India’s Metaverse, Web3 Market To Reach $200 bn
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.
By 2030, the metaverse is expected to represent a $13 trillion potential globally. According to the worldwide management consulting company Arthur D. Little, Web3 and Metaverse will contribute around 8% of the $160 trillion global GDP by 2030.
The research also discussed how India’s e-commerce penetration is expected to rise, providing an opportunity for Web3 and Metaverse technologies to improve the retail and banking sectors.
According to the report, the retail sector which accounts for 37% , and the financial services sector which acounts for 15% , will drive Web3 and Metaverse adoption in India.
According to the paper, India’s leadership in digital payments adoption might pave the way for fintech solutions to be integrated into the Web3 ecosystem.
(With inputs from Shikha Singh)
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