AUG 20, 2023
Metaverse, Web3 market to grow 40% annually to reach $200 bn by 2035
JUN 28, 2023
The Metaverse and Web3 market opportunity in India is expected to grow at an annual growth rate of nearly 40 per cent, with the potential to become a $200 billion industry by 2035, a new report said on Friday.
Metaverse is projected to become a $13 trillion opportunity globally by 2030. It is estimated that about 8 per cent of the $160 trillion global GDP by 2030 will come from Web3 and Metaverse, according to the international management consulting firm Arthur D. Little.
"For India to realise its potential for a $200 billion Web3 and Metaverse industry by 2035, concerted action is needed by startups, investors, corporates, and the government," said Barnik Chitran Maitra, Managing Partner, Arthur D. Little India & South Asia.
The report also highlighted how India's e-commerce penetration is set to grow, presenting an opportunity for Web3 and Metaverse technologies to enhance the retail and finance sectors
The retail sector with 37 per cent and the financial services sector with 15 per cent will drive the Web3 and Metaverse adoption in India, said the report.
The report also added that India's leadership in digital payments adoption could pave the way for the integration of fintech solutions in the Web3 ecosystem.
Internet of Things (IoT)