The Global Web 3.0 Blockchain Market size is expected to reach $12.5 billion by 2028, rising at a market growth of 38.2% CAGR during the forecast period.
Web 3 or Web 3.0 is predicated on the creation of a completely decentralized ecosystem. In this new technology dimension, artificial intelligence, machine learning, and cutting-edge technologies like blockchain are thought to be the answers to the problems of the current internet/online environment. Web 1.0, or the initial version of the internet, was a simple read-only version. It did not provide users with much capability or flexibility.
Users were only permitted to read content from the websites. The second gen of the internet, or Web 2.0, as well as the current stage of the internet, allowed for a bit more flexibility. Web 2.0 gives consumers the ability to not only read, but also write, upload, publish, and receive text, picture, and video information over the internet. Therefore, Web 3.0 will likely be superior and far more sophisticated than the internet user is accustomed to today.
In other words, Web 3.0 refers to a new, enhanced, decentralized internet ecosystem independent of any type of central authority. Using blockchain technology, Web 3.0 can revolutionize internet usage. It can give the Internet an entirely new dimension. Individuals will be able to purchase, own, sell, and profit from the sale of their digital material in the form of NFTs. Once Web 3.0 is extensively used, many blockchain applications, such as smart contracts and decentralized applications (DApps), will gain popularity.
It is anticipated that the COVID-19 pandemic will have a good effect on the Web 3.0 blockchain business. Based on blockchain technology, Web 3.0 has changed the crypto landscape and digital payment infrastructure. The COVID-19 pandemic has emphasized the need for internet infrastructure, and countries throughout the world have begun adopting technology for smart contracts, digital identities, and digital exchanges. In addition, the increasing acceptance of Web 3.0 cryptocurrencies for speedier operations is expected to drive business expansion.
The nature of the web 3.0 blockchain is decentralized. Consequently, all transactions are tracked and extremely transparent. Blockchain employs the technique of information traceability, which guarantees that data has not been altered. The Web 3.0 blockchain technology boosts the payment system's transparency, as every transaction is recorded and irreversible, which is advantageous for users during audits. The capacity of web 3.0 blockchain technology to record transactions has a significant impact on internet surveillance and censorship. A transaction in cryptocurrency can occur in minutes or seconds which propels the adoption of the web 3.0 blockchain market.
Web 3.0 blockchain technology is fast evolving. It offers significant advantages to the end-user, including lower operating costs, increased speed, decreased cyber-attack risks, and individual data management. In recent years, significant technological advancements have occurred, including the integration of Blockchain with IoT and the use of blockchain technology in operations and logistics. Significant R&D is conducted to enhance the scalability of this technology, which may be exploited efficiently in sectors such as currency exchange, social media service, messaging applications, data storage, and browsing. Web 3.0's continued expansion would generate enormous growth prospects in the foreseeable future and have an impact on a variety of industrial sectors.
As all data is stored in a decentralized manner in web 3.0, there is a risk that an unauthorized user could upload and distribute malicious material. As web 3.0 is not governed by anybody, there is a possibility of cybercrime. There are controls incorporated in blockchain, yet it is still possible to disseminate offensive content without any authority to remove it. If anyone stores their photographs on a Web 3.0 website, these images may be compromised. Consequently, few individuals can wield central authority in web 3.0 which hampers the growth of the Web 3.0 blockchain market.
Based on the Blockchain Type, the Web 3.0 Blockchain Market is segmented into Public, Private, Consortium, and Hybrid. The hybrid segment witnessed a significant revenue share in the web 3.0 blockchain market in 2021. It due to the capacity to provide both permission-based and permission less systems is a crucial factor driving the segment's growth. A hybrid blockchain is a blend of both public and private blockchains, where some portions are under the authority of the organization and others are visible via the blockchain.
On the basis of Application, the Web 3.0 Blockchain Market is divided into Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contracts, and Others. The cryptocurrency segment procured the largest revenue share in the web 3.0 blockchain market in 2021. Rapid technological innovation developments, such as digitalization and automation, have increased to an increase in enterprise demand for high-performance bitcoin transaction services.
By End-use, the Web 3.0 Blockchain Market is classified into BFSI, Retail & E-commerce, Media & Entertainment, Pharmaceuticals, IT & Telecom, and Others. The BFSI segment garnered the highest revenue share in the web 3.0 blockchain market in 2021. The increasing need for Web 3.0 blockchain in the financial and banking industry for scalability, faster transaction speeds, and lower processing costs is a primary reason driving the segment's growth. In addition, Web 3.0 blockchain-enabled transactions eliminate the requirement for third-party online payment to expedite financial communications.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 1.4 Billion |
| Market size forecast in 2028 | USD 12.5 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 38.2% from 2022 to 2028 |
| Number of Pages | 229 |
| Number of Tables | 419 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Application, Blockchain Type, End-use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the Web 3.0 Blockchain Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired the largest revenue share in the web 3.0 blockchain market in 2021. A crucial factor contributing to the rise of the regional industry is the growing acceptance of Web 3.0 across a range of operating systems, including blockchain-based platforms. The fact that there are major blockchain solution providers in the region, such as Web3 Foundation and Helium Systems Inc., adds to the expansion of the region as well.
Free Valuable Insights: Global Web 3.0 Blockchain Market size to reach USD 12.5 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Web3 Foundation (Polkadot), Polygon technology, Protocol Labs (Filecoin), Alchemy Insights, Inc., Helium, Inc., Ocean Protocol Foundation Ltd., Kusama Network, Kadena LLC, and Terraform Labs Pte. Ltd.
By Application
By Blockchain Type
By End Use
By Geography
The global Web 3.0 Blockchain Market size is expected to reach $12.5 billion by 2028.
An increase in flexibility of Web 3.0 are driving the market in coming years, however, Issues related to cybercrime restraints the growth of the market.
Web3 Foundation (Polkadot), Polygon technology, Protocol Labs (Filecoin), Alchemy Insights, Inc., Helium, Inc., Ocean Protocol Foundation Ltd., Kusama Network, Kadena LLC, and Terraform Labs Pte. Ltd.
The Public market acquired the high revenue share in the Global Web 3.0 Blockchain Market by Blockchain Type in 2021, thereby, achieving a market value of $4.8 billion by 2028.
The IT & Telecom market shows the high growth rate of of 37.9% during (2022 - 2028). Web 3.0 is, at its most fundamental level, about leveraging blockchains (distributed ledgers) to decentralize processing power, resources, data, and rewards.
The North America market dominated the Global Web 3.0 Blockchain Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4.5 billion by 2028.
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