Global Web 3.0 Blockchain Market is valued at USD 1.2 Billion in 2021 and expected to reach USD 15.9 Billion by 2028 with a CAGR of 44.76% over the forecast period.
Global Web 3.0 Blockchain Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing demand for decentralized blockchain technology for safe currency transactions leads to driving the growth of the Global Web3 Market.
The third generation of internet providers, often known as Web 3.0, is the current stage in the development of the web. The development and expansion of artificial intelligence (AI) and machine learning (ML) capabilities as well as the explosive growth of blockchain technology will support this transformation. Blockchain technology is essential to the growth of web 3.0 firms since they utilize decentralized protocols. Currently at the R&D stage, the commercial deployment of web 3.0 blockchain technology might take a few years. The user gaining control of their data, enhanced transparency, and more secure data safety are the main elements boosting the global web 3.0 blockchain market. However, throughout the anticipated period, the market expansion is anticipated to be constrained by a lack of end-user knowledge. Furthermore, it is projected that fast technological advancement will open up new potential prospects for the global web 3.0 blockchain market .
The COVID-19 epidemic is anticipated to benefit the Web 3.0 blockchain sector. Blockchain-based Web 3.0 has completely changed the cryptocurrency market and the system for electronic payments. As a result of the COVID-19 pandemic, nations all across the globe have begun to adopt technology related to smart contracts, exchanges, and digital identification. Additionally, the business is anticipated to develop as Web 3.0 cryptocurrencies are increasingly used for quicker transactions.
The global Web 3.0 Blockchain market is segmented based on the type, application, end-use, and region & country level. Based on type, the global Web 3.0 Blockchain market is segmented into public, private, consortium, and hybrid. By application, the market is segmented into cryptocurrency, conversational AI, data & transaction storage, payments, smart contracts, and others. By end-use, the global Web 3.0 Blockchain market is segmented into BFSI, retail & e-commerce, media & entertainment, pharmaceuticals, IT & telecom, and others.
The regions covered in the global Web 3.0 Blockchain market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Web 3.0 Blockchain is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Global web 3.0 blockchain market report covers prominent players like
Together with Polygon, Starbucks is creating a "Web 3 Experience"
On September 12, 2022; Starbucks, a large American network of coffee shops, and Polygon partnered. The firms intended to take clients on an "Odyssey" of Web 3.0 NFT via this relationship. The consumer experience is a priority area for this program since the acquisition and maintenance of client commitment is the primary emphasis of this new platform.
Ankr and Polygon collaborate to improve Supernet developers' Web 3 building experience
On September 19, 2022; ANKR is a utility token with several use cases that Polygon partnered with. Through this alliance, Ankr and a decentralized scaling platform built on Ethereum have achieved the goal of enhancing Web 3.0 developers' working environment.
The Web3 Foundation and the World Economic Forum collaborate
On February 28, 2022; The World Economic Forum, a multinational non-governmental and lobbying group, joined forces with the Web3 Foundation. Web3 Foundation will help international CEOs and their communities comprehend the potential benefits of decentralization and its underlying blockchain technology for the globe under the terms of this cooperation.
Data ownership shifting towards the user, increased transparencies, and rapid innovation in technology are some of the major factors driving the growth of the Global Web 3.0 Blockchain Market
Due to Web 3.0's decentralized identity and the developments in internet technology, the emergence of web 3.0 blockchain is related to the rise in demand for data privacy. Additionally anticipated to contribute to the expansion is the quick rise in popularity of digital assets like cryptocurrencies and the rollout of 5G and 6G technology. The expansion of the Web 3.0 blockchain business is also being aided by the rising use of linked devices and better transactional procedures.
To increase user scalability and flexibility, several firms are concentrating on creating Web 3.0 platforms. For instance, to address the underlying issues with scalability, the cryptocurrency trading platform WazirX introduced Shardeum in February 2022. Web 3.0 is an improved internet in which apps and websites are in charge of processing data in a human-like manner. Blockchain technology is primarily used to create Web 3.0, which is supported by cryptocurrencies. During the projected period, these product introductions are anticipated to provide attractive growth possibilities for the sector.
Decentralized blockchain technology is used in Web 3.0. All transactions are transparent and fully recorded as a consequence. Blockchain ensures consumers that their data is not interfered with or changed by using information traceability mechanisms. By making every transaction irreversible and recordable, blockchain technology for Web 3.0 increases the transparency of the payment system, which benefits users during audits.
Blockchain technology for Web 3.0 is essential for internet surveillance and control since it can record transactions. People also keep an eye on government-related activities that utilize personal information. These procedures are highly transparent, and important sectors have begun using them more often 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 throughout the predicted period will have a substantial impact on the demand for web 3.0 blockchain technology.
