Web 3.0 Market Size, Share, Growth Analysis, By Blockchain Type(Public, Hybrid), By Application(Cryptocurrency, Smart Contracts), By Verticals(BFSI, E-commerce & Retail) - Industry Forecast 2024-2031

North America is leading the global Web 3.0 market and was accounted for USD 1.02 billion in 2021 and a global revenue share of 37.3% in 2023. It is expected to exhibit a 46.20% CAGR during the study period. North America, particularly the US, has been at the forefront of technological innovation, with a robust ecosystem of blockchain startups, tech players, and venture capital firms driving the development and adoption of Web 3.0 technologies.

At the same time, the presence of major blockchain solution providers such as Helium Systems Inc. and Web3 Foundation in the region is also accentuating regional growth. This region also benefits from a highly skilled workforce, world-class research institutions, and a supportive regulatory environment that fosters entrepreneurship and innovation in emerging technologies like blockchain. Moreover, the region's strong infrastructure with reliable internet connectivity and access to capital further accelerates the development and deployment of Web 3.0 solutions.

Asia Pacific is expected to emerge as the fastest-growing market in the recent years. Countries in this region such as China, Japan, India, South Korea and Singapore are home to new tech ecosystems, large populations of digitally native consumers, and a rising middle class with increasing purchasing power.

The retail and e-commerce industries are growing in this region and is one of the largest contributors to the blockchain industry. As well as the increased adoption of mobile and internet technologies has led to a rise in digital payments, e-commerce and online services in every sector. The rapid adoption of digitization using Web 3.0 among banking and finance companies is also a major factor driving the growth of the Asia Pacific region.