According to a new study published by the National Association of Software and Services Companies (NASSCOM), an Indian non-profit organization with more than 3,000 members, the country now has 11% of the world’s Web 3.0 talent. The figure makes India the third country in the world for its Web 3.0 workforce, employing almost 75,000 professionals in the blockchain space today. Additionally, the industry group expects the talent pool to grow by more than 120% in the next two years.
India is also home to 450 Web 3.0 startups, four of which are unicorn companies. As of April 2022, the Indian Web 3.0 ecosystem has raised $1.3 billion in funding. Furthermore, more than 60% of Indian Web 3.0 startups have expanded their presence outside the country.
The vast majority of companies listed in the study are building applications in the realm of decentralized finance, non-fungible token markets, metaverses, decentralized communities, on-chain coordination mechanisms, etc.
In the coming years, NASSCOM remains optimistic about the growth prospects of Web 3.0 in the country, stating that it expects the number of Indian Internet users to increase by 150 million and 5G users in India to increase by up to the 500 million. Debjani Ghosh, President of NASSCOM, commented:
“India’s rapid adoption of new age technologies, its growing startup ecosystem and its potential for large-scale digital talent are cementing the country’s position in the global Web 3.0 landscape. It is encouraging to see that industry and government stakeholders in India are taking a very pragmatic approach towards Blockchain technology, with use cases being explored in areas ranging from health and safety, finance, enterprise technology and the registration of property to education”.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.