Dublin, May 8, 2023 /PR Newswire/ — “Indian Web 3.0 Blockchain Market by Blockchain Type (Public, Private, Hybrid, Consortium) and Applications (CryptocurrencyConversational AI, Data and Transaction Storage, Payments, Smart Contracts, and More), By End-User, By Region, Competitive Forecasts & Opportunities, 2018-2028” report added of ResearchAndMarkets.com Recruitment.
India’s Web 3.0 Blockchain Market is Expected to Grow at a Steady Pace During the Forecast Period 2022-2028
This growth can be attributed to increased demand for data privacy due to Web 3.0 distributed identities and Internet technological developments. The rapid rise in awareness of digital assets such as cryptocurrencies and the widespread adoption of 5G and 6G technologies are expected to further contribute to the growth.
Web 3.0’s ability to allow users to access modular apps using blockchain-based technology is fueling the growth of the market. Web 3.0 allows an individual to control data on her website and serve impressions based on search content. Social network platforms that improve the customer experience – how consumers communicate, connect, and build communities – are also leveraging Web 3.0 technologies. A key factor driving the expansion of the industry is increasing investment in Web 3.0 blockchain technology.
Adoption of cryptocurrencies and machine learning (ML)/artificial intelligence (AI) technologies India
Cryptocurrency is the fast and cheap digital payment infrastructure of Web 3.0. As such, the increased use of virtual currency is expected to drive market expansion.For example, high inflation India The restrictive and unstreamlined investment mode provided a great opportunity for visionary entrepreneurs to start their own businesses. Cryptocurrency exchange at India.
Due to the essential nature of cipher blockchain technology, entrepreneurs, etc. Nishal Shetty (Founder and CEO of WazirX) cipher An exchange with an intuitive and easy-to-use user interface (UI).these are cipher The exchange also had very little annual maintenance fee (AMC) and much lower trading fees.
The latest innovations in internet technology and other technologies such as machine learning (ML), big data, digital ledgers, and artificial intelligence (AI) are expected to drive industry growth. Internet growth has three phases, he said. The World Wide Web, often known as Web 1, was the first iteration of the Internet.
It consists of static pages linked by hyperlinks. At that time, users had little opportunity to interact with the application due to the early stages of content generation. People now have the opportunity as this market is expected to rise during the forecast period.
Web 2 allows people to connect to digital networks and generate the information they want. Users can collect data and send it to the server to get more user-generated input and important information. As a result of using Web3, users can now store their data on a blockchain public ledger driven by blockchain and artificial intelligence.
latest developments in India web 3.0 blockchain market
The Web 3.0 industry is expected to grow due to the growing use of Web 3.0 technologies in several commercial applications such as smart contracts, digital identities, documentation and exchanges. In Web 3.0, Self-Sovereign Identification (SSI) is a useful technique for online identity.
SSI is a technique for establishing identity controlling information based on the client. SSI gives users more control over the information they provide, eliminates the need to keep all her personal information in one place, and protects her privacy. These benefits of SSI in Web 3.0 are also expected to help scale.
According to FICCI-EY’s 2022 Media and Entertainment Sector Survey, avatars and virtual lifestyles India. India is expected to have over 50 million avatars in the Metaverse by 2025, and as this market size grows rapidly in the future, it creates huge opportunities for virtual commerce.
For example, it is estimated that the government’s Blockchain Web 3.0 initiative will US$100 million To Indian 2021 GDP and $5.1 billion In 2032, digital identities could boost Indian additional GDP $8.2 billionis expected to drive India web 3.0 blockchain market during the forecast period.
inhibitor
Easy access to users’ personal and public data: Web 3.0 is so large and connected that everyone has access to the public and private information that people share online. A user needs a smartphone with above average specs to use her Web3. Existing His Web Pages Need Updating: Existing businesses will face the pressure to update as his Web3-based Web sites and applications grow in popularity.
Recent development
For example, combining AR technology with geolocation to create a 3D map can help customers find your company. digital streaming is IndiaThis is probably due to the original incarnation of Web 3.0, the Semantic Web.
Over the next 11 years, there will likely be a large number of ancillary digital asset companies that have not yet been created. $1.1 trillion in total economic growth. NFTs are at least $1 trillionas evidenced by a centrally established account Cryptocurrency This shows that the adoption rate of digital assets is rising almost twice as fast as the internet adoption rate.
market dynamics
driver
- Adoption of Cryptocurrency at the market
- Growing demand for ML and AI technologies
- Updated web 3.0 version
Theme
- lack of consciousness
- regular updates
Market trends and developments
- Established SSI Technology
- Entry into the entertainment industry
- latest government investment
- Adoption of an easy-to-use interface (UI)
competitive environment
Company Profiles: An in-depth analysis of key players present in the Indian Web 3.0 Blockchain market.
- Helium Systems Co., Ltd.
- Alchemy Insights, Inc.
- polygon technology
- Decentraland
- Brave Software Co., Ltd.
- Coinbase Global Co., Ltd.
- Kadena LLC
- file coin
- Web3 Foundation
- Ocean Protocol Foundation Co., Ltd.
Reporting scope:
Indian Web 3.0 Blockchain Market, By Blockchain Type:
- public
- private
- hybrid
- consortium
India Web 3.0 Blockchain Market by Application:
- Cryptocurrency
- Conversational AI
- Data & transaction storage
- payment
- smart contract
- others
Indian Web 3.0 Blockchain Market, By End User:
- BFSIMore
- e-commerce and retail
- media & entertainment
- Healthcare and pharmaceuticals
- IT & Telecom
- others
Indian Web 3.0 Blockchain Market, By Regions:
Learn more about this report here https://www.researchandmarkets.com/r/u7omci
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