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    India Metaverse Market

    ID: MRFR/ICT/19893-HCR
    128 Pages
    Shubham Munde
    September 2025

    India Metaverse Market Research Report: Information By Component (Hardware, Software And 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 And Digital Marketing), By End-Use (BFSI, Retail Media & Entertainment, Education, Aerospace & Defense, Automotive And Others) – India Market Forecast Till 2034.

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    India Metaverse Market Research Report – Forecast till 2034 Infographic
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    Table of Contents

    India Metaverse Market Summary

    The India Metaverse market is projected to experience substantial growth, reaching 231.8 USD Billion by 2035.

    Key Market Trends & Highlights

    India Metaverse Key Trends and Highlights

    • The market valuation for the India Metaverse is estimated at 6.58 USD Billion in 2024.
    • From 2025 to 2035, the market is expected to grow at a compound annual growth rate of 38.24%.
    • By 2035, the market is anticipated to expand to 231.8 USD Billion, indicating a robust upward trajectory.
    • Growing adoption of virtual reality technology due to increasing demand for immersive experiences is a major market driver.

    Market Size & Forecast

    2024 Market Size 6.58 (USD Billion)
    2035 Market Size 231.8 (USD Billion)
    CAGR (2025-2035) 38.24%

    Major Players

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

    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 Drivers

    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, Market Research Future 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.

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    Regional Insights

    Key Players and 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 India Metaverse Market market include

    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.

    Market Segmentation

    Metaverse End-Use Outlook

    • BFSI
    • Retail Media & Entertainment
    • Education
    • Aerospace & Defense
    • Automotive
    • Others

    Metaverse Component Outlook

    • Hardware
    • Software
    • Service

    Metaverse Technology Outlook

    • Blockchain
    • Virtual Reality (VR) & Augmented Reality (AR)
    • Mixed Reality (MR)
    • Others

    Metaverse Application Outlook

    • Gaming
    • Online Shopping
    • Content Creation & Social Media
    • Events & Conferences
    • Digital Marketing

    Report Scope

    Report Attribute/Metric Details
    Market Size 2024 6.59 (USD Billion)
    Market Size 2025 9.12 (USD Billion)
    Market Size 2034 167.73 (USD Billion)
    Compound Annual Growth Rate (CAGR) 38.20% (2025 - 2034)
    Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    Base Year 2024
    Market Forecast Period 2025 - 2034
    Historical Data 2019 - 2023
    Market Forecast Units USD Billion
    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.

    Market Highlights

    Author
    Shubham Munde
    Research Analyst Level II

    With a technical background in information technology & semiconductors, Shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. He is the POC for our clients, for their consulting projects running under the ICT/Semiconductor domain. Shubham holds a Bachelor’s in Information and Technology and a Master of Business Administration (MBA). Shubham has executed over 150 research projects for our clients under the brand name Market Research Future in the last 2 years. His core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. He is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. He has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. He has worked on the projects of top tech brands such as IBM, Google, Microsoft, AWS, Meta, Oracle, Cisco Systems, Samsung, Accenture, VMware, Schneider Electric, Dell, HP, Ericsson, and so many others. He has worked on Metaverse, Web 3.0, Zero-Trust security, cyber-security, blockchain, quantum computing, robotics, 5G technology, High-Performance computing, data centers, AI, automation, IT equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.

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    FAQs

    How much is the Metaverse Market?

    The India Metaverse Market size was valued at USD 6.59 Billion in 2024.

    What is the growth rate of the Metaverse Market?

    The market is projected to grow at a CAGR of 38.20% during the forecast period, 2025-2034.

    Who are the key players in the Metaverse Market?

    The key players in the market are Meta, Roblox, Epic Games, Decentraland, Sandbox, Tech Mahindra and others.

    Which Technology led the Metaverse Market?

    The VR and AR category dominated the market in 2023.

    Which application had the largest market share in the Metaverse Market?

    The gaming industry had the largest share of the market.

