Focus on cryptocurrency, conversational AI, data and transaction storage, payments and smart contracts

DUBLIN, 8 May 2023 /PRNewswire/ — “India Web 3.0 Blockchain Market by Blockchain Type (Public, Private, Hybrid, Consortium), by Application (CryptocurrencyConversational AI, Data & Transaction Storage, Payments, Smart Contract, Others), By End-User, By Region, Competition Forecast & Opportunities, 2018-2028″ report has been added ResearchAndMarkets.com’s Offering.

India Web 3.0 Blockchain Market is expected to grow at a brisk pace during the forecast period, 2022-2028

The growth can be credited to the increasing demand for data protection through the decentralized identity of Web 3.0 and the technological development of the Internet. The rapid increase in recognition of digital assets such as cryptocurrencies, along with the deployment of the 5G and 6G technologies, is also expected to contribute to the growth.

Web 3.0’s capacity to allow users to access modular apps using blockchain-based technology is fueling market growth. Web 3.0 enables individuals to control their data on websites and provides views based on search content. Social networking platforms that improve the customer experience, such as how consumers communicate, connect and establish communities, also use Web 3.0 technologies. An important factor promoting the industry’s expansion is increased investment in Web 3.0 blockchain technology.

Adoption of Cryptocurrencies and Machine Learning (ML)/Artificial Intelligence (AI) technologies i India

Cryptocurrencies are Web 3.0’s fast and cheap digital payment infrastructure. Thus, it is estimated that the increasing use of cryptocurrencies will promote market expansion. For example, the high inflation rates in India and the restrictive and non-streamlined modes of investment provided a golden opportunity for visionary entrepreneurs to establish themselves cryptocurrency swaps in India.

Because of the inherent nature of crypto and blockchain technology, entrepreneurs such as Nischal Shetty (Founder and CEO of WazirX) could give rise to crypto centers that have an intuitive and user-friendly user interface (UI). These crypto exchanges also offered almost no Annual Maintenance Charges (AMC) and a much lower trading fee.

The latest innovations in internet technology and other technologies such as machine learning (ML), big data, digital ledger and artificial intelligence (AI) are expected to drive the growth of the industry. There are three stages the Internet has gone through in its growth. The World Wide Web, commonly known as Web 1, was the first iteration of the Internet.

It consists of static pages connected by hyperlinks. Due to the early stages 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 Web 2, people can connect to digital networks and produce the necessary information. Users can collect data, transfer it back to the server, and get more user-generated input and more key information. Users can now store data on a public blockchain ledger powered by blockchain and artificial intelligence as a result of using Web3.

Latest development in India web 3.0 Blockchain Market

The Web 3.0 industry is expected to expand due to the increasing use of Web 3.0 technology for several commercial applications, including smart contracts, digital identification, documentation, and exchange. In Web 3.0, Self-Sovereign Identification (SSI) is a useful technique for online identity.

SSI is a technique for establishing identification that bases the information control on the client. SSI gives users more control over what information they provide and protects their privacy by removing the need to keep all personal information in one place. These advantages of SSI in Web 3.0 are also expected to aid its expansion.

According to the 2022 FICCI-EY Media and Entertainment Sector Study, avatars and virtual lifestyles will become more widespread in India. India is expected to have more than 50 million avatars in the metaverse by 2025, creating a huge opportunity for virtual commerce due to this market size increasing rapidly in the future.

For example, according to estimates, the government’s blockchain web 3.0 initiatives will contribute close USD100000000 million to India’s GDP in 2021 and 5.1 billion dollars in 2032. In 2032, the digital identity may increase India’s GDP with an extra 8.2 billion dollarswhich is expected to run India web 3.0 blockchain market during the forecast period.

Limiting factors

Easy access to the user’s personal and public data: Since Web 3.0 is so big and connected; anyone can access the public and private information that people share online. Users need a smartphone with above-average specifications to use Web3. Existing websites need to be updated: Existing companies will face pressure to update as Web3-based websites and applications become more popular.

Recent developments

For example, combining AR technology with geolocation to create 3D maps will make it easier for customers to find companies. Digital streaming is experiencing growth in Indiawhich is probably due to the Semantic Web, Web 3.0’s original incarnation.

Over the next 11 years, charities linked to digital assets that have not yet been created could make up the majority of 1.1 trillion dollars in total economic growth. NFTs are expected to grow into a market of at least 1 trillion dollarsas appears from the accounts established on centralized cryptocurrency exchanges, showing that the rate of use of digital assets is increasing almost twice as fast as the Internet.

Market dynamics

Drivers

• Adoption of Cryptocurrency in the market
• Increasing demand for ML and AI technology
• Update version of Web 3.0

Challenges

• Lack of attention
• Regular update

Market trends and developments

• SSI Technology establishment
• Enter the entertainment industry
• Last state investment
• User-friendly interface (UI) adoption

Challenging landscape

Company Profiles: Detailed analysis of the major companies present in the India Web 3.0 Blockchain Market.

• Helium Systems Inc.
• Alchemy Insights, Inc
• Polygon technology
• Decentralized country
• Brave Software, Inc.
• Coinbase Global, Inc.
• Kadena LLC
• Filecoin
• Web3 Foundation
• Ocean Protocol Foundation Ltd.

Report scope:

India Web 3.0 Blockchain Market, by Blockchain Type:

• Public
• Private
• Hybrid
• Consortium

India Web 3.0 Blockchain Market, by Application:

• Cryptocurrency
• Conversational AI
• Data and transaction storage
• Payments
• Smart contract
• Others

India Web 3.0 Blockchain Market, By End User:

• BFSI
• E-commerce and retail
• Media and entertainment
• Health and medicines
• IT and telecom
• Others

India Web 3.0 Blockchain Market, by Region:

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