The adoption of technology and growing demand for data privacy security are the factors expected to drive market growth during the forecast period.
According to TechSci Research report, India Web 3.0 Blockchain Market – By Region, Competition Forecast & Opportunities, 2018-2028, the India Web 3.0 Blockchain Market is expected to register robust growth during the forecast period, 2023-2028. Although unique in Web 3.0, edge computing and blockchain are interdependent technologies. With enhanced blockchain demonstration of stake (PoS Point of sale Software) deployments, computing provides the supporting infrastructure to allow reliable and speedy blockchain transactions. Blockchain enables a safe and quicker computing environment. Additionally, edge computing allows data processing produced by connected devices to proceed at the source of origin, saving a large amount of bandwidth. As a result, new edge computing use cases are anticipated to dominate the India Web 3.0 Blockchain Market.
The India Blockchain Forum was established to turn India into a center for Web3.0 and blockchain technology. Promoting awareness and providing access to international quality standards would create community chapters around the nation. To help develop a complete framework for the proper implementation of blockchain and web 3.0, the India Blockchain forum envisions working in partnership with regulators, industry, academics, and governments. In addition, the India Blockchain Forum would work with academic institutions, cultivate the environment, encourage businesses to use web 3.0 technologies, and flourish for cross-border cooperation. The forum has more than 40 influencers and is setting up Special Interest Groups (SIGs) in areas such as CBDC, Metaverse, Policy framework, and NFTs for blockchain and Web3.0 adoption. This market is expected to register a high CAGR during the forecast period.
Moreover, throughout the forecast period, the market expansion is expected to be limited by the lack of end-user awareness. Additionally, it is projected that fast technological advancement will open up new potential prospects for the India web 3.0 blockchain market.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on the “India Web 3.0 Blockchain Market.”
The India Web 3.0 Blockchain Market is segmented into blockchain type, application, and end-user. Based on blockchain type, the market is divided into public, private, hybrid, and consortium. During the projected period, the public sector held the largest market share. Everyone can join a public blockchain without a password or other specific authorization. Anyone who enters the network has access to it and can read, write, and participate in it. Public blockchains are unchangeable and decentralized. Users may be guaranteed that their transactions won’t be altered or deleted since once an entry has been validated, no one can modify it. The most popular cryptocurrencies include Bitcoin, Litecoin, and Ethereum and employ public blockchains. Governments can, however, use them to manage medical information or as a voting platform.
Based on application, the market is divided into cryptocurrency, conversational AI, data & transaction storage, payments, smart contract, and others. Cryptocurrency segment is expected to have the largest market share during the forecast period. Since businesses now want more high-performance bitcoin transaction services as a result of the quick improvements in technical innovation, including digitalization and automation. Therefore, several players across India are embracing blockchain technology solutions in cryptocurrency to efficiently carry out their transactions to meet the need for high-performance bitcoin transactions. The elements are anticipated to fuel segment expansion.
Based on end-user, the market is divided into BFSI, e-commerce & retail, media & entertainment, healthcare & pharmaceuticals, IT & telecom, and others. The BFSI segment is expected to hold the largest market share. One of the main factors influencing the sector’s growth is the rising demand for Web 3.0 blockchain in the banking and finance industry for its scalability, faster transaction speeds, and lower processing costs. Additionally, Web 3.0 blockchain transactions do away with the requirement for third-party payment gateways, enabling quicker financial communications. Additionally, Web 3.0 allows insurance companies to store decentralized data, reducing the risk of cybercrime.
Key market players in the India Web 3.0 Blockchain Market: –
- Helium Systems Inc.
- Alchemy Insights, Inc
- Polygon Technology
- Decentraland
- Brave Software, Inc.
- Coinbase Global, Inc.
- Kadena LLC
- Filecoin
- Web3 Foundation
- Ocean Protocol Foundation Ltd.
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” The development and expansion of machine learning (ML) and artificial intelligence (AI) capabilities in addition to the explosive growth of blockchain technology are expected to support this transformation. Blockchain technology is essential to the growth of web 3.0 firms so they utilise decentralized protocols. The customer gaining control of their data, enhanced transparency, and more secure data security are the main factors boosting the India web 3.0 blockchain industry.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
India Web 3.0 Blockchain Market By Blockchain Type (Public, Private, Hybrid, Consortium), By Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contract, Others), By End-User (BFSI, E-commerce & Retail, Media & Entertainment, Healthcare & Pharmaceuticals, IT & Telecom, Others), By Region, Competition Forecast & Opportunities, 2017-2027 has evaluated the future growth potential of India Web 3.0 Blockchain Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Web 3.0 Blockchain Market.
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