NEW DELHI: According to a survey released on Tuesday, March 14, 2023, the Indian Web3 market is anticipated to increase from USD 0.0049 billion in 2022 to USD 1.1 billion by 2032 at a compound annual growth rate (CAGR) of 57%.
As per a white paper presented at the Entrepreneur Web3 Summit in Bangalore, the Indian market for metaverse is valued at USD 2.4 billion and is projected to grow at a CAGR of 39.2% from 2022 to 2030 to reach USD 33.9 billion.
Blockchain market size in India is anticipated to grow at a CAGR of 47.3%, from USD 0.28 billion in 2019 to USD 4.3 billion by 2025.
The non-fungible token (NFT) market has also been expanding, and according to the report, it will rise from USD 2.46 billion in 2022 to USD 8.6 billion by 2027, representing a CAGR of 22.82%.
The market for NFT in India is anticipated to grow at a CAGR of 61.6%, from USD 3.3 billion in 2021 to USD 27 billion by 2028, according to the report.
The analysis projects that by 2030, the size of the worldwide Web3 market would have increased from USD 3.3 billion to USD 82.72 billion.
The gambling sector is also expected to experience tremendous expansion.
The white paper projects that the gaming market would grow from USD 2.6 billion in 2022 to USD 8.6 billion in 2027, at a CAGR of 27%.
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