India Metaverse Market

India Metaverse Market 2024, Size and Trends:

The India metaverse market size was valued at USD 4.33 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 75.4 Billion by 2033, exhibiting a CAGR of 37.3% from 2025-2033. The India metaverse market share is expanding driven by the increasing integration of artificial intelligence (AI) to enhance user experiences, along with the growing number of policies that promote startups and innovation hubs and enable the development of metaverse-focused businesses.

The growing development of digital infrastructure is impelling the market growth. The widespread availability of affordable internet and smartphones connects millions to digital platforms, creating a strong foundation for the metaverse. Besides this, the rollout of 5G networks ensures faster and low-latency connections, essential for immersive experiences like augmented reality (AR), virtual reality (VR), and real-time interactions in virtual environments. Moreover, government agencies encourage digital literacy and promote access to high-speed internet, including in rural areas, attracting the metaverse's potential audience. Apart from this, cloud computing infrastructure supports the storage and processing needs of complex virtual worlds, ensuring scalability. Additionally, improvements in hardware, such as VR headsets and gaming devices, make metaverse access more affordable. With a tech-savvy population and enhanced connectivity, India’s digital infrastructure enhances the assimilation and growth of metaverse technologies.

The rising adoption of blockchain and cryptocurrency in India is enabling decentralized, secure, and transparent virtual ecosystems. Blockchain technology allows the formation and trade of digital assets, including non-fungible tokens (NFTs), which are widely used in the metaverse for virtual land, art, and collectibles. These assets allow users to own and monetize virtual properties, fostering economic activity within the metaverse. Cryptocurrencies act as the primary mode of transaction in metaverse platforms, simplifying payments and enabling cross-border exchanges. Blockchain ensures data security, trust, and authenticity, critical for managing user identities and digital ownership in virtual spaces. Indian startups and global companies integrate blockchain in metaverse projects, attracting investments and innovation. With rising interest in digital assets and evolving regulatory frameworks, blockchain and cryptocurrency significantly fuel the growth of the market.

India Metaverse Market Trends:

Rising integration of artificial intelligence (AI)

The increasing integration of AI is enhancing user experiences and enabling intelligent interactions. AI enables realistic avatars, creating lifelike expressions and personalized behaviors, which make virtual environments more engaging. It enables natural language processing (NLP) for seamless communication in virtual spaces, breaking language barriers in India’s diverse population. AI improves content creation, automating the development of virtual environments, characters, and experiences. It also analyzes user behavior to provide tailored recommendations, ensuring personalized and immersive experiences. Moreover, AI-driven simulations and adaptive learning platforms enhance skill-building. Industries use AI for predictive analytics and decision-making in the metaverse, such as virtual retail and healthcare. With advancements in machine learning (ML) and deep learning, universities work on developing metaverse platforms. In February 2024, Universal Ai University, the first curriculum-focused AI university in India, has unveiled the nation's inaugural metaverse and AI-driven admission method, called 'Eventuality'. Its objective is to transform the admission process through the integration of optimization algorithms, crowd-sourcing tools, and visual enhancement technologies.

Growing focus on healthcare

The rising focus on healthcare facilities is enabling advanced medical solutions and improved patient experiences, thereby propelling the India metaverse market growth. The metaverse creates virtual environments for medical training, allowing healthcare professionals to practice complex procedures in a risk-free setting. AR and VR technologies enhance diagnostics by offering 3D visualizations of patient conditions, improving accuracy and treatment planning. Additionally, telemedicine in the metaverse enables doctors to interact with patients virtually, breaking geographical barriers and expanding access to quality healthcare. Hospitals use virtual reality for pain management and mental health therapies, providing unique treatment options. Moreover, pharmaceutical companies adopt the metaverse for drug development simulations and virtual trials. Major firms also work on creating metaverse apps and platforms to provide a better quality of life to patients. In October 2024, BharatBox, a metaverse platform of India, along with The Sandbox and Brinc teamed up with GOQii, which is a health and wellness platform, to introduce India’s inaugural integrated health and wellness platform in the metaverse. This platform will allow users to participate in wellness activities in an immersive digital setting, motivated by the Universal Health Token (UHT), a blockchain-driven reward mechanism. Users can accumulate tokens for healthy activities, access health services, and receive rewards that encourage wellness-oriented behaviors.

