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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 per cent, a report showed on Tuesday.

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

In India, the market size of Blockchain is expected to record a CAGR of 47.3 per cent, 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 per cent.

"In India, the market size of NFT is expected to record a CAGR of 61.6 per cent, increasing from $3.3 billion in 2021 to reach $27 billion by 2028," the report said.

According to the report, the global market size of Web3 is expected to grow from $3.3 billion in 2021 to $82.72 billion by 2030.

Finally, the gaming industry is also set to see significant growth.

According to the white paper, the market size of gaming is expected to reach $8.6 billion by 2027, up from $2.6 billion in 2022, at a CAGR of 27 per cent.

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 white paper noted.