starting a business in the customized VR gaming industry offers immense potential for success and innovation. By following these nine steps, you will lay a solid foundation for your business and position yourself as a leading provider in this booming industry. Get ready to revolutionize gaming and create unforgettable experiences for your customers!

Conduct Market Research

Before starting any business, it is crucial to conduct thorough market research to understand the current landscape, trends, and potential opportunities. Market research allows you to gain valuable insights into the demand for customized virtual reality games and identify the target audience that will be interested in your services.

One important aspect of market research is analyzing the size of the market. Determine the number of individuals, groups, and organizations who are likely to be interested in customized virtual reality games. This will provide you with a rough estimate of your potential customer base.

  • Utilize online surveys and interviews to gather feedback from potential customers and get insights into their preferences, needs, and expectations when it comes to virtual reality gaming experiences.
  • Keep an eye on industry news and publications to stay up-to-date with the latest advancements and trends in the immersive gaming industry.
  • Research local and national competitors to understand their offerings, pricing strategies, and target audience. This will help you identify gaps in the market and areas where you can differentiate your business.

Additionally, conducting market research will allow you to identify any potential challenges or barriers to entry in the customized virtual reality gaming industry. This could include factors such as regulatory requirements, technological limitations, or economic factors that may impact the growth and profitability of your business.

By gathering and analyzing market data, you can make informed decisions regarding the feasibility and viability of your business idea. This information will guide you in developing a solid business plan and positioning your customized virtual reality games to attract the right audience.

Identify Target Audience

Identifying your target audience is a critical step in developing a successful business plan for customized virtual reality (VR) games. By understanding who your potential customers are, you can tailor your products and marketing strategies to meet their specific needs and preferences.

1. Research the VR market: Conduct thorough market research to gain insights into the current VR industry. Explore different market segments and identify trends, growth opportunities, and potential customer demands. This research will help you identify how your customized VR games can stand out in the market.

2. Define your ideal customers: Determine the specific demographic, psychographic, and behavioral characteristics of your target audience. Consider factors such as age, gender, location, interests, hobbies, and industry affiliations. Creating buyer personas or customer profiles can assist in visualizing your ideal customers and understanding their motivations.

3. Segment your target audience: Divide your target audience into distinct segments based on shared characteristics or needs. For example, you might have segments for individual consumers, corporate teams, educational institutions, or entertainment venues. By identifying these segments, you can tailor your marketing messages and offerings more effectively.

  • Consider conducting surveys or interviews with potential customers to gather valuable feedback on their VR gaming preferences and expectations.
  • Stay updated with industry news, forums, and social media groups to gain insights into your target audience's interests and concerns.
  • Engage with VR communities and attend gaming events to interact with potential customers directly and gain a deeper understanding of their needs.

4. Identify your target audience's pain points: Determine the challenges or problems your target audience faces when it comes to VR gaming. Understanding their pain points will allow you to position your customized VR games as solutions that address their specific needs and desires.

5. Evaluate the size and profitability of your target audience: Assess the size and potential profitability of each target audience segment. Evaluate factors such as market demand, competition, and purchasing power. This analysis will help you prioritize segments and allocate resources accordingly.

6. Test and refine: Once you have identified your target audience, continually test your assumptions and gather feedback to refine your understanding of their needs and preferences. This iterative process will enable you to create more effective marketing strategies and deliver an exceptional customer experience.

By carefully identifying your target audience, you can tailor your business strategies and offerings to meet their specific needs, ultimately ensuring the success and growth of your customized VR gaming business.

Analyze Competition

When starting a business, it is crucial to have a comprehensive understanding of the competitive landscape in your industry. Analyzing the competition allows you to identify potential threats and opportunities, gain insights into your target market, and differentiate your business from others. Here are a few key steps to help you effectively analyze your competition:

  • Identify Competitors: Start by identifying direct and indirect competitors within the virtual reality gaming industry. Direct competitors offer similar products or services, while indirect competitors may provide alternative solutions or entertainment options.
  • Research Competitor Offerings: Dive deep into your competitors' websites, social media channels, and customer reviews to understand their offerings, game features, pricing, and customization options. Take note of any unique selling points or features that set them apart from others.
  • Assess Competitor Strengths and Weaknesses: Evaluate your competitors' strengths and weaknesses, such as their reputation, customer base, resources, and marketing strategies. This assessment will help you identify areas where you can outperform or differentiate your business.
  • Analyze Pricing: Examine your competitors' pricing strategies to understand industry standards and determine how your pricing can be competitive while still profitable. Consider factors like customization options, game complexity, and target audience preferences.
  • Evaluate Marketing and Promotion: Study your competitors' marketing and promotion efforts to gain insights into their target audience, messaging, branding, and channels used. This analysis can help you identify gaps or areas for improvement in your own marketing strategy.
  • Look for untapped market segments or niches that your competitors are not targeting.
  • Consider conducting surveys or interviews with potential customers to gather insights on their preferences and experiences with your competitors.
  • Monitor your competitors' activities regularly to stay updated on any changes in their offerings, promotions, or market positioning.

