India Metaverse Marke Has Seen a Soaring ~38.5% Growth and was valued at USD 3.2 Billion in 2023, Projects UnivDatos Market Insights
- Himanshu Patni
- October 18, 2024
- NEWS, TELECOM & IT
- 0 Comments
Key Highlights of the Report:
Ø Growth is exponential as more persons have access to the internet and Smartphones, hence more persons becoming users of Metaverse.
Ø Advances in virtual reality, augmented reality, and artificial intelligence are used as a basis for designing environments for creating realistic immersive environments and enhancing feedback by the users.
Ø There has been growing interaction by young people to online gratifications, particularly in matters that concern gaming, and social interaction platforms.
According to a new report by UnivDatos Market Insights, the India Metaverse Market is expected to reach ~USD 60 billion in 2032 by growing at a CAGR of ~38.5%. Metaverse is a shared cyberspace space that combines physical and digital environments within which people work, communicate, and participate in business processes. It includes technologies such as virtual reality (VR), augmented reality (AR), and blockchain technologies all of which enable a synchronous, persistent reality shared online. Thereby, users can create avatars for themselves, go through virtual worlds and attend events, as well participate in various activities, starting with gaming and up to virtual commerce. The concept will allow for organic integration between real-life and digital social interactions and transform how people socialize, work, and consume content. As the Metaverse grows, which can change industries, create new forms of economic activity, and transform human interactions, it is an important field for developers of technologies, companies, and users.
Access sample report (including graphs, charts, and figures): https://univdatos.com/get-a-free-sample-form-php/?product_id=67505
KEY GROWTH DRIVERS:
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, thus 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.
• 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 March 2024, OneVerse acquired Calling Station and BatBall11, expanding its gaming portfolio in India amid favorable M&A conditions. The acquisitions are a part of OneVerse’s ongoing M&A strategy to solidify its position in the gaming market and advance its goal of becoming India’s leading gaming entity.
The report suggests that the Increased Internet Penetration is a significant factor driving the growth of the metaverse market in the coming years. The Metaverse market has been significantly impacted by a fast-growing internet connection in India that has fueled the country’s growth. In the last ten years, the desire of people to join the internet space has increased due to the cheap tariffs for internet usage and the availability of smartphones. It has not only revolutionized communications and destroyed the traditional way of viewing content, but also provides the ability to access engaging degrees of digital content. Since Internet connectivity is growing especially in the rural and semi-urban areas, more people are getting informed on the use of different social sites, thus a bigger population base for Metaverse. This demographic shift is important because it creates new opportunities for extended use of virtual reality (VR) and augmented reality (AR) solutions, computer games, and social interaction in the Metaverse. Moreover, the recent policies adopted by the Indian government enhance the domain strength of the digital layer, which is likely to increase user adoption and amplify the possibilities in the Metaverse environment. Therefore, as more people use the internet daily, companies find themselves well-positioned to develop new virtual products and services known today as the Metaverse which attracts consumers and investors to this emerging market.
Explore the comprehensive research on report here:- https://univdatos.com/report/india-metaverse-market/
Software Segment Gaining Maximum Traction in the Market
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.
Conclusion
The Indian metaverse market is rapidly growing, with advancements in the telecom and IT industry leading to improved outcomes. The market is expected to increase as new innovative products are developed in the coming years. Thus, the Indian metaverse market represents a significant opportunity for companies to make strategic alliances to launch a diversity of products for the country’s population. With continued development, more products will likely become available, improving consumer outcomes.
