India Metaverse Market is expected to grow at a CAGR of 36.78% Through 2029
Rising traction & popularity of mixed reality (MR) is
expected to propel the India Metaverse Market between 2025- 2029.
According to
TechSci Research report “India Metaverse Market- By Region, Competition Forecast
& Opportunities, 2019-2029,” the India Metaverse Market
is likely to grow in the forecast period. Metaverse is quickly becoming an
emerging future for the Indian enterprises and market. The growing digitalization
and artificial Intelligence capabilities have spurred the advancement of mixed
reality efficiently along with rising investment to provide the physical metaverse
space. The Indian IT Ministry has collaborated with Meta to boost extended
reality startup ecosystem in India. In addition, young Indian startups,
especially from tier 2 and 3 cities, are playing a significant role in emerging
technologies like Web 3.0, blockchain, AI, Metaverse, etc. Several associations
and institutions, such as Gujarat University Startup and Entrepreneurship
Council (GUSEC), Foundation for Innovation and Technology Transfer (FITT) and International
Institute of Information Technology, etc. are announcing new XR programs that
are focusing on skilling and building technological capabilities for the
metaverse. This will expedite the growth of data centers in India during the
forecast period.
Moreover, the increase in
smartphone users and an increased focus on integrating digital and physical
worlds using the internet is driving the India Metaverse Market. India's metaverse
industry is expanding rapidly in the age of digitization. The nation is ideally
positioned to serve as a hub for IT specializing in cloud computing
technologies including artificial intelligence, machine learning, and advanced
analytical techniques. Furthermore, rising usage of big data solutions, IoT,
and cloud-based solutions, among other things, is predicted to drive market
expansion through 2028.
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Figures spread through XX Pages and an in-depth TOC on the "India Metaverse Market.”
Based on platform, the Mobile segment dominate the market in the forecast period, The Mobile segment dominates the India Metaverse market, driven by several crucial factors that collectively enhance its accessibility and appeal. Central to this dominance is the widespread penetration of smartphones across the country. India has one of the largest smartphone user bases globally, with affordable devices available to a broad demographic. This widespread availability of smartphones ensures that a significant portion of the population can access metaverse applications, making mobile platforms the primary gateway to the metaverse for many users.
The affordability of mobile data plans further strengthens the mobile segment's dominance. India offers some of the most cost-effective mobile data plans in the world, facilitating constant connectivity for users. This affordability makes it easier for people to engage with metaverse platforms, which often require continuous internet access for real-time interactions and experiences. As a result, mobile devices become the preferred choice for accessing metaverse content, especially in a price-sensitive market like India.
Advancements in mobile technology have also played a pivotal role. Modern smartphones are equipped with powerful processors, high-resolution displays, and advanced graphics capabilities, enabling them to deliver rich and immersive metaverse experiences. Innovations such as augmented reality (AR) and virtual reality (VR) integration in mobile devices have enhanced their ability to support metaverse applications, providing users with high-quality visual and interactive experiences on the go.
The convenience and portability of mobile devices make them ideal for the dynamic lifestyles of Indian consumers. Mobile devices allow users to access the metaverse anytime and anywhere, whether they are commuting, at work, or at home. This flexibility is crucial in a country where mobile usage is deeply integrated into daily life, ensuring that users can engage with metaverse platforms seamlessly throughout their day.
The rise of mobile-based metaverse applications and platforms further contributes to the segment's dominance. Many developers are focusing on creating mobile-friendly metaverse experiences, recognizing the extensive reach and user base of mobile platforms. These applications often include gaming, social interactions, virtual shopping, and entertainment, catering to a wide range of interests and preferences. The proliferation of such apps enhances the attractiveness of mobile platforms as the primary medium for metaverse engagement.
The integration of mobile payment solutions facilitates smooth transactions within the metaverse. Mobile wallets and payment gateways enable users to easily purchase virtual goods, services, and experiences, driving economic activity within the metaverse. This seamless payment integration is crucial for the growth of virtual economies and encourages more users to participate actively in the metaverse ecosystem.
In summary, the dominance of the mobile segment in the India Metaverse market is driven by the widespread penetration of smartphones, affordable mobile data plans, technological advancements in mobile devices, their convenience and portability, the development of mobile-based metaverse applications, and the integration of mobile payment solutions. These factors collectively make mobile platforms the preferred and most accessible gateway to the metaverse for a large and diverse user base in India, propelling the growth and expansion of the market.
Key market
players in the India Metaverse Market include:
- Hyperlink InfoSystem
- Tata Consultancy Services
- Fingent Corporation
- Deloitte Touche Tohmatsu India LLP
- Tech Mahindra Limited
- Travancore Analytics (P) Ltd.
- Infosys Limited
- Accenture PLC
- Capgemini Service SAS
- Antier Solutions Pvt Ltd
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South Region holds the largest market share of India Metaverse market. Chennai, being the India’s SaaS capital is working on offering business software’s for enterprises globally. In addition, the introduction of 5G networks and cloud services will strengthen the region's digital economy and increase demand for high-bandwidth networking infrastructure. For instance, in March 2022, the government of Telangana announced the launch of State’s “SpaceTech Framework” and has hosted the event on PartyNite Metaverse, with a space theme where participants can view policy guidelines and take pictures. In addition, the use of Artificial Intelligence, data analytics and augmented/ virtual reality as part of Web3.0 or Metaverse are enabling corporations like Novac Technology Solutions, Ingage, XR Labs, Skillveri and many more in assisting clients by creating digital twins of products, launching those products in the virtual world to test for flaws, and enabling employees to receive hands-on training in standard operating procedures and vocational skills. Moreover, the rise of startups that are developing innovative solutions for this space, has been a key element in the growth of the India Metaverse market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Metaverse
Market By Component (Hardware and Software), By Platform (Desktop and Mobile),
By Technology (Blockchain, Virtual Reality (VR) & Augmented Reality (AR)
and Mixed Reality (MR)), By Application (Gaming, Online Shopping, Content
Creation, Social Media and Others), By End User (BFSI, Retail, Manufacturing,
Media & Entertainment, Education, Aerospace & Defense and Others), By
Region, Competition Forecast & Opportunities, 2029F,” has evaluated the future
growth potential of India Metaverse Market and provides statistics &
information on market size, structure, and future market growth. The report's
goal is to give current market knowledge and assist decision makers in making
informed investment decisions. Furthermore, the study identifies and analyses
emerging trends, as well as key drivers, challenges, and opportunities in the India
Metaverse Market.
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