    1. Executive summary
    2. Market Introduction
      1. Definition
      2. Scope of the Study
        1. Research Objective
        2. Assumptions
        3. Limitations
    3. Research Methodology
    4. Overview
      1. Data Mining
      2. Secondary Research
      3. Primary Research
        1. Primary Interviews and Information Gathering End User
        2. Breakdown
    5. of Primary Respondents
      1. Forecasting Model
      2. Market Size Estimation
        1. Bottom-Up Approach
        2. Top-Down Approach
      3. Data Triangulation
      4. Validation
    6. Market Dynamics
      1. Overview
      2. Drivers
      3. Restraints
      4. Opportunities
    7. Market Factor Analysis
    8. Value Chain Analysis
      1. Porter’s Five Forces Analysis
        1. Bargaining
    9. Power of Suppliers
      1. Bargaining Power of Buyers
        1. Threat of
    10. New Entrants
      1. Threat of Substitutes
        1. Intensity of Rivalry
      2. COVID-19 Impact Analysis
        1. Market Impact Analysis
    11. Regional Impact
      1. Opportunity and Threat Analysis
    12. INDIA METAVERSE
    13. MARKET, BY Component
      1. Overview
      2. Hardware
      3. Software
      4. Service
    14. INDIA METAVERSE MARKET, BY Technology
      1. Overview
      2. Blockchain
      3. Virtual Reality (VR) & Augmented Reality (AR)
      4. Mixed Reality (MR)
      5. Others
    15. INDIA METAVERSE MARKET, BY Application
      1. Overview
      2. Gaming
      3. Online Shopping
      4. Content Creation
    16. & Social Media
      1. Events & Conferences
      2. Digital Marketing
    17. INDIA METAVERSE MARKET, BY End Use
      1. Overview
      2. BFSI
    18. Retail Media & Entertainment
      1. Education
      2. Aerospace & Defense
      3. Automotive
      4. Others
    19. Competitive Landscape
      1. Overview
      2. Competitive Analysis
      3. Market Share Analysis
      4. Major
    20. Growth Strategy in the India Metaverse Market,
      1. Competitive Benchmarking
      2. Leading Players in Terms of Number of Developments in the India Metaverse
    21. Market,
      1. Key developments and Growth Strategies
        1. New Product
    22. Launch/Service Application
      1. Merger & Acquisitions
        1. Joint
    23. Ventures
      1. Major Players Financial Matrix
        1. Sales & Operating
    24. Income, 2023
      1. Major Players R&D Expenditure. 2023
    25. Company
    26. ProfileS
      1. Meta
        1. Company Overview
        2. Financial Overview
        3. Products Offered
        4. Key Developments
        5. SWOT Analysis
        6. Key Strategies
      2. Roblox
        1. Company Overview
    27. Financial Overview
      1. Products Offered
        1. Key Developments
        2. SWOT Analysis
        3. Key Strategies
      2. EPIC GAMES
    28. Company Overview
      1. Financial Overview
        1. Products Offered
        2. Key Developments
        3. SWOT Analysis
        4. Key Strategies
      2. Decentraland
        1. Company Overview
        2. Financial Overview
        3. Products Offered
        4. Key Developments
        5. SWOT Analysis
        6. Key Strategies
      3. Sandbox
        1. Company Overview
    29. Financial Overview
      1. Products Offered
        1. Key Developments
        2. SWOT Analysis
        3. Key Strategies
      2. Tech Mahindra
        1. Company Overview
        2. Financial Overview
        3. Products
    30. Offered
      1. Key Developments
        1. SWOT Analysis
        2. Key
    31. Strategies
      1. TCS
        1. Company Overview
        2. Financial Overview
        3. Products Offered
        4. Key Developments
        5. SWOT Analysis
        6. Key Strategies
      2. HCL Technologies
        1. Company Overview
        2. Financial Overview
        3. Products Offered
        4. Key Developments
        5. SWOT Analysis
        6. Key Strategies
      3. Mphasis
    32. Company Overview
      1. Financial Overview
        1. Products Offered
        2. Key Developments
        3. SWOT Analysis
        4. Key Strategies
      2. Persistent Systems
        1. Company Overview
        2. Financial
    33. Overview
      1. Products Offered
        1. Key Developments
    34. SWOT Analysis
      1. Key Strategies
    35. Appendix
      1. References
      2. Related Reports
    36. Synopsis, 2019-2032
    37. 2032 (USD BILLION)
    38. (USD BILLION)
    39. BILLION)
    40. LIST
    41. OF FIGURES
    42. INDIA METAVERSE MARKET
    43. METAVERSE MARKET, Share (%), BY Technology , 2023
    44. MARKET, Share (%), BY Application, 2023
    45. (%), BY End User, 2023
    46. ANALYSIS
    47. : SWOT ANALYSIS
    48. EPIC GAMES: SWOT ANALYSIS
    49. SNAPSHOT
    50. FINANCIAL OVERVIEW SNAPSHOT
    51. TCS: FINANCIAL OVERVIEW SNAPSHOT
    52. HCL Technologies : FINANCIAL OVERVIEW SNAPSHOT
    53. : SWOT ANALYSIS
    54. Mphasis: SWOT ANALYSIS
    55. SNAPSHOT

    India Metaverse Market Segmentation

    Market Segmentation Overview

    • Detailed segmentation data will be available in the full report
    • Comprehensive analysis by multiple parameters
    • Regional and country-level breakdowns
    • Market size forecasts by segment
    India Metaverse Market Research Report – Forecast till 2034 Infographic
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