Increasing number of government initiatives

Initiatives led by government agencies are offering a favorable India metaverse market outlook. Programs like Digital India and the advanced digital infrastructure ensure widespread internet access and faster connectivity, which are essential for seamless virtual experiences. Efforts are being made to enhance digital literacy and skill development and empower a larger population to participate in the metaverse. With regulatory frameworks evolving, the government’s initiatives foster confidence and encourage the adoption of metaverse technologies across sectors. Policies promoting startups and innovation hubs enable the development of metaverse-focused businesses. Moreover, smart city projects leverage metaverse technologies for urban planning, virtual tourism, and citizen engagement. In February 2024, the Government of Maharashtra launched its new metaverse, the Mumbai Metropolis metaverse, intended to highlight and display the infrastructure advancements of the city. It offers 3D and VR experiences of current and upcoming projects. It will highlight 12 significant city projects.

India Metaverse Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the India metaverse market, along with forecasts at the country and regional levels from 2025-2033. The market has been categorized based on component, technology, application, and industry vertical.

Analysis by Component:

• Hardware
• Software
• Service

Hardware provides essential devices like VR headsets, AR glasses, and haptic sensors that enable immersive experiences. As user interest in virtual environments grows, demand for advanced hardware with improved graphics and user comfort increases. Companies invest heavily in manufacturing cost-effective devices. Gaming, virtual education, and remote work encourage the adoption of metaverse-compatible hardware.

Software enables the creation and operation of virtual worlds. Platforms for gaming, social interaction, and enterprise solutions form important parts. Indian developers and startups design metaverse-specific applications, ranging from virtual meeting tools to immersive e-commerce platforms. Additionally, industries like education and real estate also utilize customized software solutions.

Service is being employed to offer consulting, integration, and maintenance solutions for metaverse applications. Businesses depend on service providers to implement and optimize their virtual platforms. Training programs help organizations to transition to metaverse environments, particularly in retail, real estate, and education. Managed services ensure the smooth functioning of metaverse systems, addressing challenges like scalability and cybersecurity.

Analysis by Technology:

• Blockchain
• Virtual Reality and Augmented Reality
• Mixed Reality
• Others

Blockchain enables secure transactions, decentralized platforms, and digital ownership. It supports applications like NFTs, virtual real estate, and cryptocurrency payments within the metaverse. Indian developers utilize blockchain for transparency and security in virtual marketplaces. The rise of decentralized finance (DeFi) further encourages adoption. Blockchain's ability to authenticate assets and manage identities ensures a seamless virtual economy.

Virtual reality and augmented reality provide immersive experiences for gaming, education, and enterprise applications. VR creates entirely virtual environments, while AR overlays digital elements onto real-world settings. Industries like real estate use AR for virtual property tours, while VR enhances e-learning and virtual events. The rising affordability of VR/AR devices and improvements in 5G technology allow expansion. These technologies are rapidly becoming essential for creating interactive and engaging metaverse experiences in the Indian market.

Mixed reality bridges the gap between virtual and real worlds, offering interactive and immersive experiences. In India, it is gaining traction in industries like healthcare, education, and manufacturing where real-time collaboration and visualization are critical. It enables users to interact with digital objects in real-world settings, enhancing productivity and engagement. Moreover, businesses adopt this solution for training simulations and product designs.

Analysis by Application:

• Gaming
• Online Shopping
• Content Creation and Social Media
• Events and Conference
• Digital Marketing
• Testing and Inspection
• Others

Gaming represents a significant portion of the market. It provides engaging and participatory experiences via virtual environments. Players engage in multiplayer environments using advanced technologies like VR, AR, and blockchain for enhanced gameplay. The rise of e-sports, play-to-earn models, and NFTs further drives the demand for metaverse gaming platforms. Indian developers create localized games to cater to different preferences.

