FICCI Tamil Nadu Technology Panel organized the Digital Disruption & Transformation Summit (DT7) on 7th July '2023 in Chennai.
The theme of this year's event was Are Consumer Electronics & Telecom going to be the Next Trillion-Dollar Sectors for India in terms of Exports?
As a part of the event, the FICCI Team had invited Expert Practitioner's from various domains to Author a Knowledge Paper on the same theme. The Knowledge Paper consisted of 4 key themes and segments, which are poised to help the country achieve the Trillion Dollar Dream. All the 4 themes had 4 key Authors and experts from respective domains.
First & Foremost Semiconductor Manufacturing & Contributions by Cyril-Patrick Fernandez, Electronics, IoT and way forward to Trillion Dollars by Dr. L.N. Rajaram, Telecom Exports Scaling & Domestic Happenings jointly by Dr. Rajaram Venkataraman, Jayashankar M S & Bala A Kumar.
Then VR-AR Opportunities & Exponential Ramp Up by myself, Srinivasan Yagnanarayanan. Thanks to the entire FICCI Team for including a technology like VR/AR into the ambitious goal of achieving Trillion Dollar Economy. It also alludes to the pace and potential with which the Industry and the Technology is evolving. Even all the major investments and the advancements by some of the leading behemoths in the Industry prove this fact.
Computing as a form factor has evolved from Mainframe, PC's, Laptops, Smartphones to Spatial Computing Devices now. Human Computer Interaction & Brain Computer Interaction becomes the two important technical principle and user experience principle for the technology's development.
VR & AR forms the primary component in transforming this computing evolution and is also seen as an important driver in ushering this change.
Some excerpts from the Knowledge Paper, which outlines the path to trillion dollar economy can be found below.
Drawing parallel to the PC / Laptop era to that of Smartphones, India has progressed significantly in terms of both adoption and production of these technologies. As per Games Market Report, India ranks second in the No. of Smartphone Users with an estimated 659 million Users at a 46.5% penetration rate, next only to China, outranking US in the third place.
As per the June 2023 report by Statista, the Virtual Reality Hardware stands at $164 Million in India, while the combined VR/AR Hardware & Software Market stands at $624.48 Million for the same period. India is projected to reach a revenue of $273 Million in VR Devices market alone by 2027, while the combined market is projected to reach over a Billion Dollar in revenue.
You can read more in detail by downloading the Knowledge Paper from the link below.
Though the VR/AR Industry hasn't seen an exponential escape velocity in terms of mass adoption and wider reach like its recent predecessor Smartphone, its still poised to be the most advanced technological evolution, our kind will experience.
One of the primary roadblock in mass adoption of the VR Devices is the cost and the form factor. The Smartphones where something that can be carried anywhere in your pocket and were non-intrusive in nature. But, the basic tenet of VR which is immersive experience, stops it from becoming a compact and extensive device, given the current technology.
But that's fast changing, in line with various developments that are happening in its allied technological components like optics, chipsets and energy consumption etc.
VR / AR Industry is in such a state of the early rail roads. They have the highest potential of connecting the entire world through rail lines, provided the tracks are laid first. We are in the process of laying tracks for the VR/AR ecosystem. Once the tracks are laid, it will become the biggest and most interactive computing format used by mankind.
It gives us immense pleasure that this Paper was released by Padma Shri. Dr. Sridhar Vembu who also delivered an excellent keynote address on the theme.
One of his remark during the session has had such a huge impact and probably makes us ponder on our practice of Exporting talents more often than employing them.
"We had a glorious past, do we even have a future?"