The effort by man to escape reality has given us many innovations. And the most recent one is the “Metaverse” or the “Virtual Reality”. The Metaverse sector is one of the fastest-growing sectors of the decade.
All the major companies want a share in this booming market and have been investing money and resources into it. Indian companies are also not left behind. As the world is learning about this new fancy looking term, it has also created a demand for engineers and tech people with suitable skills. Indian companies are providing Metaverse development services to almost every sector starting from manufacturing, healthcare, retail, etc.
According to tech analyst Vaishnavi Desai “The new space provides huge marketing potential that it presents in the form of virtual stores, live shopping, and virtual product launches, it is perhaps time for us to think of more novel opportunities that this space might provide us with.”
Various cities across the country, such as Delhi, Pune, Bangalore, Ahmedabad, Mumbai, have many Metaverse development companies, including Hyperlink Infosystems, HCL Technologies, Infosys, Capgemini India, Zensar Technologies, Tech Mahindra, Wipro, and TCS are the major Metaverse companies in India.
Since 2015, India’s ranking in the global innovation index has risen nearly 40 places, making it the 46th most innovative country in the world. The Indian entrepreneurship culture is also flourishing, and it has recently experienced significant growth. Last year India was just behind China and USA, with 42 of its startups becoming a unicorn.
India today is one of the youngest countries with more than 62 per cent of the population in the working-age group and more than 54 per cent of the total population below 25 years of age. This makes it a favourable market for the Metaverse industry. According to data, India’s video streaming consumption has increased substantially in the last few years and it is expected to surge to 7 billion by 2026.
The government has also been providing incentives and funds to boost the development of the companies in the sector. According to the budget 2022, India will aim to achieve a digital economy worth up to $1 trillion. The country has been making its mark in the global digital landscape by steps like introducing a digital currency and investing in lithium-ion battery production units.
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