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India Metaverse Market

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India Metaverse Market - By Component (Hardware, Software, Service); By Technology (Blockchain, Virtual Reality (VR) & Augmented Reality (AR), Mixed Reality (MR), Others); By Application (Gaming, Online Shopping, Content Creation & Social Media, Events & Conferences, Digital Marketing); By End User (BFSI, Retail, Media & Entertainment, Education, Aerospace & Defense, Automotive, Others); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

  • Published Date: June 2023
  • Report ID: BWC23514
  • Available Format: PDF
  • Page: 260

Report Overview

Increasing adoption of augmented reality (AR) and virtual reality (VR) technologies and applications; and growing demand for immersive experiences are expected to boost the growth of India Metaverse Market during the forecast period between 2023 and 2029.

India Metaverse Market - Industry Trends & Forecast Report, 2029

India metaverse market size was estimated to be worth USD 19.57 billion in 2022. During the forecast period between 2023 and 2029, the India metaverse market size is projected to grow at a CAGR of 50.3%, reaching a value of USD 337.76 billion by 2029. Major growth factors for the India metaverse market include an increasing emphasis on using the Internet to connect the physical and digital worlds, the popularity and momentum of mixed reality (MR), augmented reality (AR), and virtual reality (VR), as well as growth in demand for work-from-home and remote working tools during the COVID-19 pandemic.

India Metaverse Market

India Metaverse Market – Overview

According to McKinsey & Company, a leading global management consulting firm, “the metaverse is an evolving 3-D digital environment that enables realistic personal and professional encounters online by utilizing virtual reality (VR), augmented reality (AR), and other cutting-edge internet and semiconductor technologies.” Different types of technology, including cloud infrastructure, software tools, platforms, apps, user-generated content, and hardware, will power the metaverse. The metaverse will feature a variety of user experiences in addition to technical needs, including but not limited to entertainment, gaming, business, social interactions, education, and research.

India Metaverse Market

Growth Drivers

Deepening Penetration of Metaverse among Organizations

Metaverse is gaining immense traction among companies in India. According to the PwC India report titled "Our Take - Embracing the Metaverse," about 70% of business executives in India intend to include the metaverse in their organizational activities. About 63% of businesses that are actively utilizing the metaverse expect fully integrating metaverse into all aspects of their operations within a year. The increasing number of companies and startups offering metaverse development services has also spiked in recent years, which is anticipated to proliferate the India metaverse market during the forecast period.

Restraints

Lack of Standards and Regulations

Due to India's lax cybersecurity regulations, the market for the metaverse in the country is particularly vulnerable to security issues, which may act as a major hindrance to the India metaverse market. In terms of malware attacks and phishing, India is among the top three countries in the world, according to Symantec, a leading cybersecurity center. There is also a lack of understanding at the corporate and individual levels because there is no national regulatory policy in place for cybersecurity. Only in the presence of a regulated and overseen legislative framework can domestic internet users defend themselves and receive regulatory & legal protection from cyberattacks in the expanding scope of the metaverse.

Impact of COVID-19 on the India Metaverse Market

The unprecedented COVID-19 pandemic provided the India metaverse market with enormous growth potential. The lockdown's limits on the production processes and supply chains for the metaverse hardware components initially resulted in a slow expansion of the market. However, the pandemic proliferated the adoption and integration of the metaverse, particularly in the BFSI and gaming sectors. Users can participate in interactive sessions in the virtual world owing to the metaverse's widespread use across a variety of industries, such as education, healthcare, and events.

India Metaverse Market

Segmental Coverage

India Metaverse Market – By Component

Based on component, the India metaverse market is segmented into hardware, software, and services. The hardware segment holds the highest share in the India metaverse market, owing to the increasing focus among companies on manufacturing products that give a better user experience and enable more extended user immersion. Companies are also attempting to create more sophisticated gear, such as VR/AR headsets, haptic devices, and sensors, to enhance the realism of virtual worlds.

India Metaverse Market Share

India Metaverse Market – By Technology

On the basis of technology, the India metaverse market is segmented into blockchain, virtual reality (VR) & augmented reality (AR), mixed reality (MR), and others. The VR & AR technology segment accounts for the highest market share in the India metaverse market. VR is not only a network of related virtual worlds, which enables avatar-based user interaction with digital content but rather a collection of interconnected virtual worlds. With the help of AR, metaverse products will have immersive features like the ability to dress your avatar in a variety of clothing.

India Metaverse Market – By Application

Based on application, the India metaverse market is segmented into gaming, online shopping, content creation & social media, events & conferences, and digital marketing. The gaming segment holds the highest share of the India metaverse market. Gaming in the metaverse may use MR, enabling users to move fluidly from AR group messaging to a MR computer game before entering a full metaverse virtual reality experience. However, the use of the metaverse in events and conferences is increasingly gaining traction in the Indian market.

