The Indian Web3 sector could potentially contribute $1.1 trillion to the country’s economy over the next 10 years by 2032, according to a report by Bharat Web3 Association.
The report titled ‘The Web3 Landscape in India: Unlocking its Potential and Prowess’ notes that India is home to over 900 start-ups in the Web3 sector, five of whom have achieved unicorn status as of 2023. Web3 start-ups in India raised $1.3 billion in funding over the two years ending April 2022.
As India’s Web3 ecosystem continues to grow and diversify, the use cases of Web3 are becoming increasingly relevant and transformative across various sectors, from finance and governance to entertainment and supply chain management. Some of the use cases of Web3 technology that have been adopted in India including education, lending, real estate, service delivery, and healthcare, the report notes.
Dilip Chenoy, Chairman, Bharat Web3 Association said, “The global Web3 market is poised for explosive growth, with a projected CAGR of 44 per cent until 2031, reaching a valuation exceeding $44 billion. India, boasting over 900 startups in the Web3 sector, is ideally positioned to seize this opportunity, with Indian employees contributing 11 per cent of the global Web3 talent.”
Developer pool is in India
As of 2022, 11 per cent of global Web3 developer pool is in India, which constitutes the 3rd biggest talent pool in the world. India currently has nearly 75,000 tech talent in the blockchain industry and this talent pool is expected to grow by over 120 per cent in the next 1-2 years.
The report said that the retail sector, accounting for 37 per cent, and the financial services sector, contributing 15 per cent, are expected to be the primary drivers of Web3 and Metaverse adoption. As of 2022, 60 per cent percent of Indian Web3 startups have been registered outside but they continue to hire tech-force in India.
“India stands on the cusp of Web3 leadership, driven by its thriving startup community, technological expertise, and a rising enthusiasm for decentralized technologies. This situation offers India the chance to transition from being a provider of skilled professionals to an innovation hub. To tap into this potential to the fullest extent, India must place a strong emphasis on education, innovation, and a well-balanced regulatory framework,” said Sumit Gupta, Co-Founder, CoinDCX