As per MRFR analysis, the India Web 3.0 Blockchain Market Size was estimated at 482.5 (USD Million) in 2023. The India Web 3.0 Blockchain Market Industry is expected to grow from 619.91(USD Million) in 2024 to 6,543.42 (USD Million) by 2035. The India Web 3.0 Blockchain Market CAGR (growth rate) is expected to be around 23.892% during the forecast period (2025 - 2035).
India Web 3.0 Blockchain Market is experiencing substantial growth, which is being driven by a number of critical market drivers. The Indian government has been conducting extensive research on blockchain technology for a variety of applications, including supply chain management, digital identity, and financial services. This focus reinforces the initiative to increase the adoption of decentralized technologies. Furthermore, the market is further bolstered by the increasing demand for competent professionals in the blockchain sector, which is a result of the increasing number of startups that are concentrating on this technology. The potential to enhance transparency in transactions across a variety of sectors, such as agriculture and real estate, is among the opportunities that should be investigated in this market.
India can resolve the prevalent issues of fraud and inefficiencies in these sectors by utilizing blockchain technology. Additionally, the emergence of token-based economies and cryptocurrencies has opened up opportunities for the exchange of knowledge and innovation, particularly in the context of financial inclusion initiatives that are directed at unbanked populations. Recently, there has been a growing trend of collaboration among the government, academia, and industry actors to cultivate a robust ecosystem for blockchain technology. The Indian community is enthusiastic about adopting innovative solutions, as evidenced by the emergence of initiatives such as hackathons and seminars that foster collaboration and creativity.
The foundations for a dynamic Web 3.0 landscape in India are being established by the youth's enthusiastic engagement with technology and the advancements in internet accessibility. This transition is not only a technological advancement but also a means of fostering economic and social progress, thereby establishing India as a potential leader in the global blockchain sector.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Indian government is becoming increasingly supportive of emerging technologies like blockchain, recognizing its potential to enhance transparency and efficiency in various sectors. For instance, the Ministry of Electronics and Information Technology (MeitY) has actively promoted blockchain technology as part of its Digital India initiative. The government launched initiatives such as the National Blockchain Strategy, aimed at leveraging blockchain for applications in sectors like finance, supply chain, and governance.
This strategic support plays a crucial role in accelerating the adoption of the India Web 3.0 Blockchain Market Industry as it creates a favorable regulatory environment that fosters innovation. Furthermore, government programs such as the Startup India initiative provide financial and technical assistance to blockchain startups, bolstering industry growth. According to reports, the Indian government aims to increase the blockchain technology industry to USD 5 billion by 2023, showcasing strong potential for market expansion.
The rise of Decentralized Finance (DeFi) solutions is significantly driving the India Web 3.0 Blockchain Market Industry. As traditional finance systems face challenges such as lack of transparency and high transaction fees, many Indian startups are turning to blockchain-based solutions. According to the Fintech Association for Consumer Empowerment (FACE), around 40% of fintech startups in India are incorporating blockchain technology to offer innovative finance solutions.
This shift not only improves transaction security but also enables easier access to financial services for nearly 1 billion unbanked citizens. Consequently, leading fintech companies like Paytm and Razorpay are exploring DeFi options, supporting the growth of India’s blockchain market.
The advent of Non-Fungible Tokens (NFTs) is another significant driver for the India Web 3.0 Blockchain Market Industry. In recent years, the NFT market has gained substantial traction in India, with various artists and content creators embracing this technology to monetize their digital assets. According to industry reports, the NFT market size in India is expected to reach approximately USD 400 million by 2025. Major organizations like Video game companies and art institutions are collaborating with blockchain platforms to issue NFTs, allowing creators to gain royalties and establish ownership rights.
The growing interest from both buyers and sellers in the NFT space is providing a unique momentum for expanding the blockchain market across the country.
The India Web 3.0 Blockchain Market is poised for substantial growth, driven by various technological reforms and increasing blockchain adoption across sectors. The Blockchain Type segmentation includes Public, Private, Consortium, and Hybrid blockchains, each owning unique characteristics that cater to different business needs. Public blockchains are significant as they promote transparency and decentralization, facilitating an open environment where users can participate without restrictive access. This attribute is highly valued in sectors such as finance and governance, where transparency is critical.
