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%, according to a government report giving information on the issue on Tuesday.

According to the report, the Indian market is expected to follow a growth trajectory with the global Web 3 market which is expected to grow from $3.3 billion in 2021 to $82.72 billion by 2030.

The country's Metaverse market which currently sized at $2.4 billion is expected to record a CAGR of 39.2% from 2022-2030 to reach $33.9 billion by 2030, according to a white paper released at the 'Entrepreneur Web3 Summit' in Bengaluru.

The outlook of other Web3 technologies in the report projected to grow over the next decade includes the Blockchain market with a CAGR of 47.3%, increasing from $0.28 billion in 2019 to reach $4.3 billion by 2025, and the NFT market which is estimated to record a CAGR of 61.6% as it continues to gain widespread acceptance, increasing from $3.3 billion in 2021 to reach $27 billion by 2028.

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%.