By thoroughly analyzing your competition, you can gain valuable insights that will inform your business strategy and help you differentiate yourself in the market. Use this information to refine your offerings, enhance your marketing efforts, and create a unique selling proposition that appeals to your target audience.

Define Unique Selling Proposition

In order to stand out in the competitive virtual reality gaming industry, it is crucial to clearly define your unique selling proposition (USP). Your USP is what sets your business apart from the competition and gives customers a compelling reason to choose your services over others. It is the distinct factor that makes your customized virtual reality games more appealing and desirable to your target audience.

To define your USP, consider the following:

  • Identify your strengths: Take stock of your team's skills, expertise, and experience in developing and delivering virtual reality games. Highlight any unique qualifications or capabilities that differentiate you from competitors.
  • Understand your target audience: Gain a deep understanding of the preferences, needs, and expectations of your target audience. This will allow you to tailor your games and experiences to meet their specific requirements.
  • Offer a compelling value proposition: Determine what value your customized virtual reality games provide to customers. How do they enhance their experiences or solve a problem? Ensure that the benefits of choosing your games are clear and compelling.
  • Deliver a memorable experience: Focus on creating immersive gaming experiences that leave a lasting impact on your customers. Whether it's through captivating storytelling, stunning visuals, or innovative gameplay mechanics, make sure your games stand out as unforgettable.
  • Research the competition: Thoroughly analyze what other companies in the virtual reality gaming industry are offering. Identify any gaps or areas for improvement that you can capitalize on.
  • Seek customer feedback: Regularly gather feedback from your clients to understand what they value most about your games. Use this information to refine your USP and enhance your offerings.
  • Stay updated on industry trends: Keep a pulse on the latest trends and innovations in virtual reality gaming. This will help you stay ahead of the curve and continuously improve your unique selling proposition.

By defining your unique selling proposition, you can effectively communicate the value and benefits of your customized virtual reality games to your target audience. This will give your business a competitive edge and position you as a go-to provider in the immersive gaming industry.

Develop Pricing Strategy

Developing a comprehensive and well-thought-out pricing strategy is essential for the success of your customized virtual reality games business. By carefully considering various factors, you can determine a pricing model that not only attracts customers but also ensures profitability for your venture.

When setting your prices, it is crucial to consider the value that your customized virtual reality games offer to customers. Take into account the level of customization, complexity, and immersive experience you provide. Consider offering different packages that cater to different budgets and preferences, giving customers the flexibility to choose the level of customization and complexity they desire.

Additionally, it is important to establish relationships with VR equipment suppliers and event organizers to assess the costs associated with acquiring and maintaining the necessary equipment. These costs should be factored into your pricing strategy to ensure that you can cover expenses while generating a profit.

Furthermore, consider the varying needs of your target audience and adjust your pricing accordingly. Corporate team-building events and schools, for example, may have different budgets and requirements compared to entertainment venues or birthday parties.

Regularly review and evaluate your pricing strategy to ensure that it remains competitive and profitable. Your pricing model may need to be adjusted as market conditions change, technology evolves, or new competitors emerge.

Remember, establishing a fair and profitable pricing strategy is key to attracting customers, generating revenue, and ultimately achieving success in the customized virtual reality games industry.

Determine Financial Requirements

One of the crucial steps in creating a business plan for customized virtual reality games is determining the financial requirements of your venture. This involves assessing the resources needed to start, operate, and grow your business successfully. By understanding your financial needs, you can effectively allocate resources and ensure the financial stability of your company.

Firstly, you need to determine your initial investment costs. This includes expenses such as purchasing virtual reality equipment, software licenses, office space, and initial marketing efforts. Consider consulting with industry experts or conducting market research to gain insights into the typical costs associated with starting a customized virtual reality gaming business.

