Metaverse - India

India

The Metaverse market is projected to reach a value of €1.9bn in 2024.
This market is expected to show an annual growth rate (CAGR 2024-2030) of 40.09%, resulting in a projected market volume of €14.7bn by 2030.
India is a part of this growing market segment.
In 2024, in the United States is expected to generate the highest market volume, with a projected value of €21.0bn.
By 2030, the number of users in the Metaverse market is expected to reach 442.2m users.
The user penetration rate is projected to be 10.2% in 2024 and is expected to increase to 29.2% by 2030.
The average value per user (ARPU) is expected to amount to €13.3.
India's Metaverse market is booming, with a surge in virtual reality gaming and augmented reality experiences.

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Analyst Opinion

The Metaverse market in India is experiencing significant growth and development, driven by evolving customer preferences, emerging trends, and local special circumstances. Customer preferences in India are shifting towards immersive virtual experiences, as individuals seek new ways to connect and engage with others.

The Metaverse offers a unique opportunity to explore virtual worlds, interact with avatars, and participate in various activities. This growing interest in the Metaverse is fueled by a desire for escapism, social interaction, and entertainment. Trends in the market indicate a rising demand for virtual reality (VR) and augmented reality (AR) technologies, which are key components of the Metaverse experience.

The availability of affordable VR headsets and smartphones with AR capabilities has made these technologies more accessible to a wider audience in India. As a result, there is a growing number of users engaging with Metaverse platforms and applications. Furthermore, the gaming industry in India is experiencing a boom, with a large and diverse user base.

The integration of gaming and the Metaverse has created new opportunities for game developers and publishers to offer immersive experiences to Indian gamers. This trend is further supported by the increasing adoption of esports and competitive gaming in the country. Local special circumstances in India, such as the rapid digitization of the economy and the availability of affordable internet connectivity, have contributed to the growth of the Metaverse market.

The government's Digital India initiative has played a crucial role in expanding internet access across the country, enabling more individuals to participate in the Metaverse. Additionally, the young and tech-savvy population in India is driving the demand for innovative digital experiences, including the Metaverse. Underlying macroeconomic factors, such as India's growing middle class and increasing disposable income, are also contributing to the development of the Metaverse market.

As more Indians have access to discretionary spending, they are willing to invest in new forms of entertainment and experiences. This has created a favorable environment for Metaverse platforms and developers to thrive in the Indian market. In conclusion, the Metaverse market in India is experiencing significant growth and development, driven by evolving customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

The increasing demand for immersive virtual experiences, the integration of VR and AR technologies, the booming gaming industry, and the rapid digitization of the economy are all contributing to the expansion of the Metaverse market in India.

Methodology

Data coverage:

Figures are based on advertising spending, in-app spending, in-game spending, online and offline sales, consumer spending, app downloads, and investment and funding data.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use reports, third-party studies, and research companies. Next we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, and internet penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are consumer spending per capita, level of digitalization, and cloud revenues.

Additional Notes:

The market is updated twice per year in case market dynamics change. Consumer Insights data is unbiased for representativeness.