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Market Insights - Industry Research Report
  • Published Date : February 2024
  • Report ID : 5277
  • Pages : 193
  • Industries : Information and Communication Technology
  • Formats :

Web 3.0 Blockchain Market

Web 3.0 Blockchain Market Size, Share, & Growth Report by Blockchain Type (Public, Private, Consortium, Hybrid), By Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contracts, Others), By End- Use (BFSI, Retail & E-commerce, Media & Entertainment, Pharmaceuticals, IT & Telecom, Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Premium Insights, Complete Analysis, Historical Data, and Forecasts 2023 – 2030
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The Global Web 3.0 Blockchain Market Size was Worth USD 1.73 Billion in 2022, is expected to reach USD 2.50 billion in 2023, and is Estimated to Grow to USD 32.96 Billion by 2030, With a CAGR of Approximately 44.50 % over the Forecast Years From 2023 To 2030.

Web 3.0 Blockchain Market Overview

Web 3.0 will develop organically as traditional web tools are combined with cutting-edge technology like blockchain and artificial intelligence, as well as more excellent consumer connectivity and internet usage. Compared to Web 1.0 and 2.0, internet 3.0 seems to be an advancement. With the use of technologies like big data, machine learning (ML), decentralized ledger technology (DLT), and others, websites and apps will be able to process information in a manner that is human-like in the third generation of the internet, which is referred to as “web 3.0.” The adoption and awareness of the Internet of Things and ongoing technological improvements are the main drivers of the global Web 3.0 blockchain market’s expansion. Government regulations that prevent monopolies and measures from improving user privacy are a few other reasons for the market’s development. In addition, secure networks, interoperability, and data ownership further propel this sector and its growth. Online internet services that have advanced to the third generation are Web 3.0. For example, specialty insurers increasingly rely on administrators’ knowledge, and these services are centered on data analysis employing machine-based understanding to drive the web in a data-driven manner.

COVID-19 Impact:

Every aspect of society, including people and companies, has been overblown by the Covid-19 pandemic. Around the world, the internet ecosystem has played a significant role. The majority of companies became dependent on online firms due to the epidemic. Because of the pandemic crisis, most governments and regulatory bodies have ordered public and private businesses to implement new teleworking and social distance-maintaining techniques. This led to many enterprises adopting email with home servers and other digital company practices as the new business continuity plan (BCP). In addition, people are inclined toward using blockchain steadily due to the widespread use of mobile devices and internet access.

Market Drivers:

Users are becoming more conscious of the technological advances needed to live a better life due to consumers’ expanding spending power and fast urbanization, globalization, and digitalization. Web 3.0 blockchain can give users a tailored and improved surfing experience by providing intelligent and human-like assistants to classify, analyze, and research the data. Blockchain technology powers data management and collection over the internet and gives the system intelligence like a human being. Custom services are becoming increasingly more in demand as customer awareness grows. The centralized system will be a decentralized system offering improved data connectivity that does not grant a single user or system a single level of authority.

Restraints

The difficulties associated with using outdated gear, software, and technologies are some important considerations that could impede the migration to Web 3.0. For instance, web 3.0 will only be used by more sophisticated devices, web 1.0 websites will predate its current replacement, laws will be more complicated, and decentralization may make it difficult to monitor and control Web 3.0. Moreover, there is a chance that internet abuse, fraud, and cybercrime may all rise sharply. Additionally, due to simple access to user information and facts about public and private life and activities, among other things, privacy concerns may grow, and less tech-savvy people may find the application challenging to use.

Web 3.0 Blockchain Market: Segmentation

The global Web 3.0 blockchain market has been segmented into type, application, and end-use.

  • Based on blockchain type, the market is divided into public, private, consortium, and hybrid. Among these, the public segment led the market in 2022 and is expected to maintain its dominance throughout the forecast period. The public blockchain networks’ capacity to let users from all over the world engage in the network without any limitations is a crucial driver fueling the segment’s expansion. A public blockchain allows users to join, read, write, and participate worldwide. In addition, public blockchain provides superior distribution, comprehensive decentralization, excellent security, and an open environment. Besides, the hybrid category is anticipated to grow significantly over the forecast period. One important factor influencing the segment’s growth is the hybrid segment’s capacity to provide permission-based and permission-less systems. A hybrid blockchain combines public and private blockchains, with certain elements controlled by the organization and others made accessible online.
  • Based on application, the market is classified into cryptocurrency, conversational AI, data & transaction storage, payments, smart contracts, and others. In 2022, cryptocurrency dominated the global market. The demand for high-performance Bitcoin transaction services among businesses is rising due to the rapid development of technical innovation, including digitalization and automation. Therefore, to meet the demand for high-performance cryptocurrency transactions, several players worldwide are utilizing blockchain technology solutions in cryptocurrency to complete their transactions successfully. Segment expansion is anticipated to be fueled by the factors above. Besides, the smart contracts category is expected to grow significantly over the forecast period. A more open and collaborative ecosystem is made possible by the immutable, traceable, and secure smart contracts made possible by Web 3.0 blockchain technology. These intrinsic qualities make intelligent agreements more likely to catch on, and more companies will be able to reduce costs and speed up secure transactions. These elements are favorable for the segment’s growth.