Online shopping enhances immersive and personalized experiences. Virtual stores enable users to interact with products, try them virtually, and make purchases using digital currencies. Fashion and retail brands adopt metaverse platforms to enhance customer engagement. The use of AR for virtual try-ons and blockchain for secure transactions further encourages the use of metaverse.

Content creation and social media provide creators with new opportunities for engagement and monetization. Virtual environments enable immersive storytelling, live performances, and interactive content. Social media platforms integrate metaverse features, allowing users to create and share personalized avatars, virtual spaces, and digital assets. Indian influencers and brands employ these tools for deeper audience connections.

Events and conferences change traditional gatherings into interactive virtual experiences. Businesses and organizers use metaverse platforms to host trade shows, meetings, and concerts, offering real-time networking and engagement. The flexibility of virtual spaces allows immersive branding, gamification, and worldwide participation. Metaverse events provide cost-effective and scalable solutions. Indian enterprises also adopt these platforms to enhance collaboration and reach broader audiences, particularly during hybrid or fully virtual events.

Digital marketing is being employed to deliver innovative and immersive campaigns. Brands create virtual spaces and experiences to engage users, offering interactive product demonstrations and gamified promotions. VR and AR technologies enrich narratives whereas blockchain guarantees safe digital transactions. Indian businesses use the metaverse to target younger audiences and tech-savvy people. The ability to measure engagement and customize experiences also promotes adoption.

Testing and inspection enable businesses to simulate and analyze real-world scenarios in virtual environments. Industries like manufacturing and construction employ metaverse tools for training, product testing, and quality control. These applications help minimize overall costs and enhance efficiency by identifying potential issues in controlled virtual setups. Indian enterprises adopt these solutions to optimize operations and ensure compliance with safety standards.

Analysis by Industry Vertical:

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

BFSI leverages virtual environments for enhanced customer interactions and operational efficiency. Banks and financial institutions use metaverse platforms for virtual branches, personalized services, and immersive financial education. Blockchain technology supports secure transactions and digital asset management. VR enables training simulations for employees while AI-driven avatars assist customers. In addition, metaverse helps to improve customer engagement, streamline processes, and foster innovation.

Retail is popular since it offers immersive shopping experiences. Virtual stores and AR-based try-ons enable customers to interact with products digitally before purchasing. Retailers use metaverse platforms for virtual showrooms, enhancing customer engagement and brand loyalty. Integrating blockchain guarantees secure transactions and clear supply chains. As Indian users increasingly shop online, the metaverse bridges the gap between physical and digital retail.

Media and entertainment are key contributors to the market, offering virtual concerts, movies, and interactive events. Platforms allow users to engage with content in immersive ways, such as attending live performances through VR. Gaming, a significant part of this segment, benefits from metaverse technologies like AR and blockchain. Content creators and artists leverage NFTs for monetization while entertainment companies adopt metaverse platforms to reach worldwide audiences.

Education has been transformed with the adoption of the metaverse in India, enabling virtual classrooms and immersive learning experiences. Teachers and students interact in 3D environments, making tough subjects relatively easier to understand. Applications like virtual labs and simulations enhance practical learning in science, technology, engineering, and mathematics (STEM) fields. Institutions also use the metaverse for remote education and professional training.

Aerospace and defense utilize the metaverse for training, simulation, and operational planning. Virtual reality-based simulations provide cost-effective and risk-free environments for pilot training and mission rehearsals. Metaverse platforms enable remote collaboration for designing and testing aerospace systems. In defense, virtual environments enhance battlefield simulations and strategic planning.

Automotive prefers metaverse for designing, testing, and marketing vehicles. Virtual showrooms and test drives allow customers to explore and customize vehicles online. Automakers use metaverse platforms for collaboration, prototyping, and training employees. The integration of blockchain ensures supply chain transparency.

