Market Insights Advertising & Media Metaverse

Metaverse Advertising - India

India

The Metaverse Advertising market in India is projected to reach a value of €50.4m by 2024.
This market segment is expected to demonstrate an annual growth rate (CAGR 2024-2030) of 27.00%, resulting in a projected market volume of €211.4m by 2030.
In 2024, in the United States is expected to generate the most value in the market, with a projected market volume of €550.5m.
India's growing digital economy and tech-savvy population make it a prime market for innovative Metaverse Advertising campaigns.

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Analyst Opinion

The Metaverse Advertising market in India is experiencing significant growth and development due to several factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the expansion of this sector.

Customer preferences: Indian consumers are increasingly embracing digital platforms and spending more time online. This shift in behavior has created a greater demand for immersive and interactive experiences, which the metaverse can provide. As a result, advertisers are keen to tap into this growing audience and engage them through metaverse advertising.

Trends in the market: One of the key trends in the Indian metaverse advertising market is the rise of virtual events and experiences. With the COVID-19 pandemic limiting physical gatherings, companies and individuals have turned to virtual platforms to host conferences, concerts, and other events. Advertisers are capitalizing on this trend by sponsoring and placing ads within these virtual spaces, reaching a large and captive audience. Another trend is the integration of metaverse advertising with social media platforms. Indian users are highly active on social media platforms, and brands are leveraging this by incorporating metaverse elements into their social media campaigns. This allows for greater engagement and interaction with consumers, leading to increased brand awareness and loyalty.

Local special circumstances: India has a large and diverse population, with varying levels of digital literacy and access to technology. While urban areas are witnessing rapid adoption of the metaverse, rural areas are still catching up. Advertisers need to consider these disparities when designing their metaverse advertising campaigns. Localization and targeted messaging will be crucial to effectively reach different segments of the Indian population.

Underlying macroeconomic factors: India's digital economy is experiencing robust growth, driven by increased internet penetration, smartphone adoption, and favorable government policies. This growth provides a fertile ground for the metaverse advertising market to thrive. Additionally, India's young population, with a high percentage of digital natives, further fuels the demand for immersive digital experiences. Furthermore, India's e-commerce sector is booming, with more consumers turning to online shopping. Metaverse advertising can complement e-commerce platforms by providing virtual try-on experiences, personalized recommendations, and interactive product showcases. This integration of the metaverse with e-commerce is expected to drive the growth of the advertising market in India. In conclusion, the Metaverse Advertising market in India is experiencing rapid growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Advertisers are leveraging the metaverse to engage with the increasingly digital-savvy Indian population, and the market is expected to continue expanding as technology advances and consumer behavior evolves.

Methodology

Data coverage:

Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes.

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.