Private blockchains, on the other hand, allow organizations to maintain a closed network, providing greater control over data and privacy, which is crucial for enterprises that handle sensitive information. As digitalization expands in India, private blockchains gain importance for their scalability and efficiency in enterprise resource management. Consortium blockchains present a collaborative approach, allowing a group of organizations to share a common blockchain network, thereby streamlining processes and enhancing trust among participating entities.
These are particularly significant in industries such as supply chain management, where multiple parties must work together while ensuring data integrity and security. Lastly, Hybrid blockchains combine features of both public and private structures, allowing organizations to achieve a balance between transparency and privacy. This versatility makes Hybrid blockchains attractive for businesses seeking to protect sensitive data while benefiting from the decentralization aspect of public blockchains. Overall, each Blockchain Type plays a vital role in shaping the India Web 3.0 Blockchain Market, influenced by the country’s unique digital landscape and the continual push towards innovation in various sectors.
This market segmentation not only reflects the diverse requirements of various industries but also highlights the opportunities for growth created by technological advancements and regulatory frameworks supporting blockchain in India.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Application segment of the India Web 3.0 Blockchain Market is gaining traction and is expected to play a crucial role in the overall growth of the industry. Within this realm, Cryptocurrency has emerged as a prominent area, showing significant user adoption and investment, driven by an increasing interest in decentralized finance. Conversational AI applications are transforming customer interaction, enhancing user experiences through AI-driven chatbots and smart assistants on blockchain platforms. Data and Transaction Storage are fundamental components, as they create secure, transparent systems for managing large volumes of data, aligning with India’s push towards data sovereignty.
Payments in the blockchain space are becoming prominent, offering efficient cross-border transactions with lower fees when compared to traditional banking systems. Smart Contracts are revolutionizing the way contracts are executed, reducing the need for intermediaries and increasing transaction speed and security. With rising internet penetration and government support for blockchain initiatives, these applications are positioning themselves as significant growth drivers, highlighting the immense potential within the India Web 3.0 Blockchain Market.
As businesses explore innovative solutions, the scope for application development in this space continues to expand, presenting many opportunities for entrepreneurs and established players alike.
The India Web 3.0 Blockchain Market is exhibiting significant growth, driven by advancements in various verticals. Among these, the Banking, Financial Services, and Insurance (BFSI) sector is crucial, as blockchain enhances security and transparency in transactions, thereby gaining widespread adoption. In the E-commerce and Retail domain, blockchain technology streamlines operations such as supply chain management and payment processing, creating an efficient experience for consumers. The Media and Entertainment industry is leveraging blockchain to manage digital rights and copyright issues, ensuring fair compensation for creators.
Furthermore, in Healthcare and Pharmaceuticals, the technology improves data integrity and patient privacy, facilitating better healthcare delivery. The IT and Telecom vertical benefits from blockchain through enhanced data security and innovative collaboration tools, making communication processes more reliable. Overall, the India Web 3.0 Blockchain Market segmentation reflects a dynamic ecosystem where each vertical plays a vital role in harnessing blockchain's potential to address industry-specific challenges and drive growth.
The India Web 3.0 Blockchain Market has witnessed significant growth in recent years, fueled by increasing digital adoption and the rising importance of decentralized technologies. As this space continues to evolve, various companies are competing to establish their presence and capture market share. The competition is characterized by a diverse mix of established technology firms, emerging startups, and significant investment from both private and public sectors. Players in the market are focused on offering innovative solutions that leverage the capabilities of blockchain technology to enhance transparency, security, and efficiency across various sectors. The competitive landscape is marked by collaboration, partnerships, and the pursuit of cutting-edge research that aims to address the unique challenges presented by the Indian market while adhering to regulatory requirements.
TechMahindra has positioned itself as a significant player in the India Web 3.0 Blockchain Market, leveraging its extensive experience in digital transformation and technology solutions. The company's strengths lie in its robust technology capabilities and its commitment to driving innovation for clients across diverse industries. TechMahindra has strategically invested in developing proprietary blockchain solutions that cater to sectors such as finance, supply chain, and healthcare. Their emphasis on fostering strong relationships with clients enables them to understand specific market needs and offer tailored blockchain solutions that enhance operational efficiency and security. The company has also engaged in various collaborations and initiatives aimed at promoting the adoption of blockchain technology within India, thereby reinforcing its competitive position in this dynamic landscape.