Web 3.0 Blockchain Market: Regional Landscape

  • In 2022, North America dominated the market for web 3.0 blockchain because of the apparent presence of significant players and the growing acceptance of novel technologies, such as web 3.0, in most operating systems. Additionally, the development of blockchain technologies has benefited the expansion of the North American regional market. North America invests a lot of money in research and development to enhance internet platforms. Leading industry players, well-known technology providers, and long-running Web 3.0 development hubs in the region all contribute to the market growth in the area.

Web 3.0 Blockchain Market: Competitive Landscape

Some of the main competitors dominating the global Web 3.0 blockchain market include–

  1. Web3 Foundation (Polkadot)
  2. Helium Systems Inc
  3. Ocean Protocol Foundation Ltd
  4. Zel Technologies Limited
  5. Kusama
  6. Livepeer, Inc
  7. Filecoin
  8. Kadena LLC
  9. Polygon Technology
  10. Terra

Recent Developments

  • April 2022: A significant cryptocurrency trading platform called KuCoin has announced a $100 million “Creators Fund” from its venture capital business KuCoin Ventures and KuCoin NFT Marketplace-Windvane. Early-stage NFT projects in the arts, sports, PFPs, Asian culture, and games will be supported and nurtured by this fund. This fund will also invite the 99 exceptional NFT developers to join the Windvane NFT marketplace, which will hasten the development of Web 3.0.
  • January 2022: The information and technology company Mphasis announced a partnership with the cryptocurrency exchange solution provider CrossTower. By creating a Center of Excellence for Web 3.0 and blockchain-based goods, which will be shared and traded on the CrossTower platform, the coalition hopes to advance its goals.

Global Web 3.0 Blockchain Market is segmented as follows:

Web 3.0 Blockchain Market by Blockchain Type Outlook (Revenue, USD Million, 2017 – 2030)

  1. Public
  2. Private
  3. Consortium
  4. Hybrid

Web 3.0 Blockchain Market by Application Outlook (Revenue, USD Million, 2017 – 2030)

  1. Cryptocurrency
  2. Conversational AI
  3. Data & Transaction Storage
  4. Payments
  5. Smart Contracts
  6. Others

Web 3.0 Blockchain Market by End-Use Outlook (Revenue, USD Million, 2017 – 2030)

  1. BFSI
  2. Retail & E-commerce
  3. Media & Entertainment
  4. Pharmaceuticals
  5. IT & Telecom
  6. Others

Web 3.0 Blockchain Market by Region Outlook (Revenue, USD Million, 2017 – 2030)

  1. North America
    • The U.S.
    • Canada
    • Mexico
  2. Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  3. Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
    • Rest of Southeast Asia
  4. The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  5. Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
Web 3.0 Blockchain Market Report Scope
Report AttributeDetails
Market Size Value in 2023USD 2.50 Billion
Revenue Forecast in 2030USD 32.96 Billion
Growth RateCAGR of 44.5 % from 2023 to 2030
Base Year for Estimation2022
Historical Data2017 – 2022
Forecast Years2023 – 2030
Quantitative UnitsRevenue in USD million and CAGR from 2023 to 2030
Report CoverageRevenue forecast, company ranking, Trends
competitive landscape, and growth factors
Segments CoveredBlockchain Type, Application, End-Use, and Region
Regional ScopeNorth America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country ScopeU.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
Key Companies ProfiledWeb3 Foundation (Polkadot); Helium Systems Inc; Ocean Protocol Foundation Ltd.; Zel Technologies Limited.; Kusama; Livepeer, Inc.; Filecoin; Kadena LLC; Polygon Technology; Terra.

Frequently Asked Questions

The adoption and awareness of the internet of things and ongoing technological improvements are the main drivers of the global web 3.0 blockchain market’s expansion.
According to the report, the global web 3.0 blockchain market size was worth USD 1.73 billion in 2022 and is estimated to grow to USD 32.96 billion by 2030, with a compound annual growth rate (CAGR) of approximately 44.50 % over the forecast period.
In 2022, North America dominated the market for web 3.0 blockchain because of the apparent presence of significant players.
Some of the main competitors dominating the global web 3.0 blockchain market include – Web3 Foundation (Polkadot); Helium Systems Inc; Ocean Protocol Foundation Ltd.; Zel Technologies Limited.; Kusama; Livepeer, Inc.; Filecoin; Kadena LLC; Polygon Technology; Terra.

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