India Metaverse Market – By End User

Based on end user, the India metaverse market is segmented into BFSI, retail, media & entertainment, education, aerospace & defense, automotive, and others. The BFSI end-user segment accounts for the highest share of the India metaverse market. Services, including ATM withdrawals, money deposits, and connecting with representatives for assistance and guidance, will all be available in the metaverse. Indian banks are increasingly adopting the metaverse to offer financial services and improve their customer service. The Union Bank of India recently launched a virtual lounge based in the metaverse where it will digitally present its products to customers.

India Metaverse Market – By Region

The in-depth research report on India metaverse market covers the regional markets in North India, South India, East India, and West India. South India dominates the India metaverse market owing to the strong IT infrastructure in the region. The high concentration of established IT companies and startups and the rising integration of metaverse into their operations, along with favorable government initiatives, are also providing new growth opportunities for the India metaverse market. The Telangana government, for instance, hosted its first official event on the metaverse to launch its space technology plan.

Competitive Landscape

Major players operating in the India metaverse market include Meta, Roblox, Epic Games, Decentraland, Sandbox, Tech Mahindra, TCS, HCL Technologies, Mphasis, and Persistent Systems. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

  • In March 2023 – the UPES School of Business in Dehradun launched an MBA program in Metaverse and Web 3.0, giving candidates a better understanding of the ecosystems of the Metaverse, blockchain, and Web 3.0.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Billion

Market Coverage

North India, South India, East India, West India

Product/ Service Segmentation

Component, Technology, Application, End User, Region

Key Players

Meta, Roblox, Epic Games, Decentraland, Sandbox, Tech Mahindra, TCS, HCL Technologies, Mphasis, Persistent Systems

 

 

By Component

  • Hardware

  • Software

  • Service

By Technology

  • Blockchain

  • Virtual Reality (VR) & Augmented Reality (AR)

  • Mixed Reality (MR)

  • Others

By Application

  • Gaming

  • Online Shopping

  • Content Creation & Social Media

  • Events & Conferences

  • Digital Marketing

By End User

  • BFSI

  • Retail Media & Entertainment

  • Education

  • Aerospace & Defense

  • Automotive

  • Others

By Region

  • North India

  • South India

  • East India

  • West India

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. India Metaverse Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Increasing adoption of augmented reality (AR) and virtual reality (VR)
        2. Growing demand for immersive experiences
      2. Restrains
        1. High cost of entry in the market
        2. Lack of standards and regulations
      3. Opportunities
        1. Growing opportunities for e–commerce and retail sectors to create virtual shopping experiences
      4. Challenges
        1. Competition from other emerging technologies
    3. Technology Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. India Metaverse Market Overview
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Component
        1. Hardware
        2. Software
        3. Service
      2. By Technology
        1. Blockchain
        2. Virtual Reality and Augmented Reality
        3. Mixed Reality
        4. Others
      3. By Application
        1. Gaming
        2. Online Shopping
        3. Content Creation and Social Media
        4. Events and Conference
        5. Digital Marketing
      4. By End User
        1. BFSI
        2. Retail Media and Entertainment
        3. Education
        4. Aerospace and Defense
        5. Automotive
        6. Others
      5. By Region
        1. North India
        2. South India
        3. East India
        4. West India
  5. North India Metaverse Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Component
      2. By Technology
      3. By Application
      4. By End User
  6. South India Metaverse Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Component
      2. By Technology
      3. By Application
      4. By End User
  7. East India Metaverse Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Component
      2. By Technology
      3. By Application
      4. By End User
  8. West India Metaverse Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Component
      2. By Technology
      3. By Application
      4. By End User
  9. Competitive Landscape
    1. List of Key Players and Their Component
    2. India Metaverse Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  10. Impact of Covid–19 on India Metaverse Market
  11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Meta
    2. Roblox
    3. Epic Games
    4. Decentraland
    5. Sandbox
    6. Tech Mahindra
    7. TCS
    8. HCL Technologies
    9. Mphasis
    10. Persistent Systems
    11. Other Prominent Players
  12. Key Strategic Recommendations
  13. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

 

*Financial information of case of non–listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in–depth secondary research for the final deliverable.

 

 

List of Figures

 

Figure 1       India Metaverse Segmentation

Figure 2       India Metaverse Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       India Metaverse Market Size, By Value (USD Billion), 2019–2029

Figure 5       India Metaverse Market Share, By Component, By Value, 2019–2029

Figure 6       India Metaverse Market Share, By Technology, By Value, 2019–2029

Figure 7       India Metaverse Market Share, By Application, By Value, 2019–2029

Figure 8       India Metaverse Market Share, By End User, By Value, 2019–2029

Figure 9       North India Metaverse Market Size, By Value (USD Billion), 2019–2029

Figure 10     North India Metaverse Market Share, By Component, By Value, 2019–2029

Figure 11     North India Metaverse Market Share, By Technology, By Value, 2019–2029

Figure 12     North India Metaverse Market Share, By Application, By Value, 2019–2029

Figure 13     North India Metaverse Market Share, By End User, By Value, 2019–2029