Matic Network has emerged as a prominent force within the India Web 3.0 Blockchain Market, primarily known for its contribution to scaling solutions for Ethereum-based projects. One of the key products offered by Matic Network is its Layer 2 scaling solution, which enables faster and more cost-effective transactions on the Ethereum blockchain. The company has established a strong market presence in India, leveraging its innovative technology to attract developers and enterprises looking to harness blockchain capabilities. Matic Network's strengths lie in its ability to continuously evolve its offerings, including the launch of its Mainnet and the integration of various tools and protocols. This has fostered partnerships that enhance its ecosystem and expand its reach. Additionally, Matic Network has actively pursued mergers and acquisitions to bolster its technological infrastructure and enhance its service offerings, positioning itself as a key player in the Indian blockchain space and contributing to the growth of the overall Web 3.0 landscape in the region.
The India Web 3.0 Blockchain Market has witnessed significant developments recently. In October 2023, Tech Mahindra announced a partnership with various fintech firms to enhance blockchain solutions aimed at improving supply chain transparency. Matic Network, widely recognized now as Polygon, has seen its market valuation surge, contributing to increasing interest in decentralized finance. Infosys launched a blockchain framework tailored for enterprise applications in September 2023, showcasing its commitment to driving innovation in the sector. In a notable acquisition, WazirX acquired a stake in a crypto payment gateway in August 2023, strengthening its position in the market. There have also been reports of growth within organizations such as CoinDCX and ZebPay as user engagement and transaction volumes continue to rise. The Indian government is contemplating regulations that could further shape the industry, highlighting a dynamic landscape.
Overall, the trajectory of companies like Aave and Hashcash Consultants illustrates a growing appetite for blockchain technology and cryptocurrencies among Indian consumers, with robust investment and development activities fueling the sector's expansion. Major happenings in the last couple of years include the rise of decentralized finance in early 2022 and increasing institutional interest in blockchain technologies, reflecting a notable shift in market dynamics in India.
Public
Private
Consortium
Hybrid
Cryptocurrency
Conversational AI
Data & Transaction Storage
Payments
Smart Contracts
BFSI
E-commerce & Retail
Media & Entertainment
Healthcare & Pharmaceuticals
IT & Telecom
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2018 | 482.5(USD Million) |
| MARKET SIZE 2024 | 619.91(USD Million) |
| MARKET SIZE 2035 | 6543.64(USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 23.892% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Million |
| KEY COMPANIES PROFILED | TechMahindra, Matic Network, Infosys, Hashcash Consultants, WazirX, Unocoin, Aave, Tata Consultancy Services, ZebPay, Giottus, Polygon, Instamojo, SahuGuru, Koinex, CoinDCX |
| SEGMENTS COVERED | Blockchain Type, Application, Vertical |
| KEY MARKET OPPORTUNITIES | Decentralized finance (DeFi) solutions, Non-fungible tokens (NFTs) growth, Blockchain-based supply chain management, Digital identity verification systems, Cross-border payments efficiency |
| KEY MARKET DYNAMICS | decentralization of services, increased demand for privacy, rise of decentralized finance, regulatory developments, scalability challenges |
| COUNTRIES COVERED | India |
Frequently Asked Questions (FAQ) :
In 2024, the India Web 3.0 Blockchain Market is expected to be valued at approximately 619.91 USD Million.
By 2035, the India Web 3.0 Blockchain Market is anticipated to reach a value of about 6543.64 USD Million.
The India Web 3.0 Blockchain Market is projected to grow at a CAGR of 23.892% from 2025 to 2035.
In 2024, the Public blockchain type is expected to hold the largest market share valued at 200.0 USD Million.
The Private blockchain segment is expected to reach a market size of approximately 1800.0 USD Million by 2035.
Key players in the India Web 3.0 Blockchain Market include TechMahindra, Infosys, Matic Network, and WazirX among others.
The Consortium blockchain segment is anticipated to be valued at about 120.0 USD Million in 2024.
There are significant growth opportunities driven by increasing adoption of blockchain solutions across various industries.
The Hybrid blockchain segment is projected to grow to an estimated size of 1853.64 USD Million by 2035.
The current market environment is favorable, fostering innovation and technological advancements within the Web 3.0 framework.
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