India Metaverse Market Overview
India Metaverse Market is projected to grow from USD 9.12 Billion in 2025 to USD 167.73 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 38.20% during the forecast period (2025 - 2034). Additionally, the market size for India Metaverse Market was valued at USD 6.59 billion in 2024.
Increasing adoption of virtual reality (VR) and augmented reality (AR) technologies and the growing demand for immersive digital experiences are the main market drivers anticipated to propel the Metaverse Market in India.
Figure 1: India Metaverse Size, 2025-2034 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
India Metaverse Market Trends
Increasing use of metaverse in gaming and recreation to drive market growth
The internet has seen customers employ online games for leisure purposes. This has aided the growth of the metaverse by providing a more user-friendly interface than traditional online gaming platforms. The adoption of equipment and platforms such as VR headsets, smart helmets, and MR displays has improved the game experience, resulting in the growing use of metaverse by gaming developers. This has increased the metaverse market CAGR in India. The growing interest in cryptocurrencies has also aided its adoption. The growing popularity of NFTs among the younger generation has resulted in increased use of Metaverse. According to CNBC, the market for NFTs surged by 210% between 2021 and 2022. Retailers and luxury companies have also utilized the metaverse to captivate customers by offering limited edition goods, such as Gucci's collaboration with Roblox, which sold limited edition bags and allowed users to win accessories through games. Similarly, Arian Grande and Imagine Dragons have held performances in the metaverse.
Furthermore, metaverse use has increased in a variety of end-use industries, including health, defense, aerospace, and banking. Major BFSI businesses, including JP Morgan and HSBC, have begun to use it to improve their customer relationships. Trading companies have also begun to use metaverse to provide their consumers with an interactive way to manage their stock portfolio, which is driving metaverse market revenue.
India Metaverse Market Segment Insights
Metaverse Component Insights
The India Metaverse Market segmentation, based on Components, includes Hardware, Software, and Service. The software segment is expected to grow significantly throughout the projected period. Virtual platforms are the creation and management of integrated virtual and often three-dimensional simulations, settings, and environments in which people and enterprises can discover, create, socialize, and engage in a wide range of activities while still conducting business. Popular virtual platforms include Minecraft, Roblox, the Sandbox, HyperVerse, and Fortnite Creative Mode.
Figure 2: India Metaverse Market, By Component, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Metaverse Technology Insights
The India Metaverse Market segmentation, based on Technology, includes Blockchain, Virtual Reality (VR) & Augmented Reality (AR), Mixed Reality (MR), and Others. The VR and AR segment dominated the market in 2023. VR and AR deliver a greater level of user experience in sectors such as gaming, which has increased income for the segment. It also improves peer-to-peer interaction both within and between applications. The mixed reality market is predicted to develop the fastest throughout the projection period because of its superior performance and improved user connectivity and experience qualities.
Metaverse Application Insights
The India Metaverse Market segmentation, based on Application, includes Gaming, Online Shopping, Content Creation & Social Media, Events & Conferences and Digital Marketing. In 2023, the gaming industry will be the largest application area for the metaverse market. This is owing to consumers' increased use of AR-VR games, which give a more immersive gaming experience. The social media segment is predicted to experience the fastest market growth during the forecast period. This is due to the growing number of content creators and the necessity for social media firms to strengthen their social connections and user experience.
Metaverse End-Use Insights
Based on End-Use, the India Metaverse Market segmentation includes BFSI, Retail Media & Entertainment, Education, Aerospace & Defense, Automotive and Others. The BFSI industry is expected to generate the most income in 2023. However, the media and entertainment business is predicted to grow at a CAGR of 43.5% throughout the forecast period, mainly due to the global rise of the gaming industry. Businesses are increasingly focusing on hosting virtual music performances, and as more businesses adopt this concept, the revenue growth in this area is expected to accelerate.
India Metaverse Country Insights
The India metaverse market is expanding rapidly and has enormous potential. With the growing popularity of virtual reality (VR) and augmented reality (AR) technology, there is a surge in demand for immersive digital experiences. The Indian metaverse market includes a wide range of industries like gaming, entertainment, education, and healthcare. Companies are actively looking for new ways to develop interactive and compelling metaverse platforms and content.
