Global 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

Report ID: SQMIG45F2133 | Region: Global | Published Date: March, 2024
Pages: 197 | Tables: 95 | Figures: 76

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Global Web 3.0 Market size was valued at USD 2.25 billion in 2022 and is poised to grow from USD 3.36 billion in 2023 to USD 82.93 billion by 2031, growing at a CAGR of 49.3% during the forecast period (2024-2031).

The global Web 3.0 is expanding globally driven by the growing government initiatives for the development of 5g infrastructure, the demand for new blockchain technologies, decentralized applications and services worldwide. Major market players are investing a lot in R&D to increase their product lines, which will help the Web 3.0 Blockchain industry grow at a faster rate. These market players are also engaging in various strategic initiatives to expand their market presence such as launching new products, mergers, acquisitions, and collaborations with other businesses and organizations. Competitors in this industry need to offer cost-effective products to survive in this intense competitive and rising market industry. 'Ethereum (US)', 'Bitcoin (US)', 'Binance (Cayman Islands)', 'Coinbase (US)', 'Solana (Switzerland)', 'Polygon (India)', 'Chainlink (US)', 'Uniswap (US)', 'Aave (UK)', 'Crypto.com (Hong Kong)', 'MakerDAO (USA)', 'Cardano (Switzerland)', 'Algorand (US)', 'FTX (Antigua and Barbuda)', 'Polkadot (Switzerland)', 'Tether (Hong Kong)', 'VeChain (Singapore)', 'Compound (US)', 'Filecoin (US)', 'Theta Network (US)'

Blockchain technology allows users to control their data, creating a shift from centralized, data-hungry platforms to individual empowerment. Therefore, the rising concern for data ownership and privacy is fuelling interest in Web 3.0's decentralized identity solutions. This trend is attracting users and businesses seeking greater privacy and security.

The rapid rise in the adoption of digital assets such as cryptocurrencies, coupled with the ongoing deployment of the 6G and 5G technologies, is further anticipated to contribute to the growth.

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.

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Global 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

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