Figure 14     South India Metaverse Market Size, By Value (USD Billion), 2019–2029

Figure 15     South India Metaverse Market Share, By Component, By Value, 2019–2029

Figure 16     South India Metaverse Market Share, By Technology, By Value, 2019–2029

Figure 17     South India Metaverse Market Share, By Application, By Value, 2019–2029

Figure 18     South India Metaverse Market Share, By End User, By Value, 2019–2029

Figure 19     East India Metaverse Market Size, By Value (USD Billion), 2019–2029

Figure 20     East India Metaverse Market Share, By Component, By Value, 2019–2029

Figure 21     East India Metaverse Market Share, By Technology, By Value, 2019–2029

Figure 22     East India Metaverse Market Share, By Application, By Value, 2019–2029

Figure 23     East India Metaverse Market Share, By End User, By Value, 2019–2029

Figure 24     West India Metaverse Market Size, By Value (USD Billion), 2019–2029

Figure 25     West India Metaverse Market Share, By Component, By Value, 2019–2029

Figure 26     West India Metaverse Market Share, By Technology, By Value, 2019–2029

Figure 27     West India Metaverse Market Share, By Application, By Value, 2019–2029

Figure 28     West India Metaverse Market Share, By End User, By Value, 2019–2029

 

 

List of Tables

 

Table 1        India Metaverse Market Size, By Value (USD Billion), 2019–2029

Table 2        India Metaverse Market Share, By Component, By Value, 2019–2029

Table 3        India Metaverse Market Share, By Technology, By Value, 2019–2029

Table 4        India Metaverse Market Share, By Application, By Value, 2019–2029

Table 5        India Metaverse Market Share, By End User, By Value, 2019–2029

Table 6        North India Metaverse Market Size, By Value (USD Billion), 2019–2029

Table 7        North India Metaverse Market Share, By Component, By Value, 2019–2029

Table 8        North India Metaverse Market Share, By Technology, By Value, 2019–2029

Table 9        North India Metaverse Market Share, By Application, By Value, 2019–2029

Table 10      North India Metaverse Market Share, By End User, By Value, 2019–2029

Table 11      South India Metaverse Market Size, By Value (USD Billion), 2019–2029

Table 12      South India Metaverse Market Share, By Component, By Value, 2019–2029

Table 13      South India Metaverse Market Share, By Technology, By Value, 2019–2029

Table 14      South India Metaverse Market Share, By Application, By Value, 2019–2029

Table 15      South India Metaverse Market Share, By End User, By Value, 2019–2029

Table 16      East India Metaverse Market Size, By Value (USD Billion), 2019–2029

Table 17      East India Metaverse Market Share, By Component, By Value, 2019–2029

Table 18      East India Metaverse Market Share, By Technology, By Value, 2019–2029

Table 19      East India Metaverse Market Share, By Application, By Value, 2019–2029

Table 20      East India Metaverse Market Share, By End User, By Value, 2019–2029

Table 21      West India Metaverse Market Size, By Value (USD Billion), 2019–2029

Table 22      West India Metaverse Market Share, By Component, By Value, 2019–2029

Table 23      West India Metaverse Market Share, By Technology, By Value, 2019–2029

Table 24      West India Metaverse Market Share, By Application, By Value, 2019–2029

Table 25      West India Metaverse Market Share, By End User, By Value, 2019–2029

Table 26      Meta Company Overview

Table 27      Meta Financial Overview

Table 28      Roblox Company Overview

Table 29      Roblox Financial Overview

Table 30      Epic Games Company Overview

Table 31      Epic Games Financial Overview

Table 32      Decentraland Company Overview

Table 33      Decentraland Financial Overview

Table 34      Sandbox Company Overview

Table 35      Sandbox Financial Overview

Table 36      Tech Mahindra Company Overview

Table 37      Tech Mahindra Financial Overview

Table 38      TCS Company Overview

Table 39      TCS Financial Overview

Table 40      HCL Technologies Company Overview

Table 41      HCL Technologies Financial Overview

Table 42      Mphasis Company Overview

Table 43      Mphasis Financial Overview

Table 44      Persistent Systems Company Overview

Table 45      Persistent Systems Financial Overview

Table 46      Other Prominent Players Company Overview

Table 47      Other Prominent Players Financial Overview

Market Segmentation

No data available
No data available

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Frequently Asked Questions (FAQs):

Ans: The BFSI segment held the highest market share in the India Metaverse Market by end user.
Ans: India Metaverse Market size was estimated at USD 19.57 billion in 2022.
Ans: Major factors driving the growth of India Metaverse Market include increasing adoption of augmented reality (AR), virtual reality (VR) and mixed reality (MR) technologies and a growing demand for immersive experiences.
Ans: Key players in India Metaverse Market include Meta, Roblox, Epic Games, Decentraland, Sandbox, Tech Mahindra, TCS, HCL Technologies, Mphasis, and Persistent Systems.
Ans: South India is expected to grow at the fastest rate in India Metaverse Market during the forecast period between 2023 and 2029.