India Metaverse Market Overview
India Metaverse Market Size was valued at USD 2.5 Billion in 2022. The Metaverse Market industry is projected to grow from USD 3.4 Billion in 2023 to USD 45.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 38.20% during the forecast period (2024 - 2032). Increasing adoption of virtual reality (VR) and augmented reality (AR) technologies and the growing demand for immersive digital experiences are the main market drivers anticipated to propel the Metaverse Market in India.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
India Metaverse Market Trends
Increasing use of metaverse in gaming and recreation to drive market growth
The internet has seen customers employ online games for leisure purposes. This has aided the growth of the metaverse by providing a more user-friendly interface than traditional online gaming platforms. The adoption of equipment and platforms such as VR headsets, smart helmets, and MR displays has improved the game experience, resulting in the growing use of metaverse by gaming developers. This has increased the metaverse market CAGR in India. The growing interest in cryptocurrencies has also aided its adoption. The growing popularity of NFTs among the younger generation has resulted in increased use of Metaverse. According to CNBC, the market for NFTs surged by 210% between 2021 and 2022. Retailers and luxury companies have also utilized the metaverse to captivate customers by offering limited edition goods, such as Gucci's collaboration with Roblox, which sold limited edition bags and allowed users to win accessories through games. Similarly, Arian Grande and Imagine Dragons have held performances in the metaverse.
Furthermore, metaverse use has increased in a variety of end-use industries, including health, defense, aerospace, and banking. Major BFSI businesses, including JP Morgan and HSBC, have begun to use it to improve their customer relationships. Trading companies have also begun to use metaverse to provide their consumers with an interactive way to manage their stock portfolio, which is driving metaverse market revenue.
India Metaverse Market Segment Insights
Metaverse Component Insights
The India Metaverse Market segmentation, based on Components, includes Hardware, Software, and Service. The software segment is expected to grow significantly throughout the projected period. Virtual platforms are the creation and management of integrated virtual and often three-dimensional simulations, settings, and environments in which people and enterprises can discover, create, socialize, and engage in a wide range of activities while still conducting business. Popular virtual platforms include Minecraft, Roblox, the Sandbox, HyperVerse, and Fortnite Creative Mode.
Figure 1: India Metaverse Market, By Component, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Metaverse Technology Insights
The India Metaverse Market segmentation, based on Technology, includes Blockchain, Virtual Reality (VR) & Augmented Reality (AR), Mixed Reality (MR), and Others. The VR and AR segment dominated the market in 2023. VR and AR deliver a greater level of user experience in sectors such as gaming, which has increased income for the segment. It also improves peer-to-peer interaction both within and between applications. The mixed reality market is predicted to develop the fastest throughout the projection period because of its superior performance and improved user connectivity and experience qualities.
Metaverse Application Insights
The India Metaverse Market segmentation, based on Application, includes Gaming, Online Shopping, Content Creation & Social Media, Events & Conferences and Digital Marketing. In 2023, the gaming industry will be the largest application area for the metaverse market. This is owing to consumers' increased use of AR-VR games, which give a more immersive gaming experience. The social media segment is predicted to experience the fastest market growth during the forecast period. This is due to the growing number of content creators and the necessity for social media firms to strengthen their social connections and user experience.
Metaverse End-Use Insights
Based on End-Use, the India Metaverse Market segmentation includes BFSI, Retail Media & Entertainment, Education, Aerospace & Defense, Automotive and Others. The BFSI industry is expected to generate the most income in 2023. However, the media and entertainment business is predicted to grow at a CAGR of 43.5% throughout the forecast period, mainly due to the global rise of the gaming industry. Businesses are increasingly focusing on hosting virtual music performances, and as more businesses adopt this concept, the revenue growth in this area is expected to accelerate.
India Metaverse Country Insights
The India metaverse market is expanding rapidly and has enormous potential. With the growing popularity of virtual reality (VR) and augmented reality (AR) technology, there is a surge in demand for immersive digital experiences. The Indian metaverse market includes a wide range of industries like gaming, entertainment, education, and healthcare. Companies are actively looking for new ways to develop interactive and compelling metaverse platforms and content.
India Metaverse Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their Type lines, which will help the Metaverse Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new Type launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Metaverse industry must offer cost-effective items.
Major players in the Metaverse Market are attempting to increase market demand by investing in research and development operations, including Meta, Roblox, Epic Games, Decentraland, Sandbox, Tech Mahindra, TCS, HCL Technologies, Mphasis, Persistent Systems.
Key Companies in the Metaverse Market include
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Meta
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Roblox
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Epic Games
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Decentraland
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Sandbox
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Tech Mahindra
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TCS
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HCL Technologies
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Mphasis
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Persistent Systems
India Metaverse Industry Developments
In September 2022, NEOM Tech & Digital, a component of Saudi Arabia's $500 billion NEOM project, announced a $1.0 billion investment in AI, which includes a metaverse infrastructure. The company plans to launch its metaverse, a 3D virtual environment in which users can interact with one another.
In September 2022, Meta Platforms worked with the Indian IT Ministry to develop the XR Startup Program in the country, which aims to boost innovation in new technologies such as augmented reality and virtual reality. This effort was designed to encourage technological innovation in smaller communities and municipalities.
In January 2022, The Sandbox announced a collaboration with Warner Music Group to create the first music-themed planet in the Sandbox metaverse. This agreement would be Warner Music Group (WMG)'s first foray into the metaverse and NFT sectors.
India Metaverse Market Segmentation
Metaverse Component Outlook
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Hardware
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Software
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Service
Metaverse Technology Outlook
Metaverse Application Outlook
Metaverse End-Use Outlook
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 2.5 Billion |
| Market Size 2023 |
USD 3.4 Billion |
| Market Size 2032 |
USD 45.9 Billion |
| Compound Annual Growth Rate (CAGR) |
38.20% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2019-2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Component, Technology, Application, End-Use and Region |
| Countries Covered |
India |
| Key Companies Profiled |
Meta, Roblox, Epic Games, Decentraland, Sandbox, Tech Mahindra, TCS, HCL Technologies, Mphasis, Persistent Systems |
| Key Market Opportunities |
Expansion into new industries and sectors, such as education, entertainment, and healthcare. Innovation in metaverse platforms and content creation to enhance user engagement and interaction |
| Key Market Dynamics |
Growing demand for immersive digital experiences. |
Frequently Asked Questions (FAQ) :
The India Metaverse Market size was valued at USD 3.4 Billion in 2023.
The market is projected to grow at a CAGR of 38.20% during the forecast period, 2024-2032.
The key players in the market are Meta, Roblox, Epic Games, Decentraland, Sandbox, Tech Mahindra and others.
The VR and AR category dominated the market in 2023.
The gaming industry had the largest share of the market.
