A recent economic forecast predicts that the Indian Web3 market will contribute $5.1 billion to its Gross Domestic Product (GDP) by 2032.
Asian countries like India, Hong Kong, and Singapore have vastly contributed to the Web3 space. Particularly, the young Indian population has shown immense interest in the space and is building in Web3.
Research Shows Indian Web3 Market Will Grow to $5.1B by 2032
According to Research and Markets, the Indian Web3 market will grow robustly from 2022-2028. The country has one of the cheapest internet services in the world, with one gigabyte of data costing around $0.17.
Hence, the cost-efficient internet, with increasing 5G penetration, could increase Web3’s exposure to its population. The rise of the 5G internet could also make Web3 services, like the metaverse, accessible to the Indian market.
The research claims that Indian citizens would have 50 million avatars in the metaverse. With increasing metaverse usage, virtual commerce could vastly contribute to the GDP.
Lastly, the researchers forecast that the Indian Web3 ecosystem would add around $5.1 billion to the nation’s GDP by 2032.
In March, the Economic Times predicted a 57% compound annual growth rate (CAGR) of the Indian Web3 market by 2032, citing a white paper released at the Entrepreneur Web3 summit.
At the same time, the metaverse is expected to grow at 39.2% CAGR and non-fungible tokens (NFTs) at a CAGR of 22.82%.
A Home to Young Web3 Talent
According to World Economics, India’s median age is 27.6 years. The country has young people who can contribute to the rising technological sectors such as blockchain.
The Web3 thought leader Shivam Chhuneja told BeInCrypto:
One of the biggest things that can add to India’s GDP in Web3 is the “services sector” in the short term. Although in the long term, it would be software-based products.
There are lots of people in India that work remotely with international companies. They earn in dollars, bringing it to the country and adding to its GDP. Hence, the service export is going to be really big.
As per an India Today article, the country is home to 11% of the world’s Web3 talent.
Poorvi Sachar, head of operations at Tezos India, said, “With the mean age of India’s population being quite young (under 30), it does not come as a surprise that new technologies like blockchain/Web3 continues to excite and enthuse the Indian crowd.”
However, the current regulatory challenges in the country have impacted certain activities like crypto trading. Also, there has been some talent migration to other countries with a crypto-friendly stance.
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Source: https://beincrypto.com/indian-web3-market-grow-5-1-billion/