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
India Metaverse Market Size Zooming More Than 17X to Touch USD 338 Billion by 2029
The India metaverse market is gaining traction because of the increasing adoption of augmented reality (AR) and virtual reality (VR) and a growing demand for immersive experiences across industries in the country.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India metaverse market size at 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 robust CAGR of 50.3% reaching a value of USD 337.76 billion by 2029. The use of the Internet to bridge the physical and digital worlds, the popularity and growth of mixed reality (MR), augmented reality (AR), and virtual reality (VR), and the rise in demand for work-from-home and remote working tools during the COVID-19 pandemic are all significant growth factors for the India metaverse market.
India Metaverse Market – Overview
Metaverse, as defined by a leading global management consulting company McKinsey & Company, is an evolving 3-D digital environment that enables realistic personal and professional encounters online by utilizing virtual reality, augmented reality, and other cutting-edge internet and semiconductor technology. 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 – By Technology
Based on 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. VR technology is not only a network of related virtual worlds that allows 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 a user’s avatar in a variety of clothing.
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 stringent restrictions 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, events, and others.
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.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the India Metaverse Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Metaverse Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. India Metaverse Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Increasing adoption of augmented reality (AR) and virtual reality (VR)
- 3.2.1.2. Growing demand for immersive experiences
- 3.2.2. Restrains
- 3.2.2.1. High cost of entry in the market
- 3.2.2.2. Lack of standards and regulations
- 3.2.3. Opportunities
- 3.2.3.1. Growing opportunities for e–commerce and retail sectors to create virtual shopping experiences
- 3.2.4. Challenges
- 3.2.4.1. Competition from other emerging technologies
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. India Metaverse Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Billion)
- 4.2. Market Share & Forecast
- 4.2.1. By Component
- 4.2.1.1. Hardware
- 4.2.1.2. Software
- 4.2.1.3. Service
- 4.2.2. By Technology
- 4.2.2.1. Blockchain
- 4.2.2.2. Virtual Reality and Augmented Reality
- 4.2.2.3. Mixed Reality
- 4.2.2.4. Others
- 4.2.3. By Application
- 4.2.3.1. Gaming
- 4.2.3.2. Online Shopping
- 4.2.3.3. Content Creation and Social Media
- 4.2.3.4. Events and Conference
- 4.2.3.5. Digital Marketing
- 4.2.4. By End User
- 4.2.4.1. BFSI
- 4.2.4.2. Retail Media and Entertainment
- 4.2.4.3. Education
- 4.2.4.4. Aerospace and Defense
- 4.2.4.5. Automotive
- 4.2.4.6. Others
- 4.2.5. By Region
- 4.2.5.1. North India
- 4.2.5.2. South India
- 4.2.5.3. East India
- 4.2.5.4. West India
- 5. North India Metaverse Market
- 5.1. Market Size & Forecast, 2019–2029
- 5.1.1. By Value (USD Billion)
- 5.2. Market Share & Forecast
- 5.2.1. By Component
- 5.2.2. By Technology
- 5.2.3. By Application
- 5.2.4. By End User
- 6. South India Metaverse Market
- 6.1. Market Size & Forecast, 2019–2029
- 6.1.1. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By Component
- 6.2.2. By Technology
- 6.2.3. By Application
- 6.2.4. By End User
- 7. East India Metaverse Market
- 7.1. Market Size & Forecast, 2019–2029
- 7.1.1. By Value (USD Billion)
- 7.2. Market Share & Forecast
- 7.2.1. By Component
- 7.2.2. By Technology
- 7.2.3. By Application
- 7.2.4. By End User
- 8. West India Metaverse Market
- 8.1. Market Size & Forecast, 2019–2029
- 8.1.1. By Value (USD Billion)
- 8.2. Market Share & Forecast
- 8.2.1. By Component
- 8.2.2. By Technology
- 8.2.3. By Application
- 8.2.4. By End User
- 9. Competitive Landscape
- 9.1. List of Key Players and Their Component
- 9.2. India Metaverse Company Market Share Analysis, 2022
- 9.3. Competitive Benchmarking, By Operating Parameters
- 9.4. 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)
- 11.1. Meta
- 11.2. Roblox
- 11.3. Epic Games
- 11.4. Decentraland
- 11.5. Sandbox
- 11.6. Tech Mahindra
- 11.7. TCS
- 11.8. HCL Technologies
- 11.9. Mphasis
- 11.10. Persistent Systems
- 11.11. Other Prominent Players
- 12. Key Strategic Recommendations
- 13. Research Methodology
- 13.1. Qualitative Research
- 13.1.1. Primary & Secondary Research
- 13.2. Quantitative Research
- 13.3.Market Breakdown & Data Triangulation
- 13.3.1.Secondary Research
- 13.3.2.Primary Research
- 13.4.Breakdown of Primary Research Respondents, By Region
- 13.5.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
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