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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. In the realm of Web 3.0, edge computing and blockchain form a symbiotic relationship. Blockchain, with its enhanced Proof of Stake (PoS) deployments, relies on edge computing's robust infrastructure to facilitate secure and efficient transactions. This synergy creates a reliable environment for blockchain operations while edge computing optimizes data processing at the point of origin, reducing bandwidth consumption. As a result, innovative applications of edge computing are poised to dominate the India Web 3.0 Blockchain Market.
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The establishment of the India Blockchain Forum aims to position India as a hub for Web3.0 and blockchain technologies. By promoting awareness and setting international standards, the forum seeks to establish community chapters nationwide. Collaborating with regulators, industry leaders, academia, and governments, the India Blockchain Forum aims to develop a comprehensive framework for blockchain and Web 3.0 adoption. Moreover, the forum plans to foster an environment conducive to innovation, encourage businesses to leverage Web 3.0 technologies, and facilitate cross-border collaboration.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on the "India Web 3.0 Blockchain Market."
With over 40 influencers and the formation of Special Interest Groups (SIGs) focusing on areas like CBDC, Metaverse, Policy frameworks, and NFTs, the forum is poised to drive blockchain and Web3.0 adoption forward in India. The market is anticipated to achieve a significant Compound Annual Growth Rate (CAGR) during the forecast period.
However, the growth of the India Web 3.0 Blockchain Market may be hindered by limited end-user awareness during the forecast period. Nevertheless, rapid technological advancements are expected to unlock new opportunities and propel the market's growth trajectory forward.
The India Web 3.0 Blockchain Market encompasses segments based on blockchain type, application, and end-user categories. In terms of blockchain type, it is categorized into public, private, hybrid, and consortium blockchains. Public blockchains, which allow universal access without specific authorization, dominated the market during the projected period. They offer decentralized and immutable transaction records, ensuring security and transparency. Popular cryptocurrencies like Bitcoin, Litecoin, and Ethereum utilize public blockchains, which can also be leveraged by governments for applications such as managing medical records and voting platforms.
Regarding applications, the market includes cryptocurrency, conversational AI, data & transaction storage, payments, smart contracts, and others. Cryptocurrency applications are expected to hold the largest market share owing to the increasing demand for high-performance transaction solutions in India's evolving digital landscape. Businesses are adopting blockchain technology to streamline cryptocurrency transactions efficiently, driven by advancements in digitalization and automation.
In terms of end-users, the market segments into BFSI, e-commerce & retail, media & entertainment, healthcare & pharmaceuticals, IT & telecom, and others. The BFSI sector is anticipated to dominate the market, driven by the scalability, faster transaction speeds, and reduced processing costs offered by Web 3.0 blockchain solutions. These technologies eliminate the need for third-party payment gateways, facilitating quicker financial transactions. Additionally, Web 3.0 blockchain enhances security by enabling decentralized data storage for insurance companies, mitigating cybercrime risks.
Overall, the India Web 3.0 Blockchain Market is poised for growth across these segments, driven by technological advancements and increasing adoption in various industries seeking enhanced efficiency and security in their operations.
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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