India Metaverse Market Intelligence and Future Growth Dynamics Databook – 100+ KPIs Covering Market Size by Sector X Use cases X Technology, Business and Consumer Spend, NFT Spend - Q1 2023

Report Description

According to TechInsight360, Metaverse industry in India is expected to grow by 45.6% on an annual basis to reach US$17,587.2 million in 2023.

The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 37.8% during 2023-2030. The Metaverse Spend Value in the country will increase from US$12,080.5 million in 2022 to reach US$75,086.2 million by 2030.

The tech-savvy population of India means that the region offers a huge growth opportunity for global firms. Global firms, including Meta, are seeking to tap into the high-growth potential of the Indian market and have also collaborated with the IT Ministry to launch an accelerator program to further make a push in the Indian metaverse segment.

The metaverse ecosystem is expected to grow at a record pace in India over the next three to four years. Along with the burgeoning Web3 startup ecosystem, the rollout of one of the largest 5G infrastructures around the world is expected to create a launchpad for the exponential growth of the metaverse industry in India. With more than 800 million phone users, the number which continues to grow rapidly, there is enormous growth potential to be tapped by players in the segment.

E-commerce marketplaces are launching metaverse shopping capabilities for their customers in India

Indian consumers are showing keen interest in the metaverse space. According to TechInsight360 estimates, over 43% of Indian consumers would like to explore shopping in the metaverse. This along with the increasing competition in the Indian e-commerce industry, marketplaces are launching immersive shopping experiences. For instance,
• In October 2022, Flipkart, one of the leading e-commerce marketplaces, announced the launch of Flipverse, a service that offers gamified and interactive shopping experiences in the metaverse. The firm entered into a strategic alliance with Polygon to launch the metaverse offering.
• Flipkart launched the service in time for the upcoming festive season to garner interest among customers. Furthermore, to make metaverse shopping more lucrative, the firm also extended its loyalty program, Supercoins, into the metaverse. Consequently, whenever consumers shop in the Flipverse, they will earn points as well as digital collectibles from partner brands.

With competition in the Indian e-commerce space intensifying, TechInsight360 expects more marketplaces to launch metaverse shopping infrastructure from the short to medium-term perspective.

Metaverse startups are raising funding rounds to further innovate their service offerings in India

The Indian startup ecosystem is one of the most vibrant around the world, and the same is true for the metaverse sector. Several startups are seeking to tap into the potential growth of the market and are subsequently raising funding rounds to build innovative projects. For instance,
• In September 2022, XR Central, an India-based metaverse startup, announced that the firm had raised US$250,000 in a funding round, which was led by several angel investors. The firm is planning to deploy the capital towards the development of its do-it-yourself platform, MetaQube. Furthermore, the firm is also planning to use the funds for expanding into new territories, including global expansion.
• In November 2022, Trace, an NFT Metaverse project, announced that the firm had raised US$3 million in a seed funding round. Trace is a geo-location-based metaverse project that utilizes AR tech and is accessible through smartphone devices. The firm is planning to use the funding to further accelerate the development of its metaverse project, as well as to work on brand development, marketing, and acquisitions.

As the metaverse ecosystem continues to grow in the country, TechInsight360 expects more startups to emerge and raise investment from venture capital and private equity firms from the short to medium-term perspective.

Banking firms are entering into the metaverse sector to offer innovative experiences to their customers

With the growing metaverse awareness in India, consumers are demanding innovative banking experiences from their banking partners. More than half of consumers are willing to access banking services in the metaverse. As a result, banking institutions have also started to invest in the development of metaverse infrastructure. For instance,
• In July 2022, Union Bank of India, a government-owned public sector bank in India, announced that the firm had entered into a strategic collaboration with Tech Mahindra, one of the leading IT firms, to open a virtual lounge and banking sandbox environment in the metaverse. The virtual lounge, Uni-verse, will provide customers will all sorts of information, including loan rates, deposit rules, welfare schemes launched government, and so on.
Over the next five years, TechInsight360 projects more banking institutions to invest in the development of metaverse infrastructure, which will drive further innovation in the Indian metaverse ecosystem.

This report provides a comprehensive view of the size, and dynamics of the metaverse industry in India along with market trends covering over 100 KPIs. It details market opportunities across key sectors - retail industry, technology & telecommunications, financial services, manufacturing, travel and hospitality, media & entertainment, training & education, real estate, and health & wellness. It provides analysis in terms of business spend as well as consumer spend.

• Business spend: Market estimates and forecasts to assess opportunities by business spend on metaverse by sector, application / use cases, technology, and platform.

• Consumer spend: Breaks down consumer spend on metaverse by key component segments such as append on e-commerce, NFT purchase, by devices, and hardware devices to provide detailed assessment across the metaverse industry.

• NFT industry segments: Provides value, volume, and average value per transaction across 7 key assets in the NFT market. This includes collectibles and art, real estate, sports, utility, gaming, fashion and luxury, and others.

