According to TechSci Research report “India Metaverse Market- By Region, Competition Forecast & Opportunities, 2018-2028,” The India Metaverse Market is poised for growth in the upcoming forecast period, driven by the rapid advancement of digitalization and artificial intelligence capabilities. These factors are facilitating efficient mixed reality developments and substantial investments into physical metaverse spaces. Collaborations such as those between the Indian IT Ministry and Meta aim to bolster the extended reality startup ecosystem within India. Moreover, emerging startups from tier 2 and 3 cities are pivotal in pioneering technologies like Web 3.0, blockchain, AI, and Metaverse.
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Institutions such as Gujarat University Startup and Entrepreneurship Council (GUSEC), Foundation for Innovation and Technology Transfer (FITT), and International Institute of Information Technology are launching XR programs focused on upskilling and enhancing technological capabilities for the metaverse. This initiative is expected to accelerate the growth of data centers across India in the forecast period.
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The surge in smartphone users and a heightened emphasis on integrating digital and physical realms through the internet are key drivers propelling the India Metaverse Market forward. As India continues its rapid digitization, it is well-positioned to emerge as a hub for IT services specializing in cloud computing technologies, artificial intelligence, machine learning, and advanced analytics. Additionally, the increasing adoption of big data solutions, IoT, and cloud-based technologies is forecasted to drive market expansion through 2028.
The India Metaverse Market is segmented based on components (hardware and software), platforms (desktop and mobile), technologies (blockchain, VR & AR, mixed reality), applications (gaming, online shopping, content creation, social media, others), end-users (BFSI, retail, manufacturing, media & entertainment, education, aerospace & defense, others), regions, and competitive landscape.
Gaming is expected to dominate the India metaverse market application segment, fueled by significant contributions from players like Roblox Corporation, Unity Technologies, and Microsoft Corporation. These companies are increasingly relying on VR-based gaming services to engage Generation Z and Generation Alpha users through enhanced social interactions and innovative concepts such as play-to-earn using non-fungible tokens (NFTs).
In the forecast period, the media and entertainment industry is anticipated to maintain its dominant position within the India metaverse market. This sector is rapidly adopting metaverse technologies to integrate realistic visualizations into virtual worlds, particularly through advancements in AR and VR in gaming and social media applications. With the growing adoption of cutting-edge gaming technologies, rising disposable incomes, and evolving consumer entertainment preferences, the media and entertainment industry is poised to redefine entertainment experiences in the metaverse era.
Key market players in the India Metaverse Market include:
Hyperlink InfoSystem
Tata Consultancy Services Limited
Fingent Global Solutions Pvt. Ltd.
Deloitte Touche Tohmatsu India, LLP
Tech Mahindra Ltd
Travancore Analytics Private Limited
Infosys Technologies Private Limited
Accenture India Private Limited
Capgemini India Private Limited
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, 2028F,” 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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