By 2032, the Indian Web3 market is expected to reach $1.1bn, research shows

By Puja Sharma

As per a white paper released at the Entrepreneur Web3 Summit 2023,  the Indian Web3 market is expected to reach $1.1 billion by 2032, up from $0.0049 billion in 2022 at a compound annual growth rate (CAGR) of 57%.

In India, the market size of the metaverse is $2.4 billion and it is expected to record a CAGR of 39.2% from 2022-2030 to reach $33.9 billion by 2030, according to a white paper released at the ‘Entrepreneur Web3 Summit’.

In India, the market size of Blockchain is expected to record a CAGR of 47.3%, increasing from $0.28 billion in 2019 to reach $4.3 billion by 2025. The non-fungible token (NFT) market has also been gaining acceptance, and the report estimates that the global NFT market is set to grow from $2.46 billion in 2022 to $8.6 billion by 2027, a CAGR of 22.82%.

Web3 is providing a secure and transparent platform to manage transactions and operations and has emerged as a game-changer for the Indian economy. With a CAGR of 57%, the Indian Web3 market is set to reach $1.1 billion by 2032 and I am thrilled to be a part of the rapidly growing ecosystem.

“I strongly believe that blockchain has the potential to drive innovation and growth in India. At TaxNodes, we are committed to helping the Web3 market grow by providing a trustworthy platform for tax reporting and will also help crypto exchanges by providing reconciliation and automation solutions. With India thriving towards the boom of the Web3 in the coming decade, we look forward to playing a key role in shaping the future of the blockchain industry in the country.” Avinash Shekhar, Co-founder & CEO of, TaxNodes said.

According to the report, the global market size of Web3 is expected to grow from $3.3 billion in 2021 to Web3 is expected to grow from $3.3 billion in 2021 to $82.72 billion by 2030. There are approximately 8,700 Web startups globally, including 450 in India.

“Web3 technologies are set to transform the internet as we know it, creating a more democratic and fair space for users and businesses. As venture capitalists begin to invest in Web3 companies, we can expect to see even more growth and innovation in this space,” the whitepaper noted.

Pratik Gauri, Co-founder & CEO of 5ire, talks about the future of Web3 and blockchain technology in India “I’m glad to see that Web3 will make up over 20 percent of the ambitious $5 trillion GDP target we aim for.  A recent NASSCOM study highlighted India’s enviable position as a leading global player in the Web3 market. I am hopeful that the world sees this as due to the availability of a large talent pool, high adoption rate, and product development for international markets. Of the roughly 450 startups registered in India, Indian Web3 startups have boosted crypto adoption by racking up a 37x growth over the last two years.

“The explosive Web3 growth in the country is further exploded by an increasing talent pool, which surprisingly makes India’s demand-supply gap the lowest when compared to the United States, China, and the United Kingdom. Our efforts in being pioneers in innovation using Web3 technology is looking forward to mass adoption by the talent pool available in India and elsewhere around the globe.”