Web 3.0 Blockchain Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Blockchain Type (Public, Private, Consortium and Hybrid), By Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments and Smart Contracts), By Vertical (BFSI, E-commerce & Retail, Media & Entertainment, Healthcare & Pharmaceuticals and IT & Telecom), By Region, and By
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationWeb 3.0 Blockchain Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Blockchain Type (Public, Private, Consortium and Hybrid), By Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments and Smart Contracts), By Vertical (BFSI, E-commerce & Retail, Media & Entertainment, Healthcare & Pharmaceuticals and IT & Telecom), By Region, and By
| Forecast Period | 2025-2029 |
| Market Size (2023) | USD 1.87 billion |
| CAGR (2024-2029) | 50.88% |
| Fastest Growing Segment | Public |
| Largest Market | North America |
Market Overview
Global Web 3.0 Blockchain Market has valued at USD 1.87 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 50.88% through 2029. The growth can be attributed to the rising demand for data privacy through the decentralized identity of Web 3.0 and the technological advancements in the internet.
Key Market Drivers
Technological Advancements
Numerous players are focusing on developing Web 3.0 platforms to enhance operational scalability and flexibility for users. For instance, in February 2022, WazirX, a cryptocurrency exchange platform, launched a new Web 3.0 platform known as Shardeum to tackle the fundamental problems of scalability. Web 3.0 is the better internet where websites and applications are responsible for processing information in a humanoid way. Web 3.0 is mainly developed using blockchain technology and is powered by cryptocurrencies. Such product launches are expected to create lucrative growth opportunities for the industry during the forecast period.
Technologies such as machine learning, big data, and decentralized ledgers are also expected to drive the industry’s growth owing to the technological improvements on the internet. The evolution of the internet can be summarized in three stages. The first version of the internet, called Web 1, was widely found at for use as the World Wide Web. It was made up of static pages that were connected by hyperlinks. Users at that time had little scope for communicating with the applications as the content production was in the early stages.
In Web 2, people could communicate with digital networks and generate the information required. Users could gather information and send data back to the server to receive more relevant data and other user-generated inputs. The evolution of Web 3 allowed users to store the information on a blockchain public ledger, which would be driven by artificial intelligence and blockchain technology.
The growing usage of Web 3.0 technology for many business applications such as smart contracts, digital identity, documentation, and exchanges is expected to drive the Web 3.0 market’s growth. Self-Sovereign Identity (SSI) is an effective way for digital identity in Web 3.0. SSI is a method of identity that centers the control of information around the user. SSI eliminates the need to store the user's personal information completely on a central database and offers individuals better control over what information they share, safeguarding their privacy. Such benefits of SSI in Web 3.0 is further expected to support the growth.
Rising Adoption of Web 3.0 Cryptocurrencies
The rising adoption of Web 3.0 cryptocurrencies to automate transactions over the internet is also anticipated to drive the industry’s growth. At the same time, trading cryptocurrencies in Web 3.0 offers better benefits, such as decentralization and growth potential. Moreover, it does not require permission from the higher authorities, which is an additional advantage. Countries are also focusing on legalizing cryptocurrency laws to attract new players and make improvements. For instance, in March 2022, Dubai established the Dubai Virtual Assets Regulatory Authority law, which aims to regulate blockchain-based assets.
Key Market Challenges
Blockchain Technology
At the core of Web 3.0 lies blockchain technology, a decentralized and distributed ledger system that brings transparency and immutability to data. Blockchain operates on a peer-to-peer network, removing the need for intermediaries and fostering trust through consensus mechanisms.
One of the fundamental principles of blockchain in Web 3.0 is decentralization. This means that no single entity has control over the entire network, reducing the risk of censorship and single points of failure. Users can interact directly, fostering a more inclusive and democratic internet.
Smart Contracts
Smart contracts, self-executing pieces of code, play a pivotal role in Web 3.0. These contracts automate and enforce agreements, eliminating the need for intermediaries. Operating on blockchain platforms like Ethereum, smart contracts enable trustless transactions and enhance efficiency in various industries, from finance to supply chain management.
Interoperability
Web 3.0 envisions a seamlessly connected internet where different blockchain networks and traditional web systems can communicate and interact. Interoperability is the key to unlocking the full potential of decentralized technologies. Efforts are underway to establish standards and protocols that facilitate cross-platform integration, allowing data and assets to move fluidly across diverse ecosystems.
Semantic Web
The semantic web is a concept within Web 3.0 that focuses on enhancing the understanding and interconnection of data. By assigning meaning to data, the internet becomes more intelligent, facilitating better search results and personalized user experiences. This integration of semantic technologies aims to create a more efficient and intuitive web environment.
