The Web3 and Metaverse market opportunity in India is expected to grow at an annual growth rate of nearly 40 per cent, with the potential to become a US $200 billion industry by 2035, a new report has said.
The report defines the Metaverse as ‘the future version of the Internet, blending the frontiers between reality and virtuality, at the convergence of immersive spaces, social and collaborative experiences, and the creator economy’. It is projected to become a US $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, strategy and management consulting organisation Arthur D Little said in its latest industry report.
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.
“For India to realize its potential for a US $ 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.