Web 3.0 Blockchain Market Size - By Type (Public, Private, Consortium, Hybrid), By Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contracts, Digital Identity), End-user Industry & Forecast 2023 - 2032

Web 3.0 Blockchain Market Size - By Type (Public, Private, Consortium, Hybrid), By Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contracts, Digital Identity), End-user Industry & Forecast 2023 - 2032

Web 3.0 Blockchain Market Size

Web 3.0 Blockchain Market was valued at USD 2.1 billion in 2022 and is projected to grow at a CAGR of over 40% from 2023 to 2032. The increasing funding in Web 3.0 applications is driving significant advancements in the industry. Higher investments empower developers to create innovative decentralized applications and platforms, fostering a more robust ecosystem. For instance, in October 2023, Upland, a prominent web3 metaverse super app, raised an additional USD 7 million in a series A funding extension. This investment will expedite the company’s goal of constructing the most extensive digital open economy.

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Improved security in the web 3.0 blockchain market is fundamental, ensuring trust and data integrity. Blockchain employs sophisticated cryptographic techniques, creating a tamper-proof ledger where transactions are securely recorded. The decentralized nature of blockchain, with data distributed across a network, makes it highly resistant to hacks or single points of failure. Users' data & digital assets are encrypted and can only be accessed with private keys, offering robust protection against unauthorized access, enhancing overall cybersecurity measures, and bolstering confidence in the ecosystem.
 

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In the web 3.0 blockchain market, inconsistent data leading to logical contradictions can pose a significant threat. Blockchain relies on consensus and accuracy. If inconsistent or contradictory data enters the system, it can disrupt the integrity of the entire network, eroding trust among users and businesses. Ensuring data consistency and integrity is paramount for blockchain applications. Developing robust protocols and verification methods is also essential in preventing such inconsistencies and maintaining the reliability of Web 3.0 platforms.

COVID-19 Impact

The COVID-19 pandemic accelerated the adoption of Web 3.0 blockchain technologies. The crisis highlighted the need for decentralized systems, leading to increased interest in blockchain's transparency and traceability features. Sectors such as healthcare, supply chain & finance have embraced blockchain solutions for secure data sharing and real-time tracking of medical supplies. Remote collaboration tools utilizing blockchain have also gained prominence, demonstrating the technology's resilience and potential for positive transformation, driving further innovation in the web 3.0 technology.

Web 3.0 Blockchain Market Trends

Governments providing substantial subsidies to Web 3.0 businesses are driving significant growth in the market. These subsidies encourage the development of innovative solutions, supporting research, infrastructure & talent acquisition. For instance, in August 2023, Dubai, United Arab Emirates, planned to grant commercial licenses to Artificial Intelligence (AI) and Web3.0 enterprises with an anticipated 90% subsidy. This initiative aims to establish a hub for innovative tech companies in the Middle East and North Africa, encouraging the growth of new-age technologies in these areas. This proactive support accelerates the deployment of blockchain technologies, stimulates entrepreneurship, and enhances the overall market landscape.

The increasing popularity of Web 3.0 blockchain-based games is a major factor driving the web market growth. These games leverage blockchain technology to offer players true ownership of in-game assets, enabling transparent transactions and unique gaming experiences. As these games gain traction, they attract more users to the blockchain space, fostering wider adoption of decentralized applications. The demand for blockchain integration in gaming is propelling innovation, investment, and overall market expansion.

Web 3.0 Blockchain Market Analysis

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Based on type, the public segment held over 75% of the market share in 2022. Transparency is a key factor propelling the popularity of public blockchains in the web 3.0 market. These networks offer a public ledger of transactions, visible to anyone, ensuring a transparent record of all activities. This openness fosters trust among users & businesses as they can independently verify transactions and track asset movements. By providing a tamper-proof & publicly accessible history of transactions, public blockchains enhance accountability and integrity, which are crucial elements for building confidence in the Web 3.0 ecosystem.

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Based on end-use industry, the BFSI segment captured about 28% of market share in 2022. Collaborations are propelling the BFSI sector in the web 3.0 blockchain industry. Partnerships between financial institutions and blockchain technology providers enable the development of innovative solutions such as decentralized finance (DeFi) platforms and secure digital payment systems.

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North America dominated the global web 3.0 blockchain market with a major share of around 32% in 2022. The strong technological infrastructure in North America serves as a significant catalyst for market growth. The region benefits from advanced internet connectivity, high-speed data networks, and state-of-the-art computing facilities. This robust foundation allows for the seamless development, deployment, and integration of blockchain solutions. Additionally, the availability of skilled professionals and research institutions specializing in blockchain technology ensures continuous innovation, making North America a hotbed for pioneering projects & initiatives in the market.

Web 3.0 Blockchain Market Share

Major players operating in the web 3.0 blockchain industry are

• Antier Solutions
• Binance
• Fujitsu Limited
• Helium Systems Inc
• IBM Corporation
• Kadena LLC
• Ocean Protocol Foundation Ltd.
• Oracle Corporation
• Polkadot
• Terra

The web 3.0 blockchain business is highly competitive with players engaged in aggressive innovation, strategic partnerships, and large-scale investments to gain market shares. They continuously launch new products, enhance existing services, and collaborate with key industry stakeholders to gain a competitive edge in this dynamic landscape.

Web 3.0 Blockchain Industry News

• In October 2023, Horizen announced the official mainnet launch of Horizen EON, its fully EVM-compatible sidechain and smart contracting platform. Horizen EON is strategically crafted to be a cornerstone in the evolution of Web 3.0, empowering the upcoming generation of developers with its innovative capabilities.

This web 3.0 blockchain market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments

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Market, By Type

• Public
• Private
• Consortium
• Hybrid

Market, By Application

• Cryptocurrency
• Conversational AI
• Data & Transaction Storage
• Payments
• Smart Contracts
• Digital Identity
• Others

Market, By End-use Industry

• BFSI
• Retail & E-commerce
• Media & Entertainment
• Pharmaceuticals
• IT & Telecom
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Southeast Asia
  • ANZ 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa

Frequently Asked Questions (FAQ)

How big is the Web 3.0 Blockchain market?

The market size of web 3.0 blockchain was worth USD 2.1 billion in 2022 and is expected to register over 40% CAGR from 2023 to 2032, due to increasing funding in Web 3.0 applications and improved security in blockchains worldwide.

Why is the web 3.0 blockchain market witnessing traction from the BFSI industry?

The BFSI end-user segment held 28% share of the Web 3.0 blockchain industry in 2022 and is expected to register appreciable CAGR from 2023 to 2032, due to the rising collaborations and partnerships between financial institutions and blockchain technology providers.

What factors are influencing demand for web 3.0 blockchain in North America?

North America held 32% share of the web 3.0 blockchain market in 2022 and is expected to register commendable CAGR through 2032, due to the presence of a strong technological infrastructure in the region.

Who are the key web 3.0 blockchain industry players?

Antier Solutions, Binance, Fujitsu Limited, Helium Systems Inc, IBM Corporation, Kadena LLC, Ocean Protocol Foundation Ltd., Oracle Corporation, Polkadot, and Terra, are some of the major web 3.0 blockchain companies worldwide.