India Metaverse Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their Type lines, which will help the Metaverse Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new Type launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Metaverse industry must offer cost-effective items.
Major players in the Metaverse Market are attempting to increase market demand by investing in research and development operations, including Meta, Roblox, Epic Games, Decentraland, Sandbox, Tech Mahindra, TCS, HCL Technologies, Mphasis, Persistent Systems.
Key Companies in the Metaverse Market include
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Meta
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Roblox
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Epic Games
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Decentraland
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Sandbox
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Tech Mahindra
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TCS
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HCL Technologies
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Mphasis
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Persistent Systems
India Metaverse Industry Developments
In June 2024, HSBC Holding plc plans to utilize the metaverse so as to source businesses from India’s wealthy diaspora.
In May 2024, the metaverse platform of ZF Group was launched in India for the purpose of recruiting and engaging employees. The ZF Employer Branding Metaverse is rich and engaging, enabling potential job seekers and employees to view and interact with the products, explore career opportunities and participate in events in a virtual setting.
In March 2024, a US-based technology company Meta expanded its partnered with LG Electronics in order to develop LG's XR business. LG Electronics intends to leverage its strengths in content, products, services, and applications to enhance customer experience in the metaverse. This partnership allows LG Electronics to use Meta's technology with its own to upgrade XR devices and increase customer connectivity, enhancing customer experience in the metaverse and the overall virtual space.
In February 2024, The Walt Disney Company, which is an American global mass media conglomerate, partnered with Epic Games Inc., a move that saw Disney pour $1.5 billion to obtain a substantial stake in Epic Games. Disney intends to build a wide range of games and entertainment related to Fortnite. This collaboration aims at bringing popular Disney narratives and characters into the world of Fortnite, enhancing it with Unreal Engine to provide an unforgettable metaverse for gamers and enthusiasts.
In April 2024, Tanishq placed its new bridal line, ‘Romance of Polki’, in the 3D display areas on the metaverse, which showcased key items from the said collection and launched its wedding collection.
In April 2022, Ceat Limited, which is one of the largest tire companies in the Indian market, is developing its own Ceat Shoppe within the metaverse. The metaverse has additional e-commerce capabilities. Consumers and potential customers will have the opportunity to see 3D models of goods and make such orders in real-time.
India Metaverse Market Segmentation
Metaverse Component Outlook
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Hardware
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Software
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Service
Metaverse Technology Outlook
Metaverse Application Outlook
Metaverse End-Use Outlook
| Report Attribute/Metric |
Details |
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Market Size 2024
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6.59 (USD Billion)
|
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Market Size 2025
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9.12 (USD Billion)
|
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Market Size 2034
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167.73 (USD Billion)
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Compound Annual Growth Rate (CAGR)
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38.20% (2025 - 2034)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|
|
Base Year
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2024
|
|
Market Forecast Period
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2025 - 2034
|
|
Historical Data
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2019 - 2023
|
|
Market Forecast Units
|
USD Billion
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| Segments Covered |
Component, Technology, Application, End-Use and Region |
| Countries Covered |
India |
| Key Companies Profiled |
Meta, Roblox, Epic Games, Decentraland, Sandbox, Tech Mahindra, TCS, HCL Technologies, Mphasis, Persistent Systems |
| Key Market Opportunities |
Expansion into new industries and sectors, such as education, entertainment, and healthcare. Innovation in metaverse platforms and content creation to enhance user engagement and interaction |
| Key Market Dynamics |
Growing demand for immersive digital experiences. |
Frequently Asked Questions (FAQ) :
The India Metaverse Market size was valued at USD 6.59 Billion in 2024.
The market is projected to grow at a CAGR of 38.20% during the forecast period, 2025-2034.
The key players in the market are Meta, Roblox, Epic Games, Decentraland, Sandbox, Tech Mahindra and others.
The VR and AR category dominated the market in 2023.
The gaming industry had the largest share of the market.
