India
Web 3.0 Blockchain Market is anticipated to grow at a robust pace during the
forecast period, 2022-2028. The growth can be credited to the expanding
demand for data privacy through the decentralized identity of Web 3.0 and the
technological developments on the Internet. The fast rise in the recognition of
digital assets such as cryptocurrencies, along with the distribution of the 5G and 6G technologies, is additionally expected to contribute to
the growth. Web 3.0's capacity to allow users to access modular apps using
blockchain-based technology is fueling the market growth. Web 3.0 enables
individuals to control their data on websites and provides impressions based on
their search content. Social network platforms that improve customer
experience, such as how consumers communicate, connect, and establish
communities, also utilize Web 3.0 technologies. An important factor promoting
the industry's expansion is increased investments in Web 3.0 blockchain
technology.
Adoption of cryptocurrencies & Machine
Learning (ML)/ Artificial Intelligence (AI) Technologies in India
Cryptocurrencies are Web 3.0's fast and cheap digital payment
infrastructure. Thus, it is projected that the growing use of cryptocurrencies
would promote market expansion. For instance, the high inflation rates in India
and the restrictive and non-streamlined modes of investment presented a golden
opportunity for visionary entrepreneurs to set up cryptocurrency exchanges in
India. Due to the intrinsic nature of crypto and blockchain technology,
entrepreneurs such as Nischal Shetty (Founder
& CEO of WazirX) were able to give rise to crypto exchanges that have an
intuitive and easy-to-use User Interface (U.I.). These crypto exchanges also
offered almost no annual maintenance charges (AMCs) and a much lower trading
fee.
Latest innovations in internet technology and
other technologies such as machine learning (ML), big data, digital ledgers, and artificial intelligence (A.I.) are anticipated to propel the industry's
growth. There are three stages that the Internet has gone through in its
growth. The World Wide Web, often known as Web 1, was the first iteration of
the Internet. It is comprised of static pages joined together by hyperlinks.
Due to the early phases of content generation, users had almost no opportunity
to interact with the applications at that time. Now, people have that
opportunity because this market is expected to rise during the forecast period.
In Web2, people may connect with digital networks and produce the necessary information. Users
could collect data, transmit it back to the server, and get more user-generated
inputs and more key information. Users could now store data on a blockchain
public ledger driven by blockchain and artificial intelligence as a result of
using Web3.
Latest Developments in India web 3.0
Blockchain Market
The Web 3.0 industry is expected to expand due
to the expanding use of Web 3.0 technology for several commercial applications,
including smart contracts, digital identification, documentation, and
exchanges. In Web 3.0, Self-Sovereign Identification (SSI) is a useful
technique for online identity. SSI is a technique for establishing identification that
bases information control on the client. SSI gives users more control over
which information they provide, protecting their privacy by doing away with the
necessity of keeping all their personal information in one place. These
advantages of SSI in Web 3.0 are also anticipated to help the expansion.
According
to the media and entertainment sector study from FICCI-EY for 2022, avatars and
virtual lifestyles would spread more widely in India. India is expected to have
more than 50 million avatars in the metaverse by 2025, creating a huge
opportunity for virtual commerce owing to this market size increasing rapidly
in the future.
For instance, according to estimates, the
government's blockchain web 3.0 initiatives would contribute close to USD100000000 million to India's GDP in 2021 and $5.1
billion in 2032. In 2032, digital identity might boost India's GDP by an extra
$8.2 billion, which is expected to drive India web 3.0 blockchain market during
the forecast period.
Restraining Factors
Easy access to user personal and public data:
Since Web 3.0 is so large and connected, anybody can access the public and
private information that people share online. Users would need a
smartphone with above-average specifications to use Web3. Existing webpages
must be updated: Existing companies are going to face pressure to update as
Web3-based websites and applications become more popular.
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Market Segmentation
The India
Web 3.0 Blockchain Market is segmented into blockchain type, application, and end-user.
Based on blockchain type, the market is divided into public, private, hybrid,
and consortium. Based on application, the market is divided into
cryptocurrency, conversational AI, data & transaction storage, payments,
smart contracts, and others. Based on end-user, the market is split into BFSI,
e-commerce & retail, media & entertainment, healthcare &
pharmaceuticals, IT & telecom, and others.
Market
player
The leading market players in the India Web
3.0 Blockchain Market are Helium Systems Inc,
Alchemy Insights, Inc, Polygon Technology, Decentraland, Brave Software, Inc,
Coinbase Global, Inc, Kadena LLC, Filecoin, Web3 Foundation, and Ocean Protocol
Foundation Ltd.
Recent
Developments
- For
instance, combining A.R. technology with geolocation to create 3D maps would
make it easier for customers to find companies. Digital streaming is
experiencing a growth in India, which is likely due to the Semantic Web, Web
3.0's original incarnation.
- In the
next 11 years, auxiliary digital asset-related enterprises that have not yet
been created might account for the majority of the $1.1 trillion in total
economic growth. NFTs are anticipated to grow into a market of at least $1
trillion, as evidenced by the accounts established on centralized
cryptocurrency exchanges, which shows that the adoption rate of digital assets
is rising nearly twice as quickly as that of the Internet.
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Attribute
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Details
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Base Year
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2021
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Historic Data
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2018– 2021
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Estimated Year
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2022
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Forecast Period
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2022 – 2028
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Quantitative Units
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Revenue in USD Million, and CAGR for
2018-2021 and 2023-2028
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Report coverage
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Revenue forecast,
company share, growth factors, and trends
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Segments covered
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·
Blockchain Type
·
Application
·
End-User
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Regional scope
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North, West, South, East
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Key companies
profiled
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Helium Systems Inc, Alchemy Insights, Inc, Polygon
Technology, Decentraland, Brave Software, Inc, Coinbase Global, Inc, Kadena
LLC, Filecoin, Web3 Foundation, Ocean Protocol Foundation Ltd.
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Customization scope
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10% free report customization
with purchase. Addition or alteration to country, regional & segment
scope.
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Pricing and purchase
options
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Avail customized purchase options to
meet your exact research needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email (We can
also provide the editable version of the report in PPT/Word format on special
request)
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Report
Scope:
In
this report, India Web 3.0 Blockchain Market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
·
India Web 3.0 Blockchain Market, By Blockchain Type:
o
Public
o
Private
o
Hybrid
o
Consortium
·
India Web 3.0 Blockchain Market, By Application:
o
Cryptocurrency
o
Conversational A.I.
o
Data & Transaction Storage
o
Payments
o
Smart Contract
o
Others
·
India Web 3.0 Blockchain Market, By End-User:
o
BFSI
o
E-commerce & Retail
o
Media & Entertainment
o
Healthcare & Pharmaceuticals
o
IT & Telecom
o Others
·
India Web 3.0 Blockchain Market, By Region:
o North
o West
o South
o
East
Competitive
Landscape
Company Profiles: Detailed analysis
of the major companies present in the India Web 3.0 Blockchain Market.
Available
Customizations:
With the given market data, Tech Sci
Research offers customizations according to a company's specific needs. The
following customization options are available for the report:
Company
Information
- Detailed analysis and profiling of additional
market players (up to five).
The India Web 3.0 Blockchain Market is
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report or want to confirm the date of release, please contact us at
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