India ranks third in the world in terms of Web3 workforce size: Report
In accordance with a brand new examine revealed by the Nationwide Affiliation of Software program and Companies Firms (NASSCOM), a nonprofit group in India with over 3,000 members, the nation presently possesses 11% of the world’s Web3 expertise. The determine makes India the world’s third-largest relating to its Web3 workforce, using almost 75,000 blockchain professionals immediately. Moreover, the trade group expects the expertise pool to develop by over 120% throughout the subsequent two years.
India can be dwelling to 450 Web3 startups, 4 of that are unicorn corporations. By way of April 2022, the Indian Web3 ecosystem has raised $1.3 billion in funding. Furthermore, over 60% of Indian Web3 startups have expanded their footprints outdoors of the nation.
The overwhelming majority of corporations listed within the examine are constructing functions in decentralized finance, gaming nonfungible token (NFT) marketplaces, metaverses, decentralized communities, on-chain coordination mechanisms and so forth.
Throughout the subsequent few years, NASSCOM stays optimistic about Web3’s development outlook within the nation, stating that it expects the variety of Indian web customers to extend by 150 million and 5G customers in India to extend to 500 million. Debjani Ghosh, president of the NASSCOM, commented:
“India’s speedy adoption of new-age applied sciences, its rising startup ecosystem, and large-scale digitally expert expertise potential is cementing the nation’s place within the world Web3 panorama. It’s heartening to see that trade and authorities stakeholders in India are taking a really pragmatic strategy towards blockchain tech, with use circumstances being explored in areas starting from well being and security, finance, enterprise tech and land registry to schooling.”
