India Metaverse Market: Current Analysis and Forecast (2024-2032)

Report Description

India Metaverse Market Size & Forecast

The India Metaverse market was valued at USD 3.2 billion in 2023 and is expected to grow at a strong CAGR of around 38.5% during the forecast period (2024-2032) owing to rising penetration of the internet in the nation.

India Metaverse Market Analysis

The Metaverse market refers to a phenomenon into which one can fully or at least partially dive into the digital and physical worlds where one can take a full and creative part for entertainment, learning, socializing, or even doing business. As a form of the virtual world that combines virtual reality (VR), augmented reality (AR), blockchain, and artificial intelligence (AI) systems, the real-time metaverse world allows users to immerse themselves in a continuous environment. With the strong upward trend in global investments due to increased interest from the world’s largest tech companies and new generations of start-ups the global market remains steady on its way to innovate to provide users with new and fresh solutions through consistently improving its hardware and software offerings. .

Recent Developments in the Market

In June 2024, HSBC Holding plc taps metaverse to win business from India’s rich diaspora.

In April 2022, Tanishq launched its wedding collection titled ‘Romance of Polki’ in the 3D display zones on the metaverse where the signature pieces from the collection were displayed.

India Metaverse Market Trends

This section discusses the key market trends that are influencing the various segments of the pet perfume market, as identified by our team of research experts.

The Software Segment Transforming Industry

The software segment is growing steadily due to the growing need in the industries for various brands and product representations. As developers design new applications for virtual reality (VR), augmented reality (AR), and mixed reality environments, there is a release of new software solutions for gaming, educational, entertainment, and business purposes. Sophisticated applications in content generation, including 3D modeling tools, simulations, and spaces for social interactions are enabling content creators to construct immersive experiences in a virtual environment. Cloud computing and software services are also evolving through the usage of blockchain to enhance the secure adoption of digital assets throughout the Metaverse. Moreover, the application of artificial intelligence and machine learning in software programs in creating user experiences by delivering, interacting, and recommending tailored content. In the coming years, as more companies realize the marketing, training, and customer experience opportunities Metaverse offers, the software space is poised to grow rapidly, anchoring the Metaverse economy.

West India is Expected to Grow with Significant CAGR During Forecast Period

The Metaverse market in West India is slowly becoming popular and the potential is high due to the availability of technology resources and the culture of startup formations. Indian cities including Mumbai, Pune, and Ahmedabad have developed as innovation cities as more players in the technology industry have invested in the country. Since, West India has engrossed itself in the use of the digital media, gaming, and entertainment industries it is most likely to accept the Metaverse effectively in sectors such as virtual gaming, social communication, and experience. Also, the constant growth of youth, namely, with constantly improving technological literacy, creates a desire for heated and dynamic content. The availability of improved internet capability, and supportive government policies that encourage digital innovation, as well as a cultural aspect, make it even better for the region. As companies look into virtual reality spaces for cooperation, immersive experience, and advertisement, West India is set to be the key player in India’s metaverse future.

• In February 2024, Mumbai, India’s financial capital’s government announced a metaverse initiative to showcase its infrastructure development projects expected to transform its landscape over the next few years. Mumbai Metropolis Metaverse is a free-to-explore platform where visitors can access several infrastructure development projects through virtual reality (VR) and in 3D. Progress of these initiatives can be viewed on the website as well as through Google Play and Apple app stores. On the platform, users can filter projects based on their desired outcome, like fuel-saving, time-saving, quality of life, carbon neutrality, and clean air.

India Metaverse Industry Overview

The India Metaverse market is competitive and fragmented, with the presence of several country market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market include Meta, Dhi Tattva Solutions Pvt. Ltd. (EDIIIE), TATA Consultancy Services Limited, Vegavid Technology, Tech Mahindra Limited, HCL Technologies Limited, LBM Solutions, Capgemini, Accenture, Infosys Limited.

India Metaverse Market News

In May 2024, ZF Group launched its metaverse platform in India for talent acquisition and employee engagement. The ZF Employer Branding Metaverse offers a comprehensive and immersive experience, allowing potential candidates and existing employees to explore products and career opportunities and to engage in live events in an interactive, virtual world.

In April 2022, Ceat Limited, one of India’s largest tyre manufacturers, is creating its own Ceat Shoppe in the metaverse. The metaverse is integrated with their e-commerce platform. Buyers and customers will be able to view products in 3D and book orders simultaneously. The company will also offer buyers the option of tyre delivery and fitment at home.

In February 2022, IT giant Infosys launched the ‘Infosys metaverse foundry’, which will play a vital role in helping companies create their own metaverse environment, facilitating signature experiences in an existing metaverse, and bringing artificial intelligence (AI), data analytics, and simulations to the metaverse.

India Metaverse Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The India Metaverse market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the India Metaverse Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the India metaverse market were the three major steps undertaken to create and analyze the adoption of India metaverse in major states. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the India metaverse market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertaining to detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the India metaverse market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the India metaverse market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, application, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the India metaverse market. Further, we conducted factor analysis using dependent and independent variables such as the component, application, and regions of the India Metaverse market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in India metaverse market sector across the country

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the India Metaverse market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to varied factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast 2032 for different segments and sub-segments across the major markets in India. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the India Metaverse market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the India Metaverse market regarding products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the India metaverse market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, application, and regions in the India metaverse market.

The main objective of the India Metaverse Market Study

The current & future market trends of the India Metaverse market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a state level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the India Metaverse market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of component, application, and regions.
• Define and analyze the regulatory framework for the India metaverse
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the India metaverse market for the major region.
• Major Regions in India studied in the report include North India, South India, East India, and West India.
• Company profile of the India Metaverse market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive state-level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team