India's Metaverse Boom: Opportunities and Cybersecurity Challenges by 2030
India is poised to become the world's third-largest economy by 2030, with a youthful, digitally connected population driving growth. Meanwhile, the metaverse, a fusion of physical and virtual worlds, is gaining traction, with major tech firms exploring its potential. However, cyber threats are also on the rise, highlighting the need for robust cybersecurity measures.
The metaverse, set to reach a staggering US$ 996 billion by 2030, is transforming how we work, shop, learn, and interact. Companies like Meta, Microsoft, and Google are at the forefront of this revolution, experimenting with the technology to expand digital engagement. In India, the metaverse is projected to be a US$ 679 billion industry by the same year.
However, the digital landscape is not without its challenges. India witnessed nearly 2 lakh cyber-attacks daily in the first quarter of 2022, with deepfakes and cryptocurrency scams being the most prevalent. To ensure safety, companies must develop algorithms, frameworks, and policies within the metaverse. The increasing consumption of gaming platforms and video streaming in India also underscores the need for robust cybersecurity measures.
On a positive note, digital transactions are booming. UPI transactions in India crossed INR 730 crore in October 2022, marking a 73% year-on-year growth. This digital shift, coupled with a young, connected population, positions India well for future economic growth.
As India hurtles towards becoming the world's third-largest economy, the metaverse presents exciting opportunities and challenges. With a youthful, digitally savvy population, India is well-placed to capitalise on this new frontier. However, the surge in cyber threats serves as a stark reminder that cybersecurity must be a top priority in this rapidly evolving digital landscape.