The Web 3.0 market growth is anticipated to increase as a result of the expanding use of Web 3.0 technology for several commercial applications, including smart contracts, digital identification, documentation, and exchanges. In Web 3.0, Self-Sovereign Identification (SSI) is a useful method for digital identity. SSI is a technique for establishing identification that bases information control on the user. SSI gives users more discretion over what information they disclose, protecting their privacy by doing away with the necessity to keep all of their personal information in one place. These advantages of SSI in Web 3.0 are also anticipated to help the expansion.
The industry's development is also projected to be fueled by the increasing usage of Web 3.0 cryptocurrencies to automate transactions over the internet. However, Web 3.0 cryptocurrency trading provides superior advantages including decentralization and expansion potential. Additionally, it does not need approval from higher authorities, which is an added benefit. To entice new participants and advance, nations are concentrating on legalizing cryptocurrencies. For instance, Dubai passed the Dubai Virtual Assets Regulatory Authority legislation in March 2022 with the intention of regulating assets based on blockchains.
Geographically, the global Web 3.0 Blockchain market is anticipated to be dominated by North America during the projected period. North America is the second-most active region in terms of bitcoin volume moved on-chain, just behind Northern and Western Europe (NWE), and well behind east Asia. An estimated 14.8% of all bitcoin activity occurred in North America. Although the professional market in North America is expanding, it differs from that in east Asia in terms of how people invest in bitcoin. Blockchain technology use by area businesses is accelerating the region's market growth. Blockchain is moving into a new phase of wider, more pragmatic acceptance as many formerly reluctant leaders are starting to see its long-term possibilities.
Growing businesses from a wider variety of sectors are expanding and diversifying blockchain efforts. Leaders across a broad variety of North American businesses are fully aware of the disruptive potential of blockchain, but each is still finding out how to utilize the technology effectively. Blockchain technology is required by the implementation of payment and wallet solutions, smart contracts, and digital identity detection solutions in sectors including government, retail, and BFSI. Additionally, the proliferation of businesses in the area fosters the expansion of the local economy.
Japan, China, India, and the rest of Asia-Pacific make up the Asia-Pacific region. When compared to the other locations in the study, this area has one of the highest levels of cryptocurrency activity. Cryptocurrency use has grown, presumably for routine transactions, especially in India, Vietnam, Indonesia, and Thailand, along with the expansion of retail operations in Central and Southern Asian nations. Due to the expansion of mining operations, the Eastern Asia area has also made a significant contribution. The Asia-Pacific region produces the majority of newly created Bitcoin, which helps the Web 3.0 blockchain market grow.
The Web3 technology experienced a rapid increase after the introduction of Bitcoin and is already being used by various financial institutions for carrying out transactions. The increasing usage of Web 3.0 technology solutions has been in a high popularity in the last 2–3 years for many business applications, like smart contracts, payments, documentation, exchanges, and digital identity. Additionally, many startups have entered into Web 3.0 market and started developing and inventing blockchain technology solutions. Investments of venture capitalists in the blockchain technology have been tripled in 2021. The Venture Capital did capital investments in many such firms which resulted in the formation of blockchain VC firms like Boost VC and Node Capital. For example; Digital Currency Group a VC firm which was founded in 2015, have invested in fintech, cryptocurrency, and blockchain companies and has completed more than 197 blockchain and crypto deals until August 2021; the company’s recent investments was in Figure Technologies and in Circle, both of company develop technology to facilitate financial transactions
In addition, the government’s regulatory uncertainty remains a concern in the blockchain market. Till now there is lack of regulations and uncertainties continue to be some of the biggest restraining factors for the adoption of blockchain among most companies. Additionally some countries have banned the use of ICOs. Regulatory acceptance and adoption is one of the biggest restrain in transforming transaction systems. Many financial institutions worldwide are working to find common standards for blockchain technology. Web 3.0 technology has a great potential in various application areas, such as banking, cybersecurity, and IoT. The increasing usage of IoT devices is observed in several application areas, such as smart city projects, smart transportation, vehicular connectivity and autonomous vehicles, smart grids, and smart homes.
Middle East and Africa
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 1.2 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 15.9 Billion|
|Tables, Charts & Figures:||175|
|key players / Manufacturers||Polygon technology, Web3 Foundation (Polkadot), Alchemy Insights, Inc., Protocol Labs (Filecoin), Ocean Protocol Foundation Ltd., Helium, Inc., Terraform Labs Pte. Ltd., Kusama Network, Kadena LLC, and others.|
|Segments Covered||By Types, By Applications, By End-Use|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|