Scope

This report provides a detailed data-driven analysis of metaverse industry, covering a range of segments and highlighting growth areas across verticals. With over 100 KPIs at the country level, this report provides a comprehensive understanding of metaverse market dynamics. In addition, it provides a comprehensive understanding of NFT market dynamics and future forecasts.

India Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators
• Total Spend Value Trend Analysis
• Business Spend Value Trend Analysis
• Consumer Spend Value Trend Analysis

India Metaverse – Business Spend by Sector Value Trend Analysis, 2021–2030
• Retail Industry
• Technology & Telecommunications Industry
• Financial Services Industry
• Manufacturing Industry
• Travel and Hospitality Industry
• Media & Entertainment Industry
• Training & Education Industry
• Real Estate Industry
• Health & Wellness Industry
• Other

India Business Spend on Metaverse by Use Case / Application, 2021–2030
• Retail (Marketing & Advertising, Commerce, Operations & Training)
• Technology & Telecommunications (Marketing & Advertising, Commerce, Operations & Training)
• Financial Services (Marketing & Advertising, Commerce, Operations & Training)
• Manufacturing (Marketing & Advertising, Commerce, Operations & Training]
• Travel and Hospitality (Marketing & Advertising, Commerce, Operations & Training)
• Media & Entertainment (Marketing & Advertising, Commerce, Operations & Training)
• Training & Education (Marketing & Advertising, Commerce, Operations & Training)
• Real Estate (Marketing & Advertising, Commerce, Operations & Training)
• Health & Wellness (Marketing & Advertising, Commerce, Operations & Training)
• Other (Marketing & Advertising, Commerce, Operations & Training)

India NFT Spend by Sector Value Trend Analysis, 2021–2030
• Retail Industry
• Technology & Telecommunications Industry
• Financial Services Industry
• Manufacturing Industry
• Travel and Hospitality Industry
• Media & Entertainment Industry
• Training & Education Industry
• Real Estate Industry
• Health & Wellness Industry
• Other Industry

India Business Spend on Metaverse by Technology
• By Technology
• Retail Industry
• Technology & Telecommunications
• Financial Services
• Manufacturing Industry
• Travel and Hospitality
• Media & Entertainment
• Training & Education
• Real Estate
• Health & Wellness
• Other
India Spend on Metaverse by Platform
• Desktop
• Mobile
• Headset

India Ecommerce Spend on Metaverse by Sector (Gross Merchandise Value), 2021–2030
• Retail Shopping
• Travel and Hospitality
• Online Food Service
• Media & Entertainment
• Health & Wellness
• Technology Products & Services
• Other Industries

India NFT Market Size and Future Growth Dynamics by Key Performance Indicators
• NFT –Total Sales Spend Value Trend Analysis, 2021-2030
• NFT – Total Sales Spend Volume Trend Analysis, 2021-2030
• NFT – Average Value Per Transaction Trend Analysis, 2021-2030

India NFT Market Size and Forecast by Key Assets, 2021-2030

• NFT Collectibles and Art Trend Analysis, 2021-2030
– Spend Value
– Spend Volume
– Average Value Per Transaction

• NFT Real Estate Trend Analysis, 2021-2030
– Spend Value
– Spend Volume
– Average Value Per Transaction

• NFT Sports Trend Analysis, 2021-2030
– Spend Value
– Spend Volume
– Average Value Per Transaction

• NFT Gaming Trend Analysis, 2021-2030
– Spend Value
– Spend Volume
– Average Value Per Transaction

• NFT Utility Trend Analysis, 2021-2030
– Spend Value
– Spend Volume
– Average Value Per Transaction

• NFT Fashion and Luxury Trend Analysis, 2021-2030
– Spend Value Trend Analysis
– Spend Volume Trend Analysis
– Average Value Per Transaction

• Other Assets Trend Analysis, 2021-2030
– Spend Value Trend Analysis
– Spend Volume Trend Analysis
– Average Value Per Transaction

India Consumer Spend on Metaverse by Device, 2021–2030
– Desktop
– Mobile
– Digital Gadgets

India Consumer Spend on Metaverse by Hardware Devices, 2021–2030
– AR (Augmented Reality)
– VR (Virtual Reality)
– MR (Mixed Reality)

Reasons to buy

• In-depth Understanding of Metaverse Market Dynamics: Understand market opportunities and key trends along with forecast (2021-2030). Understand market dynamics through essential KPIs such as business and consumer spend.

• Vertical Insights and Use Cases: Get market dynamics through business spend by sector across the retail industry, technology & telecommunications, financial services, manufacturing, travel and hospitality, media & entertainment, training & education, real estate, and health & wellness.

• Develop Market-Specific Strategies: Identify growth segments and target specific opportunities to formulate a strategy; assess market-specific key trends, drivers, and risks in the metaverse and NFT market to help stakeholders build profitable strategies.

• Get Insights into NFT Market Size and Forecast by Key Assets: Collectibles and art, real estate, gaming, sports, utility, fashion & others.

• Consumer Spend on Metaverse: Get a market evaluation based on in-depth information obtained from metaverse spend on e-commerce, NFT purchase, and device & hardware devices.