Additionally, it is important to calculate your ongoing operational costs. This includes expenses like rent, payroll, utilities, marketing and advertising, website maintenance, and software updates. Carefully estimate these costs to ensure you have sufficient funds to sustain your business in the long-term.

  • Consider starting with a conservative estimate of revenue and gradually increase it as your business grows.
  • Don't forget to include contingencies in your financial plan to account for unforeseen expenses.
  • Explore different funding options, such as loans, investors, or crowdfunding, to secure the necessary capital.
  • Regularly review and update your financial plan to reflect changes in the market or business conditions.

In addition to your initial and ongoing costs, you should also determine your revenue projections. Conduct research to understand the pricing strategies of your competitors in the virtual reality gaming industry. Analyze the potential demand for customized virtual reality games among your target audience and consider different revenue streams, such as one-time game purchases, subscriptions, or additional services.

Once you have a clear understanding of your financial requirements, you can create a detailed financial plan that includes a budget, cash flow projections, and profit and loss statements. This will provide you with a roadmap for managing your finances effectively and help you make informed decisions to ensure the financial success of your business.

Create A Marketing Plan

A strong marketing plan is essential for effectively promoting and attracting customers to your customized virtual reality game business. In order to reach your target audience and create brand awareness, consider the following key elements when creating your marketing plan:

  • Identify your target audience: Determine who your ideal customers are based on demographics, interests, and preferences. This will help you tailor your marketing messages and choose the most effective channels to reach them.
  • Establish your unique selling proposition: Clearly define what sets your business apart from competitors. Highlight the benefits and value of your customized virtual reality games to attract customers.
  • Utilize digital marketing strategies: Leverage online platforms, such as social media, search engine optimization (SEO), and content marketing, to reach a wider audience and increase visibility. Create engaging content, share customer testimonials, and incorporate virtual reality experiences to captivate potential customers.
  • Build strategic partnerships: Collaborate with VR equipment suppliers, event organizers, and other relevant businesses to reach new customers. Offer discounts or exclusive packages to customers referred by partners to incentivize collaboration.
  • Attend industry events and trade shows: Participate in virtual reality expos, gaming conventions, and industry conferences to showcase your games and network with potential clients and industry professionals.
  • Host promotional events: Organize demo days or open houses to allow potential customers to experience your virtual reality games firsthand. Create buzz through press releases, social media advertising, and targeted email marketing campaigns.
  • Collaborate with influencers or bloggers who specialize in gaming or virtual reality to promote your business through reviews and sponsored content.
  • Offer referral incentives to existing customers who refer new clients to your business.
  • Monitor and analyze the effectiveness of your marketing efforts using analytics tools to refine your strategies and optimize your marketing budget.

A well-rounded marketing plan that combines online and offline strategies will help you reach your target audience and attract customers to experience your customized virtual reality games. Continuously evaluate and adjust your marketing efforts to stay ahead of the competition and maximize your business's growth potential.

Outline Operational Processes

In order to successfully deliver customized virtual reality games to our clients, it is crucial to have a clear and well-defined set of operational processes in place. These processes will ensure that each project is executed seamlessly and efficiently, resulting in high-quality gaming experiences that meet and exceed our clients' expectations.

1. Project Management:

Establishing a strong project management system is essential for keeping track of all the tasks, deadlines, and deliverables associated with each project. This involves assigning dedicated project managers and utilizing project management tools to streamline communication, monitor progress, and ensure timely completion of each stage of game development.

2. Communication and Collaboration:

Effective communication and collaboration within our team and with clients is key throughout the game development process. We will implement communication channels, such as video conferences and project management software, to facilitate regular updates, feedback sessions, and brainstorming sessions with clients. This will ensure that we fully understand their requirements and are able to incorporate their feedback into the game design.

3. Game Design and Development:

A systematic and iterative approach to game design and development will be followed. This involves creating initial design concepts, storyboarding, prototyping, and testing. Throughout this process, our team of skilled developers and designers will leverage their expertise to craft immersive and captivating gaming experiences that align with clients' preferences.

4. Quality Assurance:

Ensuring the quality and functionality of every virtual reality game we create is of utmost importance. We will establish a comprehensive quality assurance process, where each game will go through rigorous testing to identify and fix any bugs, glitches, or performance issues. By conducting thorough testing, we will deliver games that provide a smooth and seamless virtual reality experience.

5. Customer Support and Maintenance:

Offering exceptional customer support post-game delivery is crucial for building long-term client relationships. We will provide ongoing maintenance and technical support to address any issues or questions that arise after the game is launched. This will include troubleshooting, updates, and addressing any queries or concerns promptly and professionally.