Regional Analysis:

• South India
• East India
• West and Central India
• North India

South India is well-known for its strong participation in the technology sector and an efficient startup ecosystem. Cities like Bengaluru and Hyderabad act as hubs for IT innovation, driving the adoption of metaverse technologies. This area emphasizes digital transformation across industries, including gaming, education, and healthcare. Additionally, a high number of tech-savvy users and increased internet penetration rates support the widespread use of metaverse platforms.

North India is noted for its large user base and a high interest in virtual experiences. Key cities like Delhi and Gurgaon host numerous enterprises adopting metaverse solutions for e-commerce, real estate, and virtual events. Additionally, the region's educational institutions explore immersive technologies for learning. The rapid adoption of AR/VR technologies in the entertainment and tourism industries encourages the use of metaverse platforms.

West and Central India have efficient and modern industrial and financial centers like Mumbai and Pune. These cities encourage adoption through sectors like fintech, entertainment, and retail. The region’s vibrant entertainment industry uses metaverse platforms to enhance audience engagement with virtual concerts, movies, and events.

East India’s market is growing steadily, supported by increased digital penetration and government initiatives for technological development. Cities like Kolkata and Bhubaneswar prefer metaverse solutions in education, tourism, and local businesses. The region's rich cultural heritage inspires innovative metaverse applications, such as virtual tours of historic sites and festivals. In addition, East India’s gradual transition to a digitally inclusive ecosystem offers significant potential.

Competitive Landscape:

Key players wager on developing advanced platforms using VR, AR, blockchain, and AI, enabling immersive experiences across industries. Companies invest in building robust infrastructure, including hardware and software, to cater to the high India metaverse market demand. Indian firms team-up with international companies to create localized content, catering to diverse audiences in gaming, education, and entertainment. Startups and established players also focus on making metaverse solutions affordable and accessible, attracting businesses and people. Partnerships with industries like retail, BFSI, and real estate expand the market's reach. Key players also work on strengthening data security and scalability to enhance user trust. By fostering innovations, strategic investments, and collaborations, these companies drive the adoption of metaverse in India. For instance, in May 2024, Mai Labs, a software development firm, introduced its metaverse platform Mayaaverse along with a VR device, Lumyn XR Headset, in India. Developed on its proprietary Zero blockchain, the platform provides virtual environments for artists, brands, and educational institutions to connect with their communities, especially targeting younger audiences.

The report provides a comprehensive analysis of the competitive landscape in the India metaverse market with detailed profiles of all major companies.

Latest News and Developments:

• September 2024: The Government of India sanctioned the setting up of the National Centre of Excellence (NCoE) for Comics, Gaming, Visual Effects, Animation, and Extended Reality (AVGC-XR) located in Mumbai. The aim of this initiative is to enhance this sector in India by providing support and generating diverse opportunities and jobs through it.
• May 2024: ZF Group, the supplier of industrial technology, introduced its metaverse platform in India for recruiting talent and enhancing employee involvement. The ZF Employer Branding Metaverse provides a thorough and immersive experience, enabling prospective candidates and current employees to discover products and job opportunities while participating in live events within an interactive and virtual environment.
• May 2024: The local administration of Ludhiana, Punjab teamed up with the mall management under the Systematic Voters’ Education and Electoral Participation (SVEEP) program to unveil India’s inaugural metaverse-enabled virtual polling station. The project seeks to promote voter awareness among the people.
• January 2024: The University of Miami architecture partnered with Anant National University in Ahmedabad, to offer a course on metaverse ‘Global Problems’. It is an optional studio class provided by the School of Architecture in both countries for advanced and graduate students, enabling them to connect in a virtual environment via a platform known as Engage VR.
• April 2024: Metaverse911™, a well-known metaverse and immersive solutions provider, unveiled India's first metaverse experience center (MEC) in Noida. This startup seeks to provide a novel method for industry leaders to discover and understand extended reality (XR) technologies.

India Metaverse Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, the India metaverse market forecasts, and dynamics of the India metaverse market from 2019-2033.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the India metaverse market.
• Porter's Five Forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India metaverse industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.