New Delhi: The Metaverse and Web3 market opportunity in India is expected to grow at an annual growth rate of nearly 40% and could become a $200 billion industry by 2035, a new report said on Friday.

The Metaverse is projected to be a $13 trillion global business opportunity by 2030. According to international management consulting firm Arthur D Little, it is estimated that by 2030, about 8% of the $160 trillion global GDP will come from his Web3 and Metaverse.

“Coordinated action by start-ups, investors, corporations and governments is needed for India to realize its $200 billion Web3 and Metaverse industry potential by 2035,” said Arthur D. Little. Vernik Chitran Maitra, Managing Partner of India & South Asia Ltd.

The report also highlights how India’s e-commerce penetration will grow in the future, stating that Web3 and Metaverse technologies present opportunities to power the retail and financial sectors. Web3 and Metaverse deployments in India accounted for 37% in the retail sector and 15% in the financial services sector, the report said. The report also added that India’s leadership in digital payments adoption could pave the way for the integration of fintech solutions into the Web3 ecosystem.