USD 1.86 Billion
Report ID: SQMIG45F2051 | Region: Global | Published Date: February, 2023 | Pages: 273 | Tables: 96 | Figures: 74
Global Web 3.0 Blockchain Market size was valued at around USD 1.86 Billion in 2021 and is expected to reach a value of USD 15.9 Billion by 2030, at a CAGR of 42.99% over the forecast period (2022–2030).
Web 3.0 is the third generation of internet services, or the generation to come, and the stage in the development of the web. The development and expansion of machine learning (ML) and artificial intelligence (AI) capabilities, as well as the explosive growth of blockchain technology, will support this transformation. Blockchain technology is critical to the growth of web 3.0 firms since they will utilize decentralized protocols. Blockchain technology for web 3.0 is now in the R&D stage and could take a year to commercially debut in the market. The growth can be attributed to the increasing demand for data privacy through Web 3.0's decentralized identity and the growth of the internet's technologies. 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 aided by the increasing use of linked devices and better transaction processes.
To increase user scalability and flexibility, many players are focusing on creating Web 3.0 platforms. For instance, to address the fundamental problems with scalability, the cryptocurrency exchange platform WazirX introduced Shardeum in February 2022. Web 3.0 is a better internet in which applications and websites are in charge of processing data in a human-like manner. Blockchain technology is primarily employed to develop Web 3.0, which is supported by cryptocurrencies. During the forecast period, these product launches are expected to provide attractive growth opportunities for the industry.
Due to developments in internet technology, additional technologies such as machine learning, big data, and decentralized ledgers are anticipated to propel the industry's growth. The evolution of the internet can be divided into three phases. The very first version of the internet was the World Wide Web, also referred to as Web 1. It was made up of static pages connected by links. Due to the early stages of content production, users had little opportunity to interact with the applications at that time.
Global Market Size
USD 1.86 Billion
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Global Web 3.0 Blockchain market is segmented on the basis of Type, Application, End User, and region. By Type, the 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 market is segmented into BFSI, Retail & Ecommerce, Media & Entertainment, Pharmaceuticals, IT & Telecom, and Others. The market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America as according to region.
Analysis by Type
In 2022, the government service dominated the market and produced more than 56.0% of global revenue. A key aspect influencing the segment's growth is the public blockchain networks' capacity to enable people from all over the world to engage in the network without any limitations. Users from all around the world can sign up to the network, read, publish, and participate in the blockchain in a public blockchain. Furthermore, public blockchain provides better distribution, democratization, comprehensive transparency, high security, and an open environment. During the forecast period, the hybrid segment is expected to increase significantly. One important factor influencing the segment's growth is the hybrid segment's capacity to just provide permission-based and permissionless systems. A hybrid blockchain combines public and private blockchain applications, with certain parts controlled by the organization and others releasing the internet. A hybrid blockchain also offers users the ability to access information via smart contracts.
Analysis by Application
In 2022, the market had been dominated by the cryptocurrency segment, which brought in more than 25.0% of worldwide revenue. Due to the rapid advancements in technological innovation, including digitization and automation, businesses today have a higher demand for high-performance bitcoin transaction services. Therefore, a number of players around the world are using blockchain technology solutions in cryptocurrency to efficiently carry out their transactions in order to satisfy the demand for high-performance cryptocurrency transactions. During the forecast period, the smart contracts segment is expected to grow significantly. An environment which is more open and collaborative is made possible by the immutable, traceable, and secure smart contracts made possible by Web 3.0 blockchain technology. These inherent characteristics make smart contracts more likely to catch on, and more companies will be able to reduce costs and increase speed secure transactions. These factors are favorable for the segment's growth.
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The global Web 3.0 North America is likely to rule the blockchain market during the anticipated time frame. One of the principal elements driving the growth 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 exacerbated by the presence of major blockchain solution providers like Web3 Foundation and Helium Systems Inc.
During the forecast period, the Asia Pacific market is expected to grow the fastest. The primary factor of the Asia Pacific region's growth is the financial and banking industry's quick embrace of Web 3.0-based digitization. The region is one of the biggest contributors to the blockchain industry, and at the same time, the retail and e-commerce industries are growing. The above factors boost growth well for the development of Web 3.0 blockchains in the Asia-Pacific region.
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The market for Web 3.0 is consolidated globally, with the majority of revenue coming from large, medium-sized, and small-sized players. Due to growing government initiatives for the development of 5G infrastructure, the rising use of cutting-edge technologies like blockchain, and the rising demand for decentralized applications and services around the world, the size of the global web 3.0 blockchain market will experience robust growth during the forecast period.
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Blockchain is a technology that is constantly developing in the Web 3.0 era. For the end user, IT offers many advantages, including cheaper operating costs, faster speeds, a lesser risk of cyberattacks, and control over personal data. Numerous significant technological developments have occurred in recent years, including the integration of blockchain technology into logistics and operations and the Internet of Things. In order to use the technology to its fullest extent in areas like browsing, social networking, messaging, and data storage, there is a lot of research and development being done to make it more scalable. The development of NFT payment systems and digital collectibles over the past few years has been aided by Web 3.0 technologies.
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The widespread adoption of this technology for usage in commercial environments, particularly in the areas of smart contracts, digital identification, documentation, and exchanges, will fuel the growth of the web 3.0 blockchain sector. In the Web 3.0 age, you should adopt self-sovereign identity for your online persona (SSI). In SSI, the user is at the heart of the identity system because they have complete control over all data. With SSI, users have more control over the information they want to make public and their private data is not required to be kept in a centralized location. The advantages of SSI in Web 3.0 are anticipated to significantly aid the growth.
|Market size value in 2021||USD 1.86 Billion|
|Market size value in 2030||USD 15.9 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Web 3.0 Blockchain Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Web 3.0 Blockchain Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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