Tips for outlining operational processes:

  • Document each step of the operational process in detail to ensure consistency and clarity
  • Regularly review and evaluate the effectiveness of operational processes to identify areas for improvement
  • Encourage collaboration and communication among team members to foster creativity and efficiency
  • Create standard operating procedures for each task to streamline workflow and ensure consistency
  • Stay updated with the latest advancements in virtual reality technology and adapt operational processes accordingly

Set Goals and Objectives

Setting clear and achievable goals is crucial for the success of your customized virtual reality games business. These goals will serve as guideposts, helping you stay focused, motivated, and on track towards fulfilling your vision. Here are some important considerations when setting your goals and objectives:

  • Define specific and measurable goals: Clearly articulate what you want to achieve. For example, you might aim to generate a certain number of monthly bookings or reach a specific revenue milestone within a designated timeframe. These goals should be measurable so that you can track your progress and assess your success.
  • Consider both short-term and long-term objectives: It is essential to have a balance between immediate targets and long-term aspirations. Short-term objectives might include launching your business website, securing partnerships with local event organizers, or completing a certain number of game development projects. Long-term objectives could involve expanding into new markets, increasing customer retention rates, or becoming a recognized leader in the VR gaming industry.
  • Align goals with your business vision: Your goals should be aligned with your overall business vision and reflect your mission statement. Focus on the core values and principles that differentiate your customized virtual reality games from competitors in the market. Your goals should support and enhance your unique selling proposition.
  • Break down larger goals into smaller, actionable steps to make them more manageable and attainable.
  • Regularly review and reassess your goals to ensure they remain relevant and in line with market trends and customer demands.
  • Set deadlines for achieving each goal to maintain a sense of urgency and hold yourself accountable.
  • Measure your progress and celebrate milestones along the way to stay motivated and inspired.
  • Continuously learn and adapt your goals as you gain insights and experience in the immersive gaming industry.

By setting clear goals and objectives for your customized virtual reality games business, you will have a roadmap to guide your strategies, make informed decisions, and measure your progress. Stay focused, stay determined, and watch your business thrive in the exciting world of VR gaming.

In conclusion, writing a business plan for customized virtual reality games involves conducting thorough market research, identifying the target audience, analyzing the competition, defining a unique selling proposition, developing a pricing strategy, determining financial requirements, creating a marketing plan, outlining operational processes, and setting goals and objectives. By following these nine steps, entrepreneurs can establish a solid foundation for their customized VR gaming business and position themselves for success in the immersive gaming industry.

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Virtual Reality Gaming Business Market In India

Virtual Reality Gaming Business Market In India

As we enter 2023, the only thing we can do is look back and wonder at the rapid development of online Virtual Reality Gaming . India has seen this over the past two to three years. One moment you are living in your world and the next minute, you’re immersed in the world of VR, although you know you are just visiting your mind gets pursued otherwise, and that’s the power of virtual reality friends! A fictional realistic fictional world that will eternally blow your mind can be swallowed in only a moment. According to the majority of recent predictions, India’s gaming industry will grow even more quickly over the few upcoming years. 

However, despite the immense potential VR contains, the speed of growth of VR since its invention in the 1960s has been considerably slow. According to reports,  Despite the predictions that it will gain huge popularity by 1994, it never truly caught on or received that kind of boost at that time. Although people anticipated that VR gaming rates would increase by 30% from 2020 to 2027, the rise in Virtual Reality Gaming in 2019 was remarkable, reaching $12 at a rate of 25%. 

The Future of Virtual Reality Gaming Business in India

Considering that we are currently in the fourth industrial revolution where technology is the king. We believe futuristic technology and experiences are set to revolutionize gaming forever. These VR experiences exist in the United States, Southeast Asia, and Europe, and they will soon take over India. Virtual reality, which has a high degree of immersion, is used in next-generation gaming. Using motion capture technology and proximity sensors, these lifelike experiences allow players to interact with one another while playing in a group setting. Providing excitement and enjoyment for them to share with their loved ones.

Future-oriented technologies and experiences are likely to completely transform gaming given that we are in the fourth industrial revolution, where technology is king. These experiences already exist in the United States, Europe, and Southeast Asia, and they must now be brought to India. Virtual Reality, which has a high degree of immersion, is used in next-generation gaming. Fantasy App Developer Uses motion capture technology and proximity sensors, these VR experiences allow players to interact with one another while playing in a group setting, providing excitement and enjoyment for them to share with their loved ones.

01. Market conditions and growth of gaming

Due to the pandemic that will hit the nation in 2020 and the lack of alternative kinds of entertainment options, there has been quite a shift in the audience’s inclination for online gaming platforms. In 2020 the Indian gaming market was estimated to be worth $1.5 billion, and by 2022 alone, it was predicted to be worth $2.8 billion. In addition to the 45-50 million new online gamers added as a result of Covid-19, the growth also received a boost because of the increase in smartphone adoption, a broader gaming demographic, and an outstanding contribution from female gamers.

02. Advancement in VR tech

The introduction of  Free Roam VR” is propelling the arrival of VR arcades by overcoming the limitations of traditional VR, which limited the experience of VR gaming to be fixed, expensive, and isolating. This is attracting the attention of gamers and the target market, who are mostly interested in getting the finest social experience at the lowest cost. The players are also compelled to return time and time to the engaging and immersive experience that these arcades offer. 

03. Increasing VR content

If we still have any lingering doubts, we can put our faith in the biggest gaming companies in the world, who have access to a wealth of information and research to assess the breadth and development of VR gaming. To make it compatible with their gear and software, they are all concentrating more on creating new VR games and collaborating with VR software and hardware businesses. One of the biggest Ubisoft, for instance, just released the VR edition of its popular video game “Far Cry” in collaboration with Australia’s Zero latency.

04. Developing a VR ecosystem

With some of the biggest players in the market, including sony, HP, Google, And Facebook, already placing significant bets on the VR market and Apple preparing to join, we can be sure that an ecosystem is in place to fully utilize and support and potential of VR, as a result, the market for virtual reality will grow in the gaming, educational, and other sectors.

05. Advancement of the Experience economy

Indians, especially the Gen-Z and Millennial generations, who are influenced by the YOLO movement and are therefore more down to exclusive events and goods, instead of playing alone on devices at home with VR headsets, they prefer to share a heart-pounding, realistic experience with their peers and feel the rush.  Because of that, VR games and arcades that fill the void are becoming increasingly popular in the major cities, and it won’t be long before they spread across the nation and support their rapid development, additionally, research indicates that Asia pacific currently has a 40% revenue share of the worldwide VR gaming industry and is predicted to continue to do so for the upcoming 5 to 7 years. 

The above information discusses the future of VR gaming in the Indian business market. We believe that the advancement of VR gaming is a certain thing. Although it will take a while to become popular or mainstream from its initial launch but with the increasing interest and support from here on, VR gaming will surely become mainstream in the Indian business market.  You can also check out our other blogs like E-Sports: Challenges and Framework for Indian Business Owners and other informative blogs.

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    All Rights Reserved, RIGF 2023 Explore the rise of VR gaming in India, its current trends, and future potential. Discover the challenges and opportunities shaping the Virtual Reality World.

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    In the past few years, the gaming industry has gone through a massive transformation that has forever altered the way we enjoy digital entertainment. One of the key players in this transformation is Virtual Reality, a technology that has revolutionized the global gaming industry. And nowhere is the impact of VR more visible than in India.

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    We are working closely with international bodies such as the British Esports Association. We want India to develop its own e-gaming ecosystem and compete at global tournaments with the best of the world." Virtual reality. Asia Pacific dominates the worldwide virtual reality (VR) gaming market, accounting for 40% of global revenue 17. Within ...

  17. How to Write a Virtual Reality Business Plan

    First, we will take a look at the traditional format of a VR business plan. This is the format you'll be using on almost any professional occasion (such as pitching your business to a bank for a loan). Second, we will look at the most important uses of your VR business plan. Third, we will look at some important characteristics of a VR ...

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    This start-up has been the recipient of huge funding by Indian Angel Network and Stanford Angels and Entrepreneurs of $5,30,000. This is one of the best Virtual Reality business opportunities in India. The company is based in New Delhi, Mumbai, Dubai and Bangalore and is going the distance to step into the United States as well.

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    Market Segmentation The target market for the virtual reality business is essentially people who want to try different and more realistic gaming experiences. The main segment will be young people with an obsession for games and also families who want to spend a great time together.

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    Blog Virtual Reality Gaming Business Market In India fantasy sports app development March 25, 2023 As we enter 2023, the only thing we can do is look back and wonder at the rapid development of online Virtual Reality Gaming. India has seen this over the past two to three years.