Key Market Trends
Adoption Machine learning (ML), artificial intelligence (AI), and blockchain technology
Machine learning (ML), artificial intelligence (AI), and blockchain technology are the three major pillars of web 3.0. The decentralized storing of data is made possible by the web 3.0 blockchain, which focuses on the privacy and security of personal information. The way in which people and machines communicate has altered thanks to Web 3.0, which enables frictionless ownership Transmission, cryptocurrency-based payments, and data transfer. The ability to select which data to share is provided by blockchain technology for Web 3.0. With web 3.0 blockchain technology, the consumer owns THEIR data, not any supplier outside the company. Now, rather of acknowledging third-party sources, the user accepts personal data. Blockchain technology has benefited from this evolution. As the concept of data ownership gains traction, people are turning to web 3.0 blockchains to protect their data and eliminate worries about security and privacy from third-party vendors. Thus, this factor is driving the market CAGR.
Web 3.0 uses decentralized blockchain technology. As a result, every transaction is transparent and fully documented. Users are assured that their data is not tampered with or altered via blockchain, which uses information tracing mechanisms. By making every transaction irreversible and recordable, which benefits users during audits, blockchain technology for Web 3.0 increases the transparency of the payment system. The potential of Web 3.0 blockchain technology to record transactions is essential for internet surveillance and control. Additionally, individuals can keep tabs on government-related activities that utilize personal data. Since these techniques are rather obvious, big sectors have begun using them more frequently in recent years. This technology has helped create a transparent and accountable digital economy by improving accountability. The enhanced openness of the web 3.0 blockchain during the predicted time will have a substantial impact on the demand for web 3.0 blockchain technology.
Segmental Insights
Blockchain Type Insights
The public segment dominated the market in 2022 and accounted for more than 56.0% share of the global revenue. The ability of the public blockchain networks to allow users worldwide to participate in the network without any restrictions is a major factor driving the segment’s growth. In a public blockchain, users worldwide can join the network, read, write and participate in the blockchain. Moreover, public blockchain offers high security, an open environment, total transparency, decentralization, and better distribution.
The hybrid segment is anticipated to register significant growth during the forecast period. The ability of the hybrid segment to offer permission-based and permissionless systems is a significant factor driving the growth of the segment. A hybrid blockchain is a combination of both public, and private blockchain where some part is controlled by the organization and others are made visible via the blockchain. Moreover, a hybrid blockchain offers the ability of the user to access information through smart contracts.
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Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Web 3.0 Blockchain market accounted for USD 1.02 billion in 2021 and is expected to exhibit a 46.20% CAGR during the study period. One of the main factors propelling the expansion of the regional industry is the expanding acceptance of Web 3.0 in many operating systems, including blockchain-based systems. Additionally, the region's rise is being accentuated by the presence of significant blockchain solution providers like Web3 Foundation and Helium Systems Inc.Further, the major countries studied in the market report areThe U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Recent Developments
In September 2022Heru Finance global platform providing opportunity to invest in Web 3.0 was launched in South East Asia and India markets on Monday. The platform with assets under management leverages deep technology and a team with a combined experience of 40 years are investing in Web3.0 and cryptocurrency.
September 2022Shemaroo a content distribution company entered into the Web 3.0 solutions space with a partnership of blockchain solutions provider Seracle. With this partnership, Shemaroo will extend entertainment for consumers with offerings ranging from (NFTs) to entertainment in the Metaverse and bridging the traditional fandom with the Web 3.0 environment.
May 2020Polkadot, a sharded protocol that enables decentralized blockchain networks to function together, smoothly, and at scale, was launched by the Web3 Foundation.
June 2019The Helium Blockchain, one of the biggest, public, decentralized LoRaWAN networks worldwide, was launched by Helium Systems Inc.
Key Market Players
- Web3 Foundation (Polkadot)
- Helium Systems Inc.
- Ocean Protocol Foundation Ltd.
- Zel Technologies Limited.
- Kusama
- Livepeer, Inc.
- Filecoin
- Kadena LLC
- Polygon technology
- Terra
| By Blockchain Type | By Application | By Vertical | By Region |
| Public Private Consortium and Hybrid | Cryptocurrency Conversational AI Data & Transaction Storage Payments and Smart Contracts | BFSI E-commerce & Retail Media & Entertainment Healthcare & Pharmaceuticals and IT & Telecom | North America Europe Asia Pacific South America